It's sure been slow around here (REW FORUMS). What is everyone up to?

coastal · 02-19-2007, 10:30 AM

I had a busy weekend for it being below Zero in a beach town. 4 different tours two probable contracts, one 4 hour open house with 5 attendees and one accepted offer

I do have a question. How often do you have buyers back out of an accepted offer? Unfortunately I have it happen on a regular basis. Do you usually let them out easily or take them to court?

clairegrrl · 02-19-2007, 10:31 AM

Skiing

Oaklandhomespecialist · 02-19-2007, 10:36 AM

Quote:

Originally Posted by coastal

I had a busy weekend for it being below Zero in a beach town. 4 different tours two probable contracts, one 4 hour open house with 5 attendees and one accepted offer

I do have a question. How often do you have buyers back out of an accepted offer? Unfortunately I have it happen on a regular basis. Do you usually let them out easily or take them to court?

As for me, I havent had many buyers back out. However Im a newer agent so Im sure Ill see more of it. In my office, I think it's rare for agents to take people to court for backing out, and I personally wouldnt take someone to court over it. Afterall, before removing contingencies they have that right.

Sam Dodd · 02-19-2007, 11:19 AM

Thats why we get earnest money.

jbferris · 02-19-2007, 11:33 AM

It's been a so-so weekend for me. We are getting a lot of requests for information and I'm working on finding more ways to convert that into appointments. I'm finding internet leads are usually 6 months or more out although at the end of January I met with someone for an hour and they signed a contract to buy a home for the summer so you never quite know!

Sam Dodd · 02-19-2007, 11:42 AM

Jbferris,

When I first started I found I had that problem as well. What I started doing was setting appointments where I would give them the information. Some people will not want to do it which is fine just set them up on a drip campaign. While others will come right in to get the info requested. That is when you convert those people from contacts(Leads) to Clients (Customers). Anyways we should probally start a whole new thread about this subject as I am sure others have ideas on how to convert leads to clients and I don't want to hijack anyones post.

RonnieG · 02-19-2007, 11:46 AM

Remember, contracts are between the principals, and the brokers are not parties to the purchase and sale agreement.

Therefore, taking a buyer to court to force specific performance because of the buyer backing out of an accepted offer without specific cause per the contract, may be the seller's option, after consultation with their attorney, but is not an option for the brokers or agents. However, unless the contract specifies otherwise, the seller's only recourse when the buyer is clearly in default is usually keeping the buyer's earnest money, and our listing agreements specify that the listing broker gets half of that.

The buyer's broker is generally SOL, because their commission is usually a co-op offer, dependent on them bringing a buyer that is ready, willing and able to consummate the purchase, and upon successful closing of the sale. If you are a buyer agent with a written contract with the buyer, and you and your broker think you have cause to claim your commission from the buyer and wish to sue your own buyer on that point, good luck!

SEO Dave · 02-19-2007, 12:18 PM

Working

I try to keep up with the forums as much as possible but I get enough of real estate while I'm at work that I don't really want to come on here when I'm at home

Me and SEO Nick are going to a Tenacious D concert tomorrow evening though which should be a blast.

Calgary Agent · 02-19-2007, 12:47 PM

Quote:

Originally Posted by RonnieG

Remember, contracts are between the principals, and the brokers are not parties to the purchase and sale agreement.

Bang on Ron, and I'd be surprised if this was different anywhere.

When a contract is offered or accepted, the contract is between the two parties. REALTORs (and their egos) play no part in deciding whether the offer price is acceptable, just as they aren't party to whether or not one principal wants to litigate with another. You should also be very careful about offering any legal advice, unless you happen to be a lawyer .....

Oaklandhomespecialist · 02-19-2007, 12:51 PM

Quote:

Originally Posted by Calgary Realtor

Bang on Ron, and I'd be surprised if this was different anywhere.

When a contract is offered or accepted, the contract is between the two parties. REALTORs (and their egos) play no part in deciding whether the offer price is acceptable, just as they aren't party to whether or not one principal wants to litigate with another. You should also be very careful about offering any legal advice, unless you happen to be a lawyer .....

Exactly

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