Home Buying in 60446>Question Details

Lloyddmiller, Home Buyer in Romeoville, IL

Can I cancel a listing agreement. How long must I wait before our house can be sold to an individual?

Asked by Lloyddmiller, Romeoville, IL Thu Aug 9, 2012

Can I take my house off the market?

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Answers

8
Bob Brandt’s answer
If the individual saw it during the listing term then there should be a paragraph in you listing agreement that answers your question. Otherwise, for any new prospects, they should not be included in your obligations to pay a commission. However, you should read the entire agreement you signed and ask your Realtor or real estate attorney any important questions that could cost you thousands of dollars.
0 votes Thank Flag Link Sat Mar 9, 2013
You can cancel your listing agreement, but be careful...


If you cancel the agreement, then turn around and sell the home to a buyer who viewed the home while it was under contract with your agent, you may very well find your agent coming to you for his/ her commision.

If you are unhappy with your agent, perhaps you can inform them what they have done to upset you. They may not have a clue you are angry with them.

If the issue cannot be resolved, then perhaps parting ways is best, but please give yoru agent a chance. :)

Best Of Luck to You!!
Kawain Payne, Realtor
0 votes Thank Flag Link Fri Mar 8, 2013
You have a listing agreement with a lot of details, including whether you can and when cancel the
agreement and what the consequences are....
If you want to sell your home to an individual and you want to get out of the listing agreement to save
the commission READ THE AGREEMENT CAREFULLY as there will be for sure a protection clause
in the agreement, i.e. there will be a time during which you cannot sell the home etc. etc.

There could also be a clause that you do owe a certain amount of marketing fees to the brokerage, just depends on the brokerage and your details in the listing agreement.

If you are not sure, contact an attorney to advise you.

Take care
Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
Covering for @Properties the city of Chicago, all N and NW suburbs,
the fine homes on theNorth Shore, and many of the W and SW suburbs,
and with her trusted Partner Agents all of the US and worldwide properties.
Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093
EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com
Check out my website at htttp://www.tinyurl.com/MeetEdithHere
HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Fri Aug 10, 2012
Lloyd,

You might be able to cancel the contract, however there "may" likely a clause in the contract stating that you will need give a certain amount of notice. If your property is sold during this "waiting period", you owe the full commission to the broker that represented you. This is to prevent a seller from finding a buyer on their own, or as a result of the marketing the agent did for you.....then trying to cancel the agreement, sell the house "on the side" the next day, and cut the agent out of the deal altogether and thus avoid paying any commission.

I will simply state - "finding" you a buyer is only a small part of the value that a real estate agent brings to the transaction.....and leave it at that. Good luck!
0 votes Thank Flag Link Thu Aug 9, 2012
You may be able to get out of the agreement, but there could be a price. The brokerage can still hold you accountable for the administrative fee which can be as much as $400. But it sounds like you've found a buyer and are trying to avoid paying your broker his/her earned commission. Most likely, the buyer has arisen because your home was listed in the MLS, which means without the broker, you would have no buyer. To try to get out of paying for services that you hired someone to perform is both unethical and in violation of your agreement. Most listing agreements clearly state that if you sell to a buyer found during the listing period, you will be responsible for paying the full commission. It may state a time limit of six months or a year before you can sell to that buyer without paying.
0 votes Thank Flag Link Thu Aug 9, 2012
Yes you can take your house off the market and cancel a listing agreement with the current listing broker.

But............check your listing agreement for the "protection period". The broker should send you a list of names whose attention was called during the listing period. If you agree to sell the property during the protection period to one of those individuals, you will have to pay the broker upon the closing of the sale. Ouch! So check your docs so you will be prepared. After all, It is YOUR house :)
0 votes Thank Flag Link Thu Aug 9, 2012
I would ask the listing agent if you are able to get our of the contract for what ever reason you have and most of the time the agent will honor your request. If things are not working out with you and them, then it's not productive to keep working together any longer.

You can re-list your home as soon as you have it cancelled in the MLS.

Any other questions please feel free to call me directly at 630.637.9009

Dan Firks.
http://www.DanFirks.com
0 votes Thank Flag Link Thu Aug 9, 2012
It sounds like you have found a buyer and now you want to unlist the house and allow this buyer to buy it without paying a commission. I won't help by answering that.
0 votes Thank Flag Link Thu Aug 9, 2012
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