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We have a contract with a broker here till Oct. and decided not to sell at this time due to husband's work.
We cannot afford to pay her off and hubby says let the contract run out as she hasn't had no one look at the place only people asking about it.
She's already reduced our price once and wants too again.
And unfortunately for me she is a friend as well.
How do I get out, if can from a brokers contract? Help! Stressed.
Kimmiemcj
What does your listing agreement say about cancelling the listing? In my area, the seller can cancel the agreement, at any time, with X days notice and the listing broker/agent are out of luck in terms of time/costs incurred.
Many sellers are deciding to just stay put. That sellers might change their mind is a risk of doing business for all real estate agents. Business risks are one of the costs of doing business, in all business.
I use the analogy of shop lifting and fraud, the cost of which is bourne by the consumers of all products. I am not suggesting that cancelling a listing is stealing or fraud.
So, does your listing agreement have a cancellation clause?
If you have to pay a termination fee then you will need to let the listing run its course. You don't have to drop your price since your contract was for a specific price.
Out here we have Withdrawn status which means that the listing agreement is still in effect but the sellers want the home off the MLS. Withdrawn listings get pulled from IDX and other sites so they aren't actively marketed. Out here a seller just has to request it in writing.
Honestly, if she is your friend tell her you aren't going to sell the home and see if she will just release you from the contract. Otherwise, you don't have to agree to any price reductions and you can withdraw the listing from the MLS.
Last edited by Silverfall; 07-16-2008 at 09:04 AM..
Is she the broker? If not, speak with the broker and explain you no longer wish to sell due to unforseen circumstances. It's quite possible that he will withdraw the listing with no fee to you as long as you aren't resigning with someone else.
If she's your friend, and she knows you don't want to move, what's the problem? It seems to me you haven't explained your circumstances or she wouldn't still be looking to reduce the price. Talk to her for heavens sakes.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Raise your price to twice what the property is worth. It will die on the vine or you will end up in a win win. You get twice what it's worth and everyone has a comp to use.
If you have to pay a termination fee then you will need to let the listing run its course. You don't have to drop your price since your contract was for a specific price.
Out here we have Withdrawn status which means that the listing agreement is still in effect but the sellers want the home off the MLS. Withdrawn listings get pulled from IDX and other sites so they aren't actively marketed. Out here a seller just has to request it in writing.
Honestly, if she is your friend tell her you aren't going to sell the home and see if she will just release you from the contract. Otherwise, you don't have to agree to any price reductions and you can withdraw the listing from the MLS.
Dead on!
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