Legal Question in Real Estate Law in Oklahoma

URGENT-On what conditions do I have to accept a real estate offer of purchase?

I listed a house with a selling price of $72,500. One month into the contract, my real estate agent pushed me to drop the price to $66,000. Later, it appraised for $70K. I now have 4 days left on the contract, and because I feel that my agent did not hold up her side of the advertising and her general business practices, I wish to let the contract expire and sell the house myself. She now has an offer of $66,000, and I don't want to accept. Even though she later listed the house at $66,000, the contract that I signed 6 months ago is for $72,500. Am I legally required to accept the offer of $66,000?


Asked on 6/11/02, 12:23 am

1 Answer from Attorneys
Hunt John Urgentlegalcare.com

Re: URGENT-On what conditions do I have to accept a real estate offer of purchas

Thank you for your question. I do not have a copy of your listing agreement with the real estate agent to review so I cannot provide you with an intelligent answer. Nor do I know if the $66,000 offer was the result of back and forth negotiations between this buyer and you with offers, counter-offers being passed between you by the agent. Often times the listing agreement provides that you owe the commission if a buyer is presented who is ready willing and able to purchase at the price you have set forth in the listing even if you reject the offer. Sorry but this scenario contains too many unknowns for me to be able to give you an opinion. I would suggest that you schedule an appointment with an attorney to review your contracts and advise you on what you should do after obtaining all of the relevant facts.

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Answered on 6/11/02, 12:02 pm


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