Seller refuses listed price?

[JBH9457]

NJ - Have an exclusive listing with a Seller of a business with a specified listing price with terms and conditions of the sale. After sever weeks and several dollars in marketing/advertising, I found a buyer willing to pay FULL asking price and agreed to ALL the terms of the listing agreement which the Seller requested. Basically the Buyer was giving the Seller everything he wanted. Seller refused to accept stating that he wanted more than the listing price. Buyer walked away and now the seller wants to pull the business off the market. He has several months remaining on the listing agreement. I must state again, the Buyer agreed to everything spelled out in the listing agreement. According to the terms of the listing agreement, if such occurs my commission is due immediately. For the record my commission is 14K.

What do you think? Thanks

 

[justalayman]

are you really new at this?

Based solely on your facts, you are due a commission. Is there a principal broker you are contracted to? If so, s/he should be making a demand to the seller for the commission and you upon the broker for your commission.

 

[JBH9457]

Been brokering for six years and have never run into a situation such as this. Normally a Seller would be ecstatic that I was able to obtain FULL asking price. It may of come down to a simple case of Seller's regret, but unfortunately that's not my problem.

It is clear as day to me that I am due my full commission, but just wanted some valuable input before starting the process.

Thanks.

 

[justalayman]

You wouldn't be the first broker that had to sue to get their earned commission.

One thing you need to be concerned with though:

If you counseled them to price low with the intent it would inspire a bidding war, the seller may be able to claim you contracted the listing price at a low price for that reason and as such, is not a reasonable price to sell the property. As a RE broker, you do have a fiduciary relationship with your clients and as such, are held to a high standard.

 

[JBH9457]

The seller wanted to list for a lower amount. I suggested a higher amount based on comparables within the market so that wouldn't be the case.

 

[justalayman]

sounds like a reasonable argument to seek your commission.