2006-08-30 12:25:01 · 7 answers · asked by andor5652 1 in Business & Finance ➔ Renting & Real Estate
I requested a cancellation. Realtor insists he continue marketing my home since I signed a contract for 4 months (2 months remain). He argues he has exercised due diligence and incurred costs, thus I am obligated to allow his marketing efforts to continue until contract end.
Do I have the right to cancel for any reason or must I demonstrate poor performance or lack of following my requests, such as request for a different title & escrow company than he offered?
2006-08-30 12:36:54 · update #1
First of all the real estate market is slowing, that is not the agents fault, so be sure that if there is some blame place it where it belongs.
What is your current agent doing to market and secure an offer to buy? Be specific, not generalizing. Are you in a bind and need to sell? The agent did not get you there, you did, so that is your fault. However if the agent fails to place the property in the MLS that IS their fault. Have they failed to place advertizing in newspapers, magazines and other traditional media? Failed to make up and print for locating on site a "Home Book" with a property condition report if your state requires such, local school info, shopping centers, medical centers, and such local info that a new to the area person would find useful in making a decision on your home? That is the agent fault. Failing that you have cause to be upset.
Is your home easy to show? Buyers that can't see it won't buy it. How is the floor coverings, paint condition (and colors), yard landscaping? You have about 5-10 minutes to overcome a buyers objections so it is good to be up-front with things. Buyers don't want to have to paint and replace carpet before they move in. They have not the time.
Are you competators new construction, and are you priced like new construction? If it were you in the market for a home, would you pay a new price for an lived in home if you can get new in the same area? Reconsider how your price sits in the market. Offer buyer incentives like some closing costs help instead of a lower price. You make a looker a buyer if they have a down payment but no closing funds and if advertised up front that you'll assist with closing fees with a full price offer you take the guessing out.
Review things with your current agent, they deserve that and you deserve to know the answers to these questions. Then if no satisfaction, change agents. Locate one that sells a lot of homes and is a full broker, has the GRI and CRS designations. They have the exppertise to get it done.
***Title & Escrow comes with a sale agreement. You are not there yet. And 60 days is a short time. I take no residential listing for less than 6 months. Makes no sense to take a listing for less in a market that will take 5-6 months to sell. I also show the sellers up front the average market times an explain how it works.
People that have never sold a home or are under the gun may not realize that or have time for normal sales periods. If the later is the case, drop the price and let it go. If first timer be patient and let it go thru the course. Changing horses before the race is over is risky- you loose market time and are startign all over, unless they just absolutely have made no marketing efforts other than MLS. In that case I'd find a way to fire them too.
2006-08-30 12:46:21 · answer #1 · answered by hithere2ya 5 · 2⤊ 0⤋
Look at your listing agreement. If there is a cancellation clause provision, you may have to reimburse the agents out of pocket expense and then get out. If not, you are stuck.
Title company and escrow agent are things to worry about further down the line. You can use anyone you want when you have a buyer. If you don't like your agent's recommendation, look around.
2006-08-30 14:38:11 · answer #2 · answered by robert S 4 · 0⤊ 0⤋
I believe the only way to cancel before the expiration is to pay the realtor's commission. They have upfront costs such as advertising to cover.
2006-08-30 12:31:05 · answer #3 · answered by hummingbird 3 · 0⤊ 0⤋
Have a chat with the realtor's boss. Be certain to have the facts on hand and be professional in your approach.
2006-08-30 12:41:09 · answer #4 · answered by kearneyconsulting 6 · 2⤊ 0⤋
It should have a cancellation clause in the contract. See what conditions apply.
2006-08-30 12:30:30 · answer #5 · answered by Catspaw 6 · 0⤊ 1⤋
Contact the broker in charge of his office and discuss it with that them.
2006-08-30 13:03:44 · answer #6 · answered by Karen R 3 · 1⤊ 0⤋
i tell you what...have a talk with the realtor's broker in charge.
2006-08-30 12:31:25 · answer #7 · answered by AmberDeeIss 1 · 1⤊ 0⤋