My real estate agent tells me he will sell my condo in 8 months or less and he has me signs a "listing agreement." Stupid me. I sign the damn thing without looking closer at it! After he walks out the door the listing agreement says I am basically locked in with him for 8 months (with a lock box outside of my condo) and a $995 cancellation fee if I cancel within 8 months. Then I look closer at contract and it says the effective date is 12/08/2007 - 08/31/2007. Thats 8 months, 3 weeks, and 2 days! Thats 9 months! He acts like it is no big deal. I have been fighting with the broker and him for 3 days to fix this. I would prefer to shorten contract to 6 months or less to sell my condo. I told him if he cant sell my condo in 6 months I want to move on to someone else. They are hiding now and avoiding me. Are they scamming me? Does length of time matter to them that much? What are my rights? Should I jack the price way up so they cant sell my condo? Help!
2007-01-25 05:35:51 · 14 answers · asked by usa_jcrew68 1 in Business & Finance ➔ Renting & Real Estate
Welcome to the wonderful world of scummy realtors!
We had a realtor that attempted to pull the same stunt with us, but only with a purchase agreement.
1. Contact the owner of the Real Estate office. If the agreement states within the wording that it's supposed to be for 8 months, it should only be 8 months. Contact the owner in writing and let them know that you are very displeased with the agreement and have attempted to work with the agent and they are not returning your calls.
2. Make sure that you follow up with your conversation with the owner in writing via certified mail - you want to document EVERY SINGLE THING!!! Cc the Better Business Bureau as well as your local Department of Consumer Protection.
3. Google or Yahoo search the realtor you signed with - has the person pulled this little stunt with others? You just might find something out.
You gotta push back and don't let them get away with this stuff. DOCUMENT, DOCUMENT, DOCUMENT.
Also - contact your local real estate licensing department and file a formal complaint. MAKE LOTSA NOISE - they don't like that at all.
Remember, the realtor isn't selling your house because they think you are wonderful and want to see you sell it - they sell it because they make a commission. The realtor is your employee.
2007-01-25 05:50:45 · answer #1 · answered by PO'd in Portland 2 · 0⤊ 0⤋
Never sign anything without reading it!
Sounds like these two are into getting money by having people cancel before the end of the contract. I'd bet they've been to court over this.
CHeck the contract for the phrase "8 Months". If you find this phrase, you may be able to get out of the contract due to errors contained in it. BUT in order to do this you may have to go to court, which may cost more than the $995.
In the long run, it may be a battle to get them to change or cancel the agreement so it may be best to just let it run. In REal Estate, I would NEVER work with an agent who asked for an exclusive listing and then charged for cancellation. Never.
2007-01-25 05:46:04 · answer #2 · answered by Marvinator 7 · 0⤊ 0⤋
Can't jack up the price with-out a new contract. It is a big deal when agents take someone to the bank. You have tried to contact the sales agent and broker, next contact the Local Realtors Association in the city that you reside within. Lodged a complaint. I really hate to tell you all this but its agents that just care about listings and not their clients that gives each Realtor a nasty name. I personally would would give the agent one more call and tell him/her that I want out of the contract (KEY WORD UNCONDITIONALLY) and too that you want the lock box REMOVED from your property. You are under NO obligation to show the property.No need to get frustrated and poed- two can play the game-hold the winning card- be smart like a fox.
2007-01-25 09:33:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I would like to start off by saying not all agents are scum, as that one guy said. As an agent I know most of us take pride in our job. As in any industry there are always a few jokers that give the rest of us a bad name.
Anyway, that agent should be more than happy to let you out of the contract if he is a real agent and not a part time joker. I know i have enough business where i would not want a listing of a client who hates me right off the bat, especially if it was my fault like in this case. You can make his life a living hell so why would he want to deal with that? Just do some things that will make him want to get out of the contract. Example refuse a good offer on the property. Also you could tell him that he can only show it sat nights after 6:30. That should get him to want to drop you.
2007-01-25 07:03:26 · answer #4 · answered by frankie b 5 · 0⤊ 0⤋
These contracts hold little water. I would contact the Real Estate Commision in your state and inform them of what is going on. Also tell them that you are not happy with the listing agent and their sneaky tactics and want out. The commision takes this kind of stuff very seriously and will do a full investigation. You could do this or just threaten you broker with this and they will let you out. I would contact the commision and let them know what they are doing so that no other sellers will be berated by them. Go get em!
2007-01-25 06:21:07 · answer #5 · answered by outwest 2 · 0⤊ 0⤋
is this "byowner.com" ???
they work on that principle..of an upfront fee..and they do nothing but give you a sign..........and then leave..
if your area has a 5 day cool off period..on a contract..you can cancel..
or put a stop payment on the check.
if this is with a regular real estate company.......
the time is excessive.......as prices change...and summer is usually a fast time....
in the meeting..were you shown comparables????
in the comparables : prices shown, time on the market, etc.
i really think the time is excessive...and you should shorten that to
2 months with an option of more..
now that being said..............you have said "realtor" and "broker"
now phone the "broker" again and mention your LOCAL REAL ESTATE BOARD
yes......i have a precedent here in front of me i can email to you..on excessively binding a person in a contract in a fast paced moving market.....and the fines were huge....over 1k to the listing agent and 3 k to the broker....
good luck........it is an excessively..long time..
2007-01-25 06:10:13 · answer #6 · answered by m2 5 · 0⤊ 0⤋
Any time you have a real estate transaction, you need to hire a real estate attorney. He should look over ANY documents you sign before you sign them. He could have saved you this hassle. I would hire one now, and see if he could get you out of this contract if you are so unhappy with it. If your agent is not actively trying to sell the property, this should be enough reason to rescind the contract.
2007-01-25 05:43:56 · answer #7 · answered by J.R. 6 · 0⤊ 0⤋
Write a letter, sign it, date it, and have it notarized. Stating that you want the agreement thrown out. You by law have 3 Business days to change your mind. Do it right away, they will not be able to hold you to the contract. Your copy of the contract should have the clause in it.
2007-01-25 05:44:45 · answer #8 · answered by whatevit 5 · 0⤊ 0⤋
what is one more month??? I don't see the problem. if they spend all that time and money promoting your property they need a reasonable amount of time to sell it. the real esate market is very slow in many places now, normally they want you to sign a year listing agreement.
2007-01-25 05:44:56 · answer #9 · answered by besthusbandever 4 · 0⤊ 0⤋
from what i can understand the agent didn't want you to buy the house because he wasn't the listing agent and would only make half commission. if he sells you the house that he listed, he would have made full commission. sad but true.
2016-03-29 02:13:01 · answer #10 · answered by Anonymous · 0⤊ 0⤋