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Old 06-29-2007, 02:21 PM
 
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 3,080,145 times
Reputation: 607
Default When can a seller break a listing agreement?

Is there anytime a seller can break a listing agreement without repercussions down the road?
I have a situation where my agent has shown my home twice since it was listed almost 45 days ago. I believe she is doing all she can, but I also know it is not good for it to sit on the market too long. Let's face it, if you don't have people coming through, you can't get any offers.
The contract expires mid August, but I thought I should give it a couple more weeks to see if we get any other showings.
My agent has been pretty pleasant and easy to work with, I really hate to even consider...so ya'll throw out some opinions on the subject please...
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Old 06-29-2007, 02:24 PM
 
Location: Southern New Jersey
88 posts, read 254,455 times
Reputation: 33
What are you trying to do with your home?

Keep it and refinance? or Sell with another agent?
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Old 06-29-2007, 02:33 PM
 
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 3,080,145 times
Reputation: 607
Well really neither. I still need to sell it, although I may hold off awhile before I put it back out there. When I put it back out for sale, was thinking of going FSBO.
We need to move, and we've reduced the price by $10k to "appeal to a larger audience" still no showings. So just don't know what we can do to get anyone's attention. Keep in mind this is our second agent. I think since we've been listed for so long, agents probably are just skipping over our house in the MLS. Does this happen when a home just sits too long?

Numbers are tight, so can't really drop much more in price and still afford the agent, so that's my dilemma...
what to do, what to do.
I hope I never have to sell another house again!
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Old 06-29-2007, 02:40 PM
 
Location: NW Las Vegas - Lone Mountain
15,757 posts, read 20,280,033 times
Reputation: 2661
Ask. Does not cost anything. You will probably get some suggestion for another agent from the broker. Talk to them. If still not happy ask again. I and my employer would not hold you ransome if you wanted out and we had no acceptable alternative.

Note that I am not a great believer in selling by price reduction. But as soon as you get to the point where time is critical...cut price. If you can't cut price then you have to get out of the "gotta sell" mode.
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Old 06-29-2007, 08:16 PM
 
Location: Alexandria, VA
1,074 posts, read 2,584,140 times
Reputation: 466
You can break it if they violate your contract in anyway. We just went through this.

MBG
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Old 06-29-2007, 10:22 PM
 
8 posts, read 33,216 times
Reputation: 14
Smile Listing Agent

In the slow market we are in it is not unusual to hear this problem. As a realtor, let me explain what your listing agent is suppose to do: Sell your house in the quickest amount of time and for the highest amount possible. Unfortuantely, this market is not good to any seller unless they have the ability to price their home 5-10% below the most recent sale. In my area, Central Florida, there are over 24,000 active listings not to mention the amount the builders are GIVING AWAY! It is impossible for the resales to compete with the local builders. They are offering houses for $100,000 less than the price they were first selling at!

Another thing to remember is that the lisitng agent is probably not going to bring you the buyer. Their job is to market your home to get a buyer.

Does your existing realtor have intererior photos of your home? Did the realtor have a virtual tour of your home done and posted on REALTOR.COM? These two things are vital for GLOBAL exposure!!!

The company I represent does not allow an unhappy person to remain unhappy. If for any reason you are not happy you can cancel our agreement. As far as I know we are the only company in Florida who does this. However, a smart realtor will protect themselves and their commission by writing a time frame of 180 days into the contract for anyone who has seen the house or called on the house while they have the listing.

If you like the realtor and she or he is doing the phots and virtual tour you may need to consider that your price is still too high. We are in a declining market and there are still houses being sold monthy, however, they are the ones who prices them to sell! 2005 and even 2006 prices are no good comparables.

Good Luck in selling your home!

Last edited by AMF; 06-29-2007 at 10:24 PM.. Reason: misspelled words
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Old 06-29-2007, 10:29 PM
 
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 3,080,145 times
Reputation: 607
Yes, they've done the virtual tour but the tour & additional photos are not on realtor.com. Just the main picture is on realtor.com even though there are 20 in MLS.
The house is not overpriced for our neighborhood, homes are selling in our neighborhood (2 sold just this week, 2 about two weeks ago) and at a higher price than ours (30-40k more) even though ours is one of the largest in our sub and has the best lot by far.
So many people have different opinions on what they like and I'm beginning to feel min & my husband's tastes are VERY different than what other people like...LOL
We did do a price drop by $10k and that hasn't brought us any luck or increased traffic, either.
While we are highly motivated to sell, we will not give the house away below what it is appraised for two years ago. We are not facing foreclosure, nor is anything wrong with the property.
I understand builders dilemmas about having to drop their prices so drastically. I however am not willing to do that, as my home is one of my greatest investments.
I guess we'll just be sitting on it alot longer than anticipated which is fine. We wanted to get relocated before school starts back so that is no longer a feasable reality, so we will probably just let this listing play out & when it expires just pull it from the market.
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Old 06-30-2007, 06:06 AM
 
Location: Palm Coast, Fl
2,248 posts, read 5,779,195 times
Reputation: 967
An appraisal done two years ago has nothing to do with the reality of today.
To answer your question, as to when you can get out, you can get out at any time. Whether there is a penalty for doing so is governed by what you signed in your listing contract and what the broker decides to do...release you without a penalty but you can't list with anyone else for a certain period of time without owing them a commission, release you unconditionally for a fee, or just revoke the agreement with no fee. We generally revoke with no fee..who wants to work with someone who doesn't want to work with you and why promote 'bad' feelings?
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Old 06-30-2007, 12:15 PM
 
Location: Bloomington IN
1,977 posts, read 2,737,251 times
Reputation: 2905
Two things sell a house--price and condition. The listing agent has no control over these two items: you do! One can always compensate for condition by price. If you're home is correctly priced, you need to take a long, hard look at the condition. The fact that you state, " we have the best lot" in the neighborhood indicates to me that you are not looking at your home objectively. Try to see it through the eyes of others, and ask yourself what those other homes had that yours does not? Other, smaller homes are selling for more money? It's time to have an honest conversation with your agent about what you need to change in the house. Do you have wild paint colors? Have you cleaned every nook and cranny? Put extra items into storage? These are the hardest conversations for many agents to have with our clients, but are also the most essential! And Palmcoasting is 100% correct, the appraised value of a home and the market value of a house are two different things!
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Old 06-30-2007, 01:13 PM
 
Location: NW Las Vegas - Lone Mountain
15,757 posts, read 20,280,033 times
Reputation: 2661
Quote:
Originally Posted by rrah View Post
Two things sell a house--price and condition. The listing agent has no control over these two items: you do! One can always compensate for condition by price. If you're home is correctly priced, you need to take a long, hard look at the condition. The fact that you state, " we have the best lot" in the neighborhood indicates to me that you are not looking at your home objectively. Try to see it through the eyes of others, and ask yourself what those other homes had that yours does not? Other, smaller homes are selling for more money? It's time to have an honest conversation with your agent about what you need to change in the house. Do you have wild paint colors? Have you cleaned every nook and cranny? Put extra items into storage? These are the hardest conversations for many agents to have with our clients, but are also the most essential! And Palmcoasting is 100% correct, the appraised value of a home and the market value of a house are two different things!
But it is also a question of blind luck. Small more expensive houses do on occassion sell better than larger better priced ones. You can have everything absolutely perfect and be priced well below what you should get and still sit there for six months...it is simply the nature of the beast.

Such situations are vastly more likely to occur in a strong buyers market...which is actually where we are.

Note that the gods of chance have weird senses of humor...
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