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Updated almost 4 years ago on . Most recent reply

User Stats

37
Posts
13
Votes
Vasundhara Ranjani
  • Real Estate Investor
  • Bay Area, CA
13
Votes |
37
Posts

Listed Property, Got Offer but Changed Mind - RE Commission?

Vasundhara Ranjani
  • Real Estate Investor
  • Bay Area, CA
Posted

So I listed one of my multifamily properties for sale and got a couple of offers. Over the past week, circumstances have changed and I want to keep the property and not sell. 

RE agent is now saying I still owe commission even though no sale was made since they brought a 'buyer to the table.' This sounds like BS to me but the listing contract has a specific clause that has me concerned:

EARNED: Seller shall pay the Firm's commission, which shall be earned, if, during the term of this Listing:
A ready, willing and able buyer submits a bona fide written offer to Seller
or Firm for the Property at, or above, the list
price and on substantially the same terms set forth in this Listing and the current WB-11 Residential Offer to Purchase
,
even if Seller does not accept the buyer's offer
. A buyer is ready, willing and able when the buyer submitting the
written offer has the ability to complete the buyer’s obligations under the written offer.

I did not change my mind on a whim - some circumstances came up where it makes sense for me to keep the property. Agent keeps saying they spent a ton of time showing, marketing etc. on the property and so they want to get paid for it.

What is the best solution for me at this point?

Really need your help. Please advise.

Thanks in advance.

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