Another Real-estate question about a Farm

scsims

10 pointer
Oct 14, 2003
1,786
Mercer/Washington County
If you have your farm listed with a realtor,

1. Can you pull it off the market at anytime?

2. If you have someone looking at your farm with the realtor can you say you don't want to sell it anymore?

3. If you get an offer can you refuse to sell it?

I'm not in this particular situation right now, but I'm always changing my mind about things and was just wondering.
 

Art

12 pointer
Nov 27, 2004
14,765
Lexington, KY
It's your farm, and nobody can force you to sell it. I'm not up to date on the latest real estate laws, but my uneducated guess would bet that the worst that could possibly happen is that your agent might want you to sign something saying that you cannot list it with another agent until after your original agreement was set to expire. I doubt it would get to that, though. There would really be no point of fighting a seller that has changed their mind.
 

High Rack

12 pointer
Dec 21, 2009
6,250
in the hills
I ran into this situation several years ago. It was an older couple that was selling because they could no longerrun the farm the way they used to. After 2 days walking around and finding the property markers, I spent 1700 on an appraisal that came back in my favor so I signed the agreement with the the realtor as I already had my financing in line. 2 days later, the realtor calls me and tells me the couple will not sign, and the realty company was ready to proceed to legally force them into the sell. I called the couple to see what was going on, and they were both in tears, and I could tell that they really did not want to sell. I explained that I was out the 17 hundo, and as long as I got that money back I would not push the issue, they agreed and we parted ways. The realtor called me again, this time we had a few words because I went behind his back by refusing to force the contract. I understood that he was going to miss out on a good commission, but no way was I going to force the couple out of the home they always had. It cost me some time, but I did make a couple of friends that day. From what I understood, I would have been the party to push the contract, but there was no way I would have done that.

If your un-sure about selling, just don't put it on the market. It will save both sides a big headache.
 

cburton

6 pointer
Aug 14, 2014
384
I ran into this situation several years ago. It was an older couple that was selling because they could no longerrun the farm the way they used to. After 2 days walking around and finding the property markers, I spent 1700 on an appraisal that came back in my favor so I signed the agreement with the the realtor as I already had my financing in line. 2 days later, the realtor calls me and tells me the couple will not sign, and the realty company was ready to proceed to legally force them into the sell. I called the couple to see what was going on, and they were both in tears, and I could tell that they really did not want to sell. I explained that I was out the 17 hundo, and as long as I got that money back I would not push the issue, they agreed and we parted ways. The realtor called me again, this time we had a few words because I went behind his back by refusing to force the contract. I understood that he was going to miss out on a good commission, but no way was I going to force the couple out of the home they always had. It cost me some time, but I did make a couple of friends that day. From what I understood, I would have been the party to push the contract, but there was no way I would have done that.

If your un-sure about selling, just don't put it on the market. It will save both sides a big headache.


Ever now and again someone on here reveals that they are truly a good person. Nice thing you did there.
 

Xi Bowhunter

12 pointer
Nov 17, 2002
11,382
Goetz Farm
I ran into this situation several years ago. It was an older couple that was selling because they could no longerrun the farm the way they used to. After 2 days walking around and finding the property markers, I spent 1700 on an appraisal that came back in my favor so I signed the agreement with the the realtor as I already had my financing in line. 2 days later, the realtor calls me and tells me the couple will not sign, and the realty company was ready to proceed to legally force them into the sell. I called the couple to see what was going on, and they were both in tears, and I could tell that they really did not want to sell. I explained that I was out the 17 hundo, and as long as I got that money back I would not push the issue, they agreed and we parted ways. The realtor called me again, this time we had a few words because I went behind his back by refusing to force the contract. I understood that he was going to miss out on a good commission, but no way was I going to force the couple out of the home they always had. It cost me some time, but I did make a couple of friends that day. From what I understood, I would have been the party to push the contract, but there was no way I would have done that.

If your un-sure about selling, just don't put it on the market. It will save both sides a big headache.

I don't know about your particular situation, but there isn't any way a reality company can force someone to sell their farm, unless there were some underlying circumstances. There has to be more of a back story between the reality company and the owners.

Long story short, no one can force you to sell your property unless you owe them something, like owing back taxes and such.
 

grouseguy

12 pointer
Dec 9, 2001
6,336
Phillips, WI / Grayson, KY
If you have your farm listed with a realtor,

1. Can you pull it off the market at anytime?

You will sign a listing for a specific period of time ... if they get an offer equal to or greater than your listing price, you don't have to sell, but you would still owe the realtor their commission.

2. If you have someone looking at your farm with the realtor can you say you don't want to sell it anymore?

See above

3. If you get an offer can you refuse to sell it?

See above

I'm not in this particular situation right now, but I'm always changing my mind about things and was just wondering.

Now, once you accept an offer and want to back out, the buyer can sue for specific performance of the contract and force the sale, including the realtor's commission.
 

High Rack

12 pointer
Dec 21, 2009
6,250
in the hills
Now, once you accept an offer and want to back out, the buyer can sue for specific performance of the contract and force the sale, including the realtor's commission.

Which is what happened in my case, both parties had signed a contract, then the couple had second thoughts.

Land is for sale all over, this farm was just close to where I already put roots down. I was lucky that I had not already signed the contract on my current property as I had a cash offer, I had already told my realtor that it was contingent on the other place closing, and she was just waiting for the phone call to start the paperwork.
 

scsims

10 pointer
Oct 14, 2003
1,786
Mercer/Washington County
I have someone coming to look at my farm tomorrow, that is supposedly interested...... But I also had a timber guy surveying it today, so if the logger has good news for me this other fella may be out of luck..... As I doubt any bodies first offer would be asking price.
 

Art

12 pointer
Nov 27, 2004
14,765
Lexington, KY
I have someone coming to look at my farm tomorrow, that is supposedly interested...... But I also had a timber guy surveying it today, so if the logger has good news for me this other fella may be out of luck..... As I doubt any bodies first offer would be asking price.

My buddy just has some walnuts logged off his place (I'm assuming close to you) in Salvisa. He came out pretty good, but he turned down a couple before he got a good price.
 

mwezell

12 pointer
Jan 22, 2006
4,077
Auburn, KY
If you have your farm listed with a realtor,

1. Can you pull it off the market at anytime?

2. If you have someone looking at your farm with the realtor can you say you don't want to sell it anymore?

3. If you get an offer can you refuse to sell it?

I'm not in this particular situation right now, but I'm always changing my mind about things and was just wondering.
It depends on the listing agreement, too. There are different types, and terms. The most common is what's called an "exclusive listing" contract. In that contract, unless otherwise agreed, the seller can sell the property himself, but not to anyone that the agent has shown it to, for a specific time..without owing commission. It's not likely to be as big a deal as it can be. Most of the time, the agent will work with a seller that doesn't want to sell, but listing contracts are legally binding to both sides, and are enforceable in most cases.

This is fresh on my mind, due to having just gone over it in detail.

Just remember, the agent that is working for you, is bound to follow your legal instruction. He's working for you as your agent. Read up on terms of agency in real estate and on types of listing contracts....

And of course, call me if you'd like to list with someone. Being new, I'll have full and thorough supervision to make sure everything is done right. BTW, I have someone looking for about 100 acres..no house, already. Of course I can't list or do anything until passing the test, which will hopefully be the first week of February.
 

ril7572

Cyber-Hunter
Jul 9, 2003
4,872
Ky..
It depends on the listing agreement, too. There are different types, and terms. The most common is what's called an "exclusive listing" contract. In that contract, unless otherwise agreed, the seller can sell the property himself, but not to anyone that the agent has shown it to, for a specific time..without owing commission.

This is fresh on my mind, due to having just gone over it in detail.

Almost all realtors will use an exclusive right to sell listing, I have never know any office to use an exclusive listing contract.

Most of the time, the agent will work with a seller that doesn't want to sell, but listing contracts are legally binding to both sides, and are enforceable in most cases.

I agree
 

mwezell

12 pointer
Jan 22, 2006
4,077
Auburn, KY
Almost all realtors will use an exclusive right to sell listing, I have never know any office to use an exclusive listing contract.



I agree

Thanks Mike! I used incomplete(wrong) terminology, but that's what I should have said.

I should add that if the purpose for wanting out of a contractual agreement is to avoid agreed upon commission, that's just wrong. But I know it still happens.
 
Last edited:

ril7572

Cyber-Hunter
Jul 9, 2003
4,872
Ky..
I don't know about your particular situation, but there isn't any way a reality company can force someone to sell their farm, unless there were some underlying circumstances. There has to be more of a back story between the reality company and the owners.

Long story short, no one can force you to sell your property unless you owe them something, like owing back taxes and such.

Not so, If there is a valid sales contract in place. If a seller backs out after the purchase contract is signed by all parties, they can be sued for specific performance and forced to sell. It does not happen ofter, but it is a remedy.
 

Xi Bowhunter

12 pointer
Nov 17, 2002
11,382
Goetz Farm
Not so, If there is a valid sales contract in place. If a seller backs out after the purchase contract is signed by all parties, they can be sued for specific performance and forced to sell. It does not happen ofter, but it is a remedy.

I guess a contract would fall into the "owing" something. Owing them the stipulations of the contract.
 


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