gregorygarver.com

[DavidW]

Hi I signed up with foxtons and they never put me in the MLS system. They they were going bankrupt i complained to them and they sent me this letter.RELEASE FROM EXCLUSIVEMultiple Listing # N/A Date 10/10/07Supplemental agreement to listing contract dated 9/17/07To all Participants of the multiple listing service ofIt is hereby agreed between Smith (property owner)and Foxtons, INC (listing realtor)that in consideration of the release of the property located at 20 Smith Street listed under the said exclusive right to sell contract, it is mutually understood and agreed between the parties hereto that the owner of the property represents that there are no negotiations pending with anyone for the sale lease with option to purchase or exchange of said property and that the release is void if negotiations are pending.The property owner acknowledges receipt of a copy of this release agreement.Listing Realtor (signed by person in foxtons)one week ago a buyer came to me and we are in contract now. My old real estate agent called and said foxtons went through bankrupcy court and sold listings to fillmore and I am still bind by the original contract and they will sue me.If I selll do they get commisiion. They havent did anything plus I got this realease please help!!!!!!!Thanks I am so crying...,. * 5 hours ago * - 3 days left to answer.Additional Details3 hours agoPlease help by reading the release agreement and state your opinion I am so nervous it has been such a hard few months and I need all the money I can get for my property for family.Hard times:(

[Hatlady4611]

This very much depends on the laws in your state. In some states, the original real estate broker has up to 90 days to collect commissions on any leads that turn into a sale. However, in my state, that original real estate broker needs to supply you with a list of names of prospective buyers to make that a valid claim.It sounds like you might want to contact your State's Attorney General or Dept of Commerce (whoever is the authority over the real estate industry) for further assistance.If the buyer didn't contact you until AFTER the release and the realtor didn't give you a list of names of the prospective buyers, then in my state, you would not have to pay the orginal REALTOR's commission. But I'm not sure about the laws in your state.It also sounds odd that they responded in the manner without sitting down with you and discussing the situation. This is not an everyday occurance and you should have been given more information.Make sure you get help from someone at the state - you need an impartial opinion.

[dianaparisian4665]

sounds like they are trying to intimidate you; however, if there is a clause (safety) in the listing agreement, it covers them for a period of weeks to months. You might have to pay or at least get a real estate attorney's advice. They usually charge $250-350/hr and it would be worth it to have them look at the agreement and give you legal advice!

[DakB0151]

The first question in my mind-as an old broker- did you sign that paper and return a copy to Foxtons? Take this release to the new BROKER and let them explain why they think they have a claim? Then visit with the FEDERAL bankruptcy attorney handling their bankruptcy and I think that they will have a few things to say to "foxtons" as well. Basically that letter appears to indicate that Foxtons just released anything that could have been considered assets and the new company probably has a couple of legs to stand on regarding buying the assets of a company that flushed them down the toilet? See what I mean? Sometimes you have to stand up and not take it to get your point across. This was not a problem that you created! Good Luck! p.s. one thing I have learned about bankruptcy...when you file you no longer control or have a say over assets-that's why I suggest you visit with the bankruptcy attorney-they are in charge of disposing of assets!