Originally offered home at $286,00 with an agent. He offered to sell for 5% commision, but did not tel me he was dividing the cut at 2.5% and 2.5%. I asked a few agents, and they agreed, that the 2.5% commision versus the 3% might have discouraged some agents for showing my home.
I call agent tell him I want the buyers agents offered 3% so as not to losse showings. he RAISES the commision to 6% 3 and3!?!?!
I then start getting showings each and every day, but am sort of angered by agents greed. Yes, it is greed. I start getting offers on home as I dropped asking price all the way down to $269!
Now I do not want to sell my home and agent is having a freakin fit. Can I legally delist my home? His contract states I can end my listing at any time.
2007-07-08 15:46:57 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It's your home, you own it. Legally it's ours to decide what to do. You could even switch agents.
2007-07-08 15:49:53 · answer #1 · answered by an14341991 2 · 0⤊ 0⤋
If you sell your home during the contract listing time using another agent you will still owe commission to your present agent.
Sorry to sound harsh but you sound very naive about home sales. From what you described the agent doesn't sound greedy. Why would you not imagine that he'd split the commission evenly with the other agent? That's standard practice.
I believe you are getting offers on your home at 269 because that's what it's worth. Your agent has done a lot of work to deal with your for no money whatsoever at this point, so I can understand why he is upset with you.
If you really don't want to sell the house then just don't accept any offers, it's as simple as that.
But don't obtain a buyer who has made an offer to you while you've been listed with the present agent, and then try to set a deal with the buyer after the expiration of the contract, or you will be in big legal trouble.
A final note, you seem to be making financial decisions about your house based on emotional not rational reasons. You might want to rethink this.
2007-07-08 16:02:17 · answer #2 · answered by Pat D 4 · 0⤊ 0⤋
Legally you have the right to cancel the listing contract with the agent. Be careful though. If you selll your house to anyone that saw it during the time the agent had the listing, the agent can sue you for commissions and probably WIN. Also, if you relist the house with a different agent, look at teh clause on the original - make sure there will be no conflicts.
Now to get to what really got this started. The commission split. Almost ALWAYS the total fees are split 50/50 (buyers agent and sellers agent) If you stated you want to raise the sellers side to 3%, by natural default a real estate agent would would also get 3%. NO real estate broker will allow his company to get paid LESS than the buyers side unless there was a question about quality or if you showed the property yourself all the time etc.
YES, most agents in real estate are out to get paid the most they can on every transaction. They are human. If you could do the same job and get paid 6725 or 8070 and keep in mind houses are sitting on the market an average of 180 days in MOST metropolitan cities - which in all honesty would you choose? With FEWER sales happening, the agent is just looking to feed his family.
If you really want to sell your home, you are doing the things to get it sold. You are lowering your price, you are offering agents more commission, and hopefully are willing to negotiate at a reasonable price to sell.
Hope this helps,
Good Luck
2007-07-08 16:00:33 · answer #3 · answered by Anonymous · 0⤊ 0⤋
OK, 2.5% is not a very good incentive for showing/listing and selling a home. Most realtors will not even bother showing for that kind of percentage. Granted they should NOT do this BUT it happens this way often. Your agent is probably right in raising his fees- do you really expect him to work for less? lets look at this realistically- do you want someone dipping their fingers into your pay check/ I already know the answer. GREED- its called business. You can ask the agent to let you out of the contract- unconditionally, and he probably will however you need do give youf agent some credit- by upping the incentive a buyer was produced-who is going to pay for the advertising- travel time- contract time and the list goes on. You have no right to be angery- your agent was doing his job.
2007-07-09 08:16:21 · answer #4 · answered by Anonymous · 0⤊ 0⤋
In my opinion, you listed the home (by contract) at 5%. The agent should not have bumped up the commission to 6% when you asked to offer the buyer's agents more of the split. Afterall, you did not agree to raising the overall commission (or at least that is how I read into it).
Secondly, I would argue the fact that an agent will only show a home if the commission offering wasn't at a certain percentage. I can see if it was something as meager as .01%, as some offerings here are, but not from 2.5% to 3%. I would tend to believe that the real draw to your home would be its price... that is what brings in the buyers - not the commission that is given to their agents!
But, to answer your question... Yes, you can request a "Release" from your listing contract. You will need to contact the agent to do that, and if he/she is not willing to Release you, then contact their respective Broker. It behooves the Agent and their Broker to Release anyone who asks, as it gives them a black eye if they do not!
Good luck to you! Hang in there!! It is a challenging market - all over the country from what I understand.
2007-07-08 16:12:26 · answer #5 · answered by Art 4 · 0⤊ 1⤋
First of all, he cannot change the rate of commission on a contract without YOU resigning a new agreement with the commission listed to 6 percent instead of 5 percent--if you still have the original contract that has 5 percent on it--and he's telling the other realtors showing your place that they will get 3 percent---HE has to give that amount to them---not YOU--your contract still says 5 percent.
If you resigned or initialed a change to 6 percent on your original contract for sale, then it's a done deal. Legally- the ONLY contract you are held to now is if the agent brings in a FULL PRICE OFFER--that is the only amount that binds you to that contract and to sell your home---if you refuse to sell at a full price offer, the realtor can sue you for his commission--so, if you still really want to sell your house--let him work his *** off and make him bring you a full price offer---and the offer has to be contingent free-- meaning it can't be contingent upon the buyers selling their home, any whatsoever agreement that you have to include any furniture, etc- you get my drift--- it has to be a perfect contract for full price and if you still have the paper stating 5 percent---that realtor is stuck at that commission.............I say keep it on the market for the full price and let the realtor work his double crossing *** off!!!
2007-07-08 16:01:53 · answer #6 · answered by mac 6 · 1⤊ 0⤋
Sorry that this happened to you, Im a Realtor and I always offer to reduce my fees when a client is selling . Allot of cost are involved in being the seller. Any agent ( or most) should never reduce the fees the buyers agent gets paid. Of course that is going to hurt sales. Very irresponsible of him, and does not make him look good as an agent.
2007-07-08 16:43:29 · answer #7 · answered by ATXrealtor 2 · 0⤊ 1⤋
If you contract allows you to cancel at any time, then you can remove your listing. You could be prohibited from re-listing the house for a set period of time. Also make sure it does not renew for a period of time if not canceled.
If you are obligated by the contract, you could offer your agent a partial payment to cover his time and expenses.
2007-07-08 15:55:03 · answer #8 · answered by VATreasures 6 · 0⤊ 0⤋
Then end it - it is YOUR home
2007-07-08 15:50:29 · answer #9 · answered by Mike Frisbee 6 · 0⤊ 2⤋