We are currently selling our house, it's been on the market since the beginning of December. It's listed under a local realty company but we've had no luck selling it. Last week, my husband's co-worker and family came by to view the house, they liked it but we'd like to eliminate the realty company since we've had no luck selling it thru the realtor. The realty company has said since we have a contract with them to sell our house, we technically can't sell it on our own for six months after the house is off the market, all this is happening in the state of Texas. What can we do to terminate contract with the realty company without assessing penalty fees and sell the house on our own? We have to get things done quickly since we are due to move out of state by the end of this month.
2007-02-13 10:36:19 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Read your listing agreement carefully. Get a copy of the agreement from the agent if you do not have one already and see what it says. Typically there is a period after the end of a contract where you cannot sell the property to someone who saw the property during the listing period. The terms are spelled out in detail in your contract.
I would consider having the agency still handle the transaction for you. Especially since you are dealing with a co-worker, it may come in VERY handy to have a third party between you and them. In case there is a problem down the road.
2007-02-13 10:51:28 · answer #1 · answered by sdmike 5 · 0⤊ 0⤋
I agree with the above, do the right thing and honor the agreement you entered into with your Realtor. Having the home on the market for an extended amount of time is not cheap for a Realtor. There are a lot of costs such as marketing supplies, advertising and time spent holding open houses and generating leads. The Realtor should get credit for the sale seeing how it was listed with them when a buyer came along. It makes no difference that it was a friend you told about it, it's all in the timing. You also will be ensured of a smmoth transaction and all necessary procedures will be followed. If you don't, you most likely will be taken to court and sued for the commission plus court costs and time away from work, etc. Do the right thing, you will be happy!!
2007-02-14 07:07:40 · answer #2 · answered by Paul V 6 · 1⤊ 0⤋
If you sell the home to your husband's co-worker you will have to pay the company their commission since it was listed with them the first time they viewed it. That's just the way it is. Plus you probably have no idea what goes into making sure the rest of the transaction goes smoothly through closing after an offer is signed around and you will need an agent for that because there are so many problems that can arise. If your husband's colleague really does want to buy the home, go ahead and do the transaction through the real estate company and get it sold and done with. I would absolutely not recommend selling the house on your own since that will just make it harder to sell. You don't have access to the same marketing materials your agent does, and if it isn't on the multiple listing service other agents (which most buyers will go through to find a home) won't even see that your home is available.
2007-02-13 10:49:23 · answer #3 · answered by Hamlette 6 · 0⤊ 2⤋
Your contract is to protect you and your realtor. They are right. You cannot sell your house in the next month without paying them a commission, even if you found the buyer.
If you want to sell the house, have the realtor meet with your husband's co-worker and get a contract signed. Then you can move on.
2007-02-13 10:46:18 · answer #4 · answered by Insurance Biz CT 5 · 2⤊ 1⤋
Your house has been on the market during the slowest two months of the year. And now you want to cheat someone who has been working for you out of their paycheck.
As a Realtor, I've had this and similar types of stealing done to me on several occasions. What I can tell you is this - what goes around comes around. God will see that you are treated you as you treat others.
Do the right thing by people that you hire.
2007-02-13 17:29:09 · answer #5 · answered by teran_realtor 7 · 0⤊ 0⤋
It depends what city you are in. I don't think you can terminate the contract. Rent the property out, and hand it to a real estate management company if you have to. Also, consider offering a rent to buy option to your buyers.
Check your contract. You are probably in an "exclusive listing agreement" where the realtor makes money, even if you find the buyer.
2007-02-13 10:39:48 · answer #6 · answered by Triple Nipple 1 · 0⤊ 2⤋
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2016-09-29 02:02:35 · answer #7 · answered by ? 4 · 0⤊ 0⤋
take the house off the market, refinance it and take some cash out, do a six month rental agreement and them sale it.
2007-02-13 13:15:33 · answer #8 · answered by ron d 3 · 0⤊ 0⤋
I would suggest doing a rental agreement for 6 months with the buyers.
2007-02-13 10:43:00 · answer #9 · answered by Sara O 1 · 1⤊ 2⤋