So, I signed a sellers contract last night. I had this guy call me today. I spoke with him on the phone last week; have never met him face to face. He asked me how much more he would have to offer for me to break the contract with the guys I already signed with. Huh. I haven’t heard of that one before. Any thoughts?
Dean
Do you mean that you signed a contact with a real estate brokerage to have them sell your property? If so, the other agent is trying to buy your business. If he is a Realtor he is in violation of the code of ethics and could face a severe penalty for this type of activity. I don’t think that I would have much to do with such a person.
Dean,
I think the honorable thing to do would be to honor the contract you signed last night. Tell the caller that wants you to break the contract that you don’t want to ruin your reputation by breaking contracts.
Good luck!
Demos Loizides
Again, some assumptions as the post isn’t clear, but it appears that you are the buyer in a contract and someone is offering you $$$ to break the contract.
Don’t know why they’d want you to break it other than to try to buy it themselves. If that is the case, and your contract allows, then why not simply assign the contract to them (for a fee) if you want?
If it’s not allowed by the contract, and you want to sell the contract/property to these people, then there are other options. A simple one would be for them to “finance” the deal for you (assuming that they were paying cash) and once your fee is paid, you simply deed the property to them.
You could also do a double closing on the property. In fact, there are many ways to do this depending on your experience level (and theirs) and your state laws.
Raj
Sorry. Ok, to explain a bit better.
I have a property under contract.
I found some buyers that want to buy it from me.
I put them under contract.
Someone called and wanted to offer me more (told me to name the price) than the new buyers for me to break my selling contract with the new buyers.
Currently, I told this guy that I was going to honor the contract with the new buyers to keep business relationships good.
Definitely honor the current contract. In fact, unless your state law is vastly different, you HAVE to honor the contract until the buyer does (or doesn’t) do something that gives you, as the seller, an out.
Raj