Rethink Avoiding Your Agent to Sell Directly to a Friend

Rethink Avoiding Your Agent to Sell Directly to a Friend
If you are paying for a real estate agent, you'll want to keep them in the loop instead of selling directly to a friend. Antonio Guillem/Shutterstock
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DEAR MONTY: I am selling my home through an agent, and I verbally agreed to a price from a guy who lowballed by over half the asking price. The guy is nitpicking everything and taking forever, so I have signed no papers. Now I have another offer through a personal friend. I want to know if I can accept this other offer and still pay the agent’s fee because she deserves her fee. I want to buy a different home.
MONTY'S ANSWER: When you state, “I verbally agreed” and “I have signed no papers, ” you noted the verbal is taking forever. I will assume the lowball buyer is going through the due diligence without a signed purchase contract. Offers in real estate law must be in writing to be enforceable. Real estate is not a good place for verbal transactions. Oral agreements are fraught with potential misunderstandings, hurt feelings and mistreatment.
Richard Montgomery
Richard Montgomery
Author
Richard Montgomery is the founder of PropBox, the first advertising platform to bring home sellers and buyers directly together to negotiate online. He offers readers unbiased real estate advice. Follow him on Twitter at @dearmonty or DearMonty.com
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