Home Buying in 11234>Question Details

Althea, Home Buyer in Brooklyn, NY

What do you do if a Brokers is holing your house as hostage when asked for an unconditional release.?

Asked by Althea, Brooklyn, NY Fri Jun 7, 2013

A Broker in Bensonhurst whom I was dissatisfied with and asked for my listing back told me that I had to pay $10000 for advertising which is what the problem was no exposure where they said there was.

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Answers

7
Review your listing agreement, if the answer to your question is not in the document, you may wish to consult with an attorney who specializes in real estate; most professionals do offer a free consultation...
2 votes Thank Flag Link Fri Jun 7, 2013
What you have described sounds fairly accurate.....you have signed a contract to which you are obligated, as is the broker/agent. Consider reviewing your documentation to determine if you have any proof that they did not fulfill their obligation. Also it's very common and is normally included in contract verbiage that when cancelling your agreement, you are financially responsible for the company's marketing expenses.

With this said, one would have to question how they came up with the $1,000 assessment associated with this. Advertising and other associated expenses are high but it's not unreasonable to expect documentation on which they base their claim.

In the event you feel you are not being treated fairly or ethically, you may want to consider being in touch with the local board of realtors to explain your situation. They should be able to advise you of your rights.
1 vote Thank Flag Link Sun Jun 9, 2013
Review the Listing Agreement you signed. Likely, you'll find this individual agent cannot release you from the agreement without the Firm (company) agreeing to it. If the Firm says no then the agent and you are stuck through no faults of your own.

Also, it is prudent of you to request proof of the $10,000 advertising bill. If there's solid proof and you still want to break the agreement (and assuming you and the agent are allowed), then you are technically in breach of the terms you signed for.

And here's another thought - would you still be charged for marketing efforts if the house does not sell AND you reach the end of the listing agreement? If not, then just sit back, do your research, and when the time comes jump on a more agreeable agent!

Ultimately, what were your expectations for exposure? Did you and the current agent discuss this and get on the same page? Do you have a marketing plan in writing you can hold the agent accountable to?
1 vote Thank Flag Link Sun Jun 9, 2013
This is where I will never enlist a realtor to so my listing. I will list my own property myself. Thanks for the advise.
Flag Sun Jun 9, 2013
The real estate office has another listing in the same condo, my house was the first one listed but on their website, there are feature the other home and my was never featured or highlighted on their website, this is just one aspect, my house was listed the end of March but just got on Truila while the other home has been on since it was listed. These are just two examples there are about 4 more.
Flag Sun Jun 9, 2013
I don't believe a broker can do this unless you have a contract which you agree to pay advertising
cost. I do not know if you the owner list your property with someone else at the same time. I recommend speaking to real estate lawyer.
You can call me if you like to list your property with me.
I hope I help you. Thank you hoping to hear from you

Sincerely,
Jose Garcia
RE Broker
0 votes Thank Flag Link Tue Nov 5, 2013
Truly sorry to read of this misunderstanding, Review the listing contract
if it is not stated on the contract seek advice from MLS.
Fajardo Delacruz
347 932-0609
0 votes Thank Flag Link Tue Oct 8, 2013
Many sellers withdraw their homes but depending on your contract the broker may have the right to let your contract end officially before you can list with someone else. If you do list with someone else while your contract is still active with the previous broker you may also be responsible for paying both brokers commission if the house sells.

Read over your contract carefully to understand the terms and conditions. If you really want out of the contract go in and approach the broker directly and ask for a full release with no terms and conditions attached. The broker has the option to say yes or no because I assume you have a signed contract but it doesn't hurt to ask.
0 votes Thank Flag Link Wed Jul 10, 2013
Don't you think that was done?
Flag Wed Jul 10, 2013
In a case like this, when you are unhappy because of advertising, I would request a copy of the advertisements that were placed as well as the billing statements from each advertising venue to ensure your property got the exposure you expected. If the property was properly advertised, you may have a pricing issue, not an advertising issue.
Going forward, you now know to do your due diligence when hiring an agent/broker and to look into the advertising they place as well as to get references on their past performance.
Agents and Brokers alike WANT to sell your property. It doesn't benefit them in any way to have your property sit on the market.
Hope you find this helpful.
If you have any further questions, feel free to contact me directly at 917-364-1070
Tina Epstein
Coldwell Banker Mid Plaza
0 votes Thank Flag Link Sat Jun 8, 2013
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