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  • House on Market/court order for sale

    I would really appreciate some feedback.

    I am in a tight situation. My house is on the market with an Agent of my wife's choosing, Agent is a family friend of ex. Court order states that ex has a right to list/sell the house without my signature. We are both on title. This happened after I brought a motion seeing dual representation which clearly I lost.

    Agent and ex know clearly that I want to purchase my own home. Ex has refused 3 offers and keeps upping the price. Court order states Ex cannot sell for less that X amount of $. Agent has said that bids for the house will be accepted till Tue at 7 pm. At which time bids will be opened and bidders will get a chance to bid and highest bidder will be successful.
    Listing Agent previously has verbally agreed ( conversation recorded) that if I buy my own house, she will not be charging her full commission, but instead I will pay he,r her costs, plus a 1000$.
    My question....

    1. If an outside buyers bid is say 500,000, At 4.5%, agents commission will be 22,500. In hand we get 500,000 minus 22,500 i.e 477,500. Will they be forced to accept my offer if I bid anything over 477,500?
    2. Another agent told me, that I have to bid over 500,000 to be successful so that on paper it shows that my prices as the highest, but in reality I pay anything over 477,500.

    I am quite in a jam, your advise would be much appreciated as always.

  • #2
    Why don't you ask your ex and the agent if they will accept... Your circumstance didn't allow I guess but i negotiated a RoFR

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    • #3
      Links, beyond that. They even refused a RoLR.

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      • #4
        I believe 'highest bidder' means just that. If you have question about this why don't you simply ask the realtor?

        Ask yourself if this is a logical or an emotional decision. Taxes are calculated on selling price. There always is another house for sale...

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        • #5
          I have asked the Realtor, she doesn't give me any definite answer. I have sent an email now to her manager and broker, waiting on that reply. I have a price in mind, which I will not go over. I am only interested in bidding for the children, if its within my reach, as if I do not pay brokerage and HST, it will give me an advantage.

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          • #6
            I don't think you can screw with the bidding process. It is what it is. How/when/where/why you negotiate AFTER the sale how you pay the Realtor would have to be an arrangement entered into between you and the Realtor.

            You have to look at it from both sides. Suppose I want to purchase this home. When I put my big in I expect the bidding process to be fair and honest and not subject to anything which I would perceive as being unfair or improper.

            Why would a realtor agree to anything less than the fee that he/she would get selling it to someone else?

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            • #7
              Originally posted by arabian View Post
              I don't think you can screw with the bidding process. It is what it is. How/when/where/why you negotiate AFTER the sale how you pay the Realtor would have to be an arrangement entered into between you and the Realtor.

              You have to look at it from both sides. Suppose I want to purchase this home. When I put my big in I expect the bidding process to be fair and honest and not subject to anything which I would perceive as being unfair or improper.

              Why would a realtor agree to anything less than the fee that he/she would get selling it to someone else?
              I agree... even though you have to pay less fees or whatever if you are not the highest bidder, you will not win. If you come in at $470K and someone else comes in at $500k, they will win and get the house. Its not what you walk away with, its what you purchase it at. If you are not prepared for a bidding war then best to find something else. There must have been a reason the judge said she could sell it without your signature.

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              • #8
                Ex,s counsel is a liar. I served him the motion papers/affidavit on Thu, for a motion that was on Tue. I checked with the courts before I selected the date. I had to put in the motion on Tue as the banks foreclosure was looming on Thu. Her counsel told the judge that I served him the papers on Mon, a day before the motion. He also told the judge that, ruined his thanksgiving. The Judge turned around and told me, didnt ask me how I felt ruining someones thanksgiving. I only asked that the brokerage be reduced from 6% to 3.5 as I had 9 agents in my exhibits that had agreed to 3.5%. In the alternative I asked for the same agent, but the other party pay the difference of the brokerage,, any way I lost it all on that motion and ex got complete power to list and sell the property.

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                • #9
                  Did you not have your proof of service?

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                  • #10
                    Yes I did have proof of service. I filed form 16B. with the Receptionist name, my BIL was the one who served the docs, the receptionist gave her name and I filed the 16B on Thu before 2 pm so that I was in time. Some times Judges believe counsel just because they are. How the hell did he get away by saying that I served the office on Mon, when Mon was such a big holiday. Anyway water under the bridge.

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                    • #11
                      I would try to negotiate it with Ex otherwise forget it.... It clearly seems you are being considered an impediment to selling the home anything else you do will be construed as such.

                      They don't care about the kids staying in the home with the father, $$$ rules.

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                      • #12
                        New Development...Today was the day the agent was accepting offers in a bidding fashion. All offers had to be in before 5 pm. I put mine in before 5 pm. Mine was the only offer in at 5, ex rejected my offer. Bank foreclosure is looming. they want the house sold or they are going to foreclose.
                        Do I have grounds to put in a motion, to force my ex to accept my offer. My offer was rejected by my ex. Bank is not prepared to give us any more time.
                        Agent wants to keep trying to sell it, ex is encouraging that.
                        Your advice much appreciated

                        Comment


                        • #13
                          So another bid came in which was higher than yours?

                          I believe you mentioned that a sealed bid process would see things revealed at 7:00 PM.
                          Last edited by arabian; 10-28-2014, 08:42 PM.

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                          • #14
                            what was your offer vs the asking price? If you offered the asking price and it was rejected then you may have a case.

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                            • #15
                              My offer was much below the asking price. IMO the house is way overpriced, the agent has increased the asking price more than 120,000 in 6 months.

                              Comment

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