Terminate contract to do owner carry...

**machx85** · 08-06-2008, 04:30 PM

Hi, I am trying to buy a home that I found on craigslist.org (In other words, the seller and me found each other without a realtor). After we discussed price and whatnot, he got a realtor to do the paperwork on it. Well, we've been in contract for nearly two months now, hoping that the repairs would be completed in time to get it financed through a bank. That is not going to happen before the closing date in 13 days... seeing as how the appraisal hasn't even been done yet! I am really getting frustrated and tired of waiting. The seller said he was willing to do owner carry, but we said we wanted to go through a bank because we get lower interest and need less down...but seeing how things are going and that it may take SO much more time and work to finance, we might consider doing the owner carry anyway.

So, my question is, will the realtor still have to be paid if we terminate our contract (between buyer and seller) and then go do an owner carry contract on our own?

**jamesww** · 08-07-2008, 02:09 AM

Yes, the agent must be paid for services rendered. However, there is no reason why the agent should not be able to rewrite the contract as needed.

**Mike Taylor** · 08-07-2008, 04:47 AM

I agree with James, you hired the Realtor to do the paperwork and that is what he/she did. My guess is that if you had an agent you wouldn't be in this predicament in the first place.

**Greg** · 08-07-2008, 05:02 AM

You can't see the forest for the trees.

1. The seller hired the agent so it is the seller's problem.
2. The seller is not living up to any of their promises. This is typical when the buyer does not have any representation.
3. The seller is trying to change the deal, in their favor, and the unrepresented buyer, you, is feeling the pressure to comply.
4. You, the unrepresented buyer, thinks you are saving money by not having an agent when in reality you are losing money to a savvy seller.

In an effort to save money you are trying to buy a home without any representation. Most of the time this representation is free. Now you are stuck in a deal that is getting sour and without representation you probably don't have much recourse.

Please tell me the seller doesn't have your earnest money.

**markbrian** · 08-07-2008, 09:23 AM

Going into any real estate transaction without representation is not a good idea. Bite the bullet and open your wallet--take your contract to a real estate atty and pay for the help you need. Next time, please get someone (who knows real estate laws, contracts, how to get properties to close etc) to represent you. Realtors don't just host open houses!