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Old 06-05-2007, 08:40 PM
 
5 posts, read 212,757 times
Reputation: 78
Default Termination contract with realtor

I need to get out of a contract with a realtor who is listing my house. I am very unhappy with her services and there is approximately 2 months left on the contract (it has been listed for 4 months already). I am looking for exact wording to put in the letter terminating the contract. I don't trust this person and I am afraid she will find a reason to sue me. I want to cut my ties, do it cleanly, and move on listing with someone more skillful/knowledgeable/ethical.

Any advice would be appreciated. Thank you so much!
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Old 06-05-2007, 09:09 PM
 
Location: Somerset, NJ
505 posts, read 1,483,213 times
Reputation: 128
To be honest with you....you need to get what is called an unconditional withdrawel. She can technically charge you for advertising fees, but most companies won't do that. What is the exact situation, maybe we can help figure something out for you and offer some advice.

~joey
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Old 06-05-2007, 09:48 PM
 
68 posts, read 284,741 times
Reputation: 39
Be careful here. Writing a letter to the real estate agent will not release you from the contract. You will need to communicate with the broker in charge of the office. They have a legal form that they can sign which will release you from the contract that you signed. Be forewarned that they are in no way obliged to release. If they refuse you can just wait out the remaining time on the contract and then deal with someone else or try to sell on your own. If you sell the house yourself,or with someone else, before the contract expires without the brokers release you will be liable for the commission
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Old 06-06-2007, 06:50 AM
 
Location: Somerset, NJ
505 posts, read 1,483,213 times
Reputation: 128
Quote:
Originally Posted by jedwardjos View Post
Be careful here. Writing a letter to the real estate agent will not release you from the contract. You will need to communicate with the broker in charge of the office. They have a legal form that they can sign which will release you from the contract that you signed. Be forewarned that they are in no way obliged to release. If they refuse you can just wait out the remaining time on the contract and then deal with someone else or try to sell on your own. If you sell the house yourself,or with someone else, before the contract expires without the brokers release you will be liable for the commission

He is 100% correct...I don't make a habit of letting people out of their contracts because normally they want out because they are not happy because no one is coming to look at their home....normally no one is coming to look because they are priced too high.

But like I said before, let us know the situation and maybe we can offer some advice.

~Joey
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Old 06-06-2007, 07:05 AM
 
5 posts, read 212,757 times
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Default Here's the situation

My house is on the market for $30K less than the others that have sold on the block (they are all basically the same)
I have lowered the price 3xs at her suggestion. We have been getting a lot of showings but no offers. The agent puts ads online and in 1 newspaper (which is not the right newspaper and we told her which one we wanted). First she said no one reads the papers and only looks online and then she puts it in the paper (it doesn't make sense) She has open houses and no one comes because of her lack of advertising appropriately. She also puts up 1 sign on the block, when there definitely needs to be more. Again we have told her this, no response. Then last week she tells me I need to do major renovations which I have asked unbiased ppl (even potential buyers) and they have all said it isn't necessary. I have told her so many times what I want but she is insisting I just need to lower the price. She is obviously feeling pressure because the contract expires in 2 months. I want to get out of the contract because it's basically a waste of time and I am stressed beyond belief.

Btw, this agent is not from the town I currently live in but in the town I was considering buying in. She has a motive to sell my current place so I buy a new one with her (which at this point I am not going to)
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Old 06-07-2007, 02:17 AM
 
Location: Orange County, NY
66 posts, read 214,574 times
Reputation: 28
This certainly underscores the value of a local agent to list your home for sale. I don't take listings (exclusive buyer's agent and all) but I do agree with your current agent's point that I doubt the money spent on advertising in newspapers will generate any type of return. Online advertising, when properly executed, is far superior in my opinion. Tragically it seems that she is insecure on her stance if she is now advertising in newspapers. As it's been stated in the thread already you will need to speak with the broker of her office and find out the process of withdrawing your home from the market.
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Old 06-08-2007, 09:54 AM
 
4 posts, read 68,946 times
Reputation: 22
It's untrue that they don't have to release you from the contract. If you ask for an unconditional release they can charge you for advertising (if it's in writing) but they have to release you from the listing contract. You can call your local board of realtors to varify this.
The term is "unconditional release"
Over pricing is generally the fault of owners, not realtors. The listing agent makes typically 2.5% whcih gets split with the broker. An extra 20k makes the realtor a few hundred bucks.
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Old 06-10-2007, 03:05 PM
 
5 posts, read 212,757 times
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So, how do you suggest I get released from the contract completely? I do not want to be charged for advertising.

Does each company have their own release form? Or do I have to write a letter myself? Please advise. Thank you!
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Old 06-11-2007, 09:47 PM
 
441 posts, read 1,007,714 times
Reputation: 231
Why not talk with the Broker of the agency about your concerns? I would think this person would want to remedy the situation in some way in order to make you happy -- especially since you'll be moving to their area. She/he will certianly not want an in-coming resident to be so unhappy with their service. Maybe just having the conversation with the Broker will raise the agency's awareness of your property and thereby get them more motivated to get it sold.
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Old 06-14-2007, 11:37 AM
 
811 posts, read 894,092 times
Reputation: 445
You signed a contract you are stuck.
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