Learning, Sharing, and Teaching > Real Estate and Landlording

Getting out of an agreement / contract with a realtor?

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FrugalSaver:
A friend recently signed an agreement with a realtor to pay 6% of the sale.

The very next day, someone knocked on the door offering to pay cash at a great price for Thee house.

The realto says they are obligated to pay them the 6% having done nothing to achieve the sale.

What's legal here?  Reasonable?  If my friend accepts the offer should they be obligated to pay 6% to the realtor on principle?  This is probably not a scenario that happens very often I would assume.

YttriumNitrate:
What does the contract say?

ixtap:
I also work on commission and one of clients is a real estate agent. They had someone approach them, and gave me my commission of their own free will.

It does happen, that is why the contract is there. Why not have your agent handle paperwork and discuss a 3% commission, which is what they would have received if another agent brought the buyer.

Car Jack:
A choice (if the contract allows, you have to read it) is to fire the real estate agent, wait the time listed in the contract (90 to 180 days is typical) and then sell the house. 

He could attempt to negotiate with the agent, but the agent has all the cards and knows that there's almost no chance that he's going to wait that long before selling.

Miss Piggy:
Did the interested buyer knock on the door because there was a for sale sign in the yard from the agent? Or was it just out of the blue?

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