Multi-Family and Apartment Investing
Market News & Data
General Info
Real Estate Strategies

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal


Real Estate Classifieds
Reviews & Feedback
Updated almost 4 years ago on . Most recent reply

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