Urgent Question: Listing Agreement

[dbdbdb]

What is the name of your state (only U.S. law)? PA

Hello all, I have a question of a urgent nature ...

I signed a listing agreement with a broker and after four weeks passed had a potential buyer submit a offer to buy. ...... BUT

The broker listed the house in the MLS\trend system at a lower {INCORRECT} price than what was stated on the agreement - which meant that the potential buyer's offer came in much lower than it should have. I only found out about this when the offer was made soo much lower than my original {Per listing agreement} asking price.

In this economy I'm pretty much forced to take the offer - but I can only wonder if the correct price had been listed per the agreement - I would be accepting a much larger offer.

I came across this phrase in my searches:
Broker/agent can violate the listing agreement by listing the house at an incorrect price.

1. What is the status of the listing agreement and has it been violated????
2. Can someone clarify VIOLATED in this context.

Thanks for your help -

[Stevef]

Originally Posted by dbdbdb

but I can only wonder if the correct price had been listed per the agreement - I would be accepting a much larger offer.

You don't have to wonder. You can refuse the offer and tell the buyer that the listing was incorrect and the correct price is X.

You will soon find out if buyer is willing to pay X, or something closer.

[Stevef]

Originally Posted by dbdbdb

2. Can someone clarify VIOLATED in this context.

You provided too little context.

[dbdbdb]

Originally Posted by Stevef

You don't have to wonder. You can refuse the offer and tell the buyer that the listing was incorrect and the correct price is X.

You will soon find out if buyer is willing to pay X, or something closer.

Thanks Stevef ... but that option is clear.

Can you offer any help on the questions asked????

[Stevef]

Originally Posted by dbdbdb

Thanks Stevef ... but that option is clear.

Can you offer any help on the questions asked????

You need to read the entire contract to see of the remedies for a violation are specified.

I suspect your only remedy is to cancel the listing.

[HomeGuru]

Originally Posted by dbdbdb

What is the name of your state (only U.S. law)? PA

Hello all, I have a question of a urgent nature ...

I signed a listing agreement with a broker and after four weeks passed had a potential buyer submit a offer to buy. ...... BUT

The broker listed the house in the MLS\trend system at a lower {INCORRECT} price than what was stated on the agreement - which meant that the potential buyer's offer came in much lower than it should have. I only found out about this when the offer was made soo much lower than my original {Per listing agreement} asking price.

In this economy I'm pretty much forced to take the offer - but I can only wonder if the correct price had been listed per the agreement - I would be accepting a much larger offer.

I came across this phrase in my searches:
Broker/agent can violate the listing agreement by listing the house at an incorrect price.

1. What is the status of the listing agreement and has it been violated????
2. Can someone clarify VIOLATED in this context.

Thanks for your help -

**A: there is more to this story. You do not have to accept a price that is lower than the amount on the listing contract. It is easy to correct the price on MLS, it takes 5 minutes.

[dbdbdb]

Originally Posted by HomeGuru

**A: there is more to this story. You do not have to accept a price that is lower than the amount on the listing contract. It is easy to correct the price on MLS, it takes 5 minutes.

Unfortunately, no one really reads, or more importantly comprehends, what is written before formulating their ideas and theories of what's going on.

The goal of the original post was to establish if there was a contract breech - When the price advertised by the agent didn't match what was agreed upon in the listing agreement. **************... Nothing More ... nothing less - the rest of the info was just to provide additional info.

Thanks

[FlyingRon]

So you are grasping at a straw to figure out how to duck paying the broker their commission?


We can't tell without knowing what the contract said.
Further in computing your damage, you're not compelled to accept any offer.
I presume the offer wasn't even for the (incorrectly) listed price? You're going to have a big stretch to prove that even further overpricing the listing over the market would have encouraged a offerer to offer you more money.

So in fact you appear to have no damages so you're trying to grasp at straws to cheat the broker out of his commission for a mistake that you yourself failed to bother to even verify in a month.

[Stevef]

Originally Posted by dbdbdb

Unfortunately, no one really reads, or more importantly comprehends, what is written before formulating their ideas and theories of what's going on.

The goal of the original post was to establish if there was a contract breech - When the price advertised by the agent didn't match what was agreed upon in the listing agreement. **************... Nothing More ... nothing less - the rest of the info was just to provide additional info.

Thanks

What we are not reading is the language of the listing agreement, because it was not provided. Your search that turned up the phrase "Broker/agent can violate the listing agreement by listing the house at an incorrect price." may or may not apply to your listing agreement, again, depending on the language in the contract.

Also, remedies are often spelled out in the contract. As I stated earlier, if the broker listed the property at incorrect price, you may be able to cancel the listing. If the listing contract was for six months, and you cancel because of the incorrect price, the broker may not have a remedy against you for breach of contract, again, depending on the language in the contract.

If, as has been questioned earlier, you are trying to get out of paying the commission on the sale, I doubt you'll get off the hook. Google "quantum meruit". The broker has fulfilled his agreement by bringing a buyer who is ready, willing, and able to purchase the property. If you sell the property to this buyer, you are likely to be liable for the commission.

[FlyingRon]

The chances of outright canceling the listing AFTER the broker brought an offer which he accepted is NIL regardless of what the terms say.

[Stevef]

Originally Posted by FlyingRon

The chances of outright canceling the listing AFTER the broker brought an offer which he accepted is NIL regardless of what the terms say.

Poorly written (again). I meant "terminate".

In this case, even if seller accepts the offer, it is not a given that the deal will close. If it does not, the seller may be able to terminate the listing and list with another broker.

[HomeGuru]

Originally Posted by dbdbdb

Unfortunately, no one really reads, or more importantly comprehends, what is written before formulating their ideas and theories of what's going on.

The goal of the original post was to establish if there was a contract breech - When the price advertised by the agent didn't match what was agreed upon in the listing agreement. **************... Nothing More ... nothing less - the rest of the info was just to provide additional info.

Thanks

**A: your comment was hilarious. Thanks for posting. Can you tell us what information in MY post was incorrect? And my posting provides factual data in response to your post. Can't you READ!