My stepdaughter has an agent she is working with to sell her home in Wilmington. An offer has already been accepted on another house contingent upon the sale of her current house. The agent has told multiple people involved in the sale of the new house that the current house would be sold in 8 days. We are now 23 days in. The agent was late to the open house (not sure she would have made it if it wasn't for us asking when she would be at the house) and has had no communication unless we initiate it. How should we proceed from here as time is of the essence getting our current house sold so as not to loose our new house?
Asked By Ashley Watson | Wilmington, FL | 103 views | Selling | 3 months ago
The best thing to do is reach out to the agents broker and review the listing agreement that is in place. You can also contact a real estate attorney regarding the implications of cancelling the listing agreement. Sometimes there is a cost involved and either way if there is a listing term (6 months or whatever the case may be) Technically that means it was agreed to allow the current agent/broker to carry the listing until the end of that term. Best of luck!
Ashley, I would assume this agent is helping you with the acquisition and these scenarios happen all the time. Be grateful you have the home sale contingency so you are not stuck with two homes. I would follow the guidance recommended to speak with the supervising broker, but again this scenario does happen. I wish you all the best. Concord, MA real estate
A second property (even if lived in by the owner for several months of the year and not a rental property) is considered an investment property in the eyes of the IRS. Therefore, the capital gains tax exclusion does not apply to second or vacation homes. All sales profits are subject to capital gains tax, which can be new to many owners when it's