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Originally Posted by djbock
A little over a year ago my mother passed away. Before she did she put her acerage up for sale and moved into an apartment. When she passed away, of course we had to honor the contract with the agent she used. After that contract was up we switched over to another agent. We have recently taken it off of the market to do some upgrades to the house. Now the first agent has contacted me stating that the very first people that she had given us an offer from are still interested. They offered us $60k less than our asking the first time around and $55k under assessed value.
My question is, am I under any legal obligation to the realtor as far as comission or any form of payment? Her contracted ended in Nov of '05.
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Not sure how the contracts are in Wisconsin, but I'm sure they're similar to what we have here in California as far as what's in the contract. If the contract ended in Nov '05, you shouldn't have to pay a commission to the agent, but that depends on the holdover period. Here in Cali, if the contract expires or is withdrawn, there is a holdover period clause that says that within an agreed to amount of time, if anyone who came to see your property when it was listed, decides to put in an offer after it comes off the market and you accept it, then you owe a commission to the listing agent. Usually, the holdover period is no more than a couple of months, but there are some shady agent who will put the holdover period as long as 3 years!
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