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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33708
Experience:  15 years real estate, Realtor. Landlord 26 years
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Can A Seller Who Has Listed Their Home With A Realtor Take

Customer Question

Can A Seller Who Has Listed Their Home With A Realtor Take It Off The Market And Liquidate it because the property would sell for less than the estate has to cover the difference
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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Are you the executor of the estate?

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What does the listing contract state about cancellation?

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Is there a "protection period" where the realtor can claim a commission?

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What do you mean by liquidate? Do you mean an absolute auction?

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thanks

Barrister

Customer: replied 1 year ago.
Hi, thanks for the quick response.
Are you the executor of the estate?
No, my brother is; I live in another state but we are very close and having a conference call tonight at 7:30 EST with other 2 brothers. Mother died suddenly Sept. 11th
.What does the listing contract state about cancellation?
Not 100% sure yet but looks like it would cost $500 to pull listing
.Is there a "protection period" where the realtor can claim a commission?
no sure
.What do you mean by liquidate? Do you mean an absolute auction?
Not sure. Question is, since her $$ is in a trust, if we can't get from the market what she owes, are we
1. responsible for the difference between what she owes and what the final costs come to
2. or are responsible at all; should we/can we pull it off the market and just give it back to the bank without any legal ramifications.
Expert:  Barrister replied 1 year ago.

Ok, as a general rule, unless there is some type of withdrawal penalty, then a realtor will agree to just cancel a contract for something like this. The reason is that if they know that the seller has no wiggle room on the price and has to have a full price (or even higher) price in order to sell, then they are just wasting their time unless the house was underpriced to begin with.

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If they realize that no matter what offer they bring, the answer will be no because it won't pay off the property, then there is no real point in having it under contract.

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But with the $500 penalty, that might be what it takes to cancel the listing..

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If her money is in a trust, then even though that money doesn't have to go through probate, it is still in her estate and would have to be used to pay any debts or bills of the estate.

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But only her estate is liable for her debts, you or any other heir aren't personally liable if her debts exceed her assets. The creditors just lose out.

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So yes, you can just tell the realtor that you can't sell it for less than $XXXXX and if he doesn't think he can get that, you will just allow the bank to foreclose on the house and sell it at public auction. You wouldn't be responsible for any deficiency as only her estate can be liable.

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thanks

Barrister

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