Real estate ethics question (real estate market, house, purchaser)

[charliermad]

our house was listed on MLS in Alberta on August 1, 2008. There has been no offers to date. A friend of the family found out this morning that our house is available and has some interest in purchasing it. QUESTION. What are my legal and ethical obligations vis a vis my Listing Agent? Surely my situation has been encountered many times before and I like to know what the practical and honourable course of action is for me to take. Do I contact my realtor and explain the situation and negotiate the cancellation of the listing? Reimburse his Listing cost and a nominal fee? Wait for listing to expire and if no reasonable offer is made, feel free to work out a deal with our potential purchasers? I wish to take the honourable course of action. A response from someone who have had a similar experience will be greatly appreciated.

[ajau]

You haven't received any offers yet because the residential real estate market in Alberta is headed for the toilet. I read somewhere that the average home is losing $500/day in value right now.

I recommend you try and renegotiate the terms with the Realtor but if that doesn't work, still sell ASAP while the home still has its high value and before the US real estate catastrophe comes to Alberta...