Is a Seller responsible for commission when a broker presents 3 full price offers?

[MichaelDole600]

CA

Our brokerage has a signed listing agreement that states we get paid a brokerage commission should we find a buyer who is ready, willing, and able to purchase the property on the terms on the listing agreement. The Sellers told us to do a price reduction in an email signed by all parties to the trust but coming from an email address of only one member of the trust. We also have a saved voicemail from a member of the trust saying they would sell at that price. We have now given them three full price offers on the reduced price. They now are saying they do not want to sell. My team and I spent a ton of time, money, and effort on this. The offers are in the 7-8 million range. The total fee would be somewhere in the $200,000 range. 1) Do we have a case to collect commission? 2) Will the emailed reduction/voicemail suffice for the reduction on terms? 3) Will an attorney take this on a contingency? (There is an attorney’s fees provision in the agreement). 4) If we obtain a judgment can we put a lien on their properties? Any other advice is appreciated.

 

[tranquility]

There is no way to know without seeing all the facts. Maybe, not even then. Shop it around, you might get a taker.

The oddness of the purported amendment is going to be a problem. Does it mean that is the new price you would get your fee? Or, does it just mean they would consider an offer at that level? At the same time, I don't think you will get a lot of sympathy in equity by telling how much "time, money, and effort on this" when you were supposed to be doing that anyway under the original agreement. (Some Brokers will say any amount to get the agreement and then convince the owners the price is just not realistic and to lower it. It is not an unusual technique.) Then, of course is the good old statute of frauds. While the facts may take it out, there will be an argument.

But, the amount is high enough that you should at least talk to a local attorney.

 

[latigo]

CA

Our brokerage has a signed listing agreement that states we get paid a brokerage commission should we find a buyer who is ready, willing, and able to purchase the property on the terms on the listing agreement. The Sellers told us to do a price reduction in an email signed by all parties to the trust but coming from an email address of only one member of the trust. We also have a saved voicemail from a member of the trust saying they would sell at that price. We have now given them three full price offers on the reduced price. They now are saying they do not want to sell. My team and I spent a ton of time, money, and effort on this. The offers are in the 7-8 million range. The total fee would be somewhere in the $200,000 range. 1) Do we have a case to collect commission? 2) Will the emailed reduction/voicemail suffice for the reduction on terms? 3) Will an attorney take this on a contingency? (There is an attorney’s fees provision in the agreement). 4) If we obtain a judgment can we put a lien on their properties? Any other advice is appreciated.

I don’t wish to sound too incredulous, but I'm curious to know why anyone associated with a brokerage firm that deals in high-end real estate and is supposedly sitting on a $ix-figure sale$ commission would be seeking legal or any sort of advice from total strangers.