We have decided we do not want to sell. The property has been on the market for 4 months and we have a six month contract. We had one offer, which fell out of contract because the buyer could not perform. We have since decided we would like to not sell. Would it be better to let the listing run its course or to talk to the broker.
2006-11-05 12:35:36 · 4 answers · asked by Kaila W 1 in Business & Finance ➔ Renting & Real Estate
Probably best to tell the broker you are putting the sale on hold so that he does not keep spending money in advertising. He will probably work with you if you tell him you will give him first shot at the listing when you do decide to sell. if he is difficult you could see what you agreement says..you probably could just tell the broker you are going let the listing run it's course but unless he can bring you a full price deal with no strings you will not accept the offer.. that will probably put an end to it all..
2006-11-05 12:44:34 · answer #1 · answered by MeInUSA 5 · 0⤊ 0⤋
You should tell them. They will likely understand and just let it go.
However, you should bear a few things in mind.
One, the usual listing contract is phrased such that if the Broker finds a Buyer for your house at the price in the Listing Agreement, they have earned the commission.
Two, they probably spent some money advertising your house. Putting a house into the multilist service and whatever flyers and such isn't free. If you don't do the right thing and offer to pay for that, they might want some money up front from you next time.
2006-11-05 12:50:36 · answer #2 · answered by open4one 7 · 0⤊ 0⤋
Tell them you do not want to sell it. Be honest and straight to the point, pay him for the work he has already done. The more confusion you add to the equation the more complicated it will become. Read the fine print carefully before you do anything though, I am sure it is not illegal to change your mind, it would be un Australian if you didn't have a choice! Or simply bump up the price to a stupid amount that you know won't sell, but you will have to pay more in fees. Honesty is the best policy and will be less costly.
2006-11-05 12:45:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Tell the broker you have changed your mind. I am they would rather know upfront than waste their time and resources trying to market your house when you do not want to sell it.
2006-11-05 12:40:20 · answer #4 · answered by mcd_48230 3 · 1⤊ 0⤋