Home Selling in Los Angeles>Question Details

Sandy, Home Seller in Arizona

Can I cancel listing and not accept offers?

Asked by Sandy, Arizona Fri Mar 16, 2012

Multiple offers coming in, ex-wife sending children to me and need to stabelize.

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Answers

9
Keith Sorem’s answer
The short answer is you should consult with someone who has read the listing paperwork.
The practical answer is that you should consult with your agent and explain your situation. There is a status known as "withheld", meaning the listing agreement is in effect, however the property is not longer for sale. Another option is "Hold", which is more of a temporary status (we use when properties are taken off the market for a short period of timel

Your agent is where I would start. If they are not receptive, then their broker would be the next step. The broker has legal ownership of the listing.

Most Realtors will want to make the situation workable.
2 votes Thank Flag Link Fri Mar 16, 2012
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Unless it is an all cash offer at list price with no contingencies. It is my underding that you don't have to accept the offer and you don't owe any commission.

Good luck,
0 votes Thank Flag Link Fri Mar 16, 2012
Sounds like you are in neck deep. You may be able to get out of it but it will not be easy. The seller disclosure probably has no influence on your current situation.
Flag Mon Mar 19, 2012
Four offers all cash over asking price, looking at contract to see what consequences may be, have not filled out seller disclosure yet if it helps.
Flag Fri Mar 16, 2012
Talk to your agent. and explain you need to withdraw the listing at this time due to variable circumstances. If you do not get the cooperation from your agent ask to speak to the Broker of Record.
0 votes Thank Flag Link Fri Mar 16, 2012
Review your contract as many state if an offer comes in matching asking price you don't have to sell but may ore the broker a commission.
0 votes Thank Flag Link Fri Mar 16, 2012
Most listing contracts say "No" and with multiple offers coming in it is likely you may be legally on the hook to pay a commission if one of them is "full price", even if you do not accept an offer. That being said, most listing agents will work with you. This is probably a situation where you first need to speak with an office manager and if you do not get satisfaction speak with a real estate attorney to know what your rights are.
0 votes Thank Flag Link Fri Mar 16, 2012
The short answer is yes, the long answer is that you have the answer in the listing agreement that you signed and should read the details of it. It is stipulated in the contract how to cancel, and to what extent you are canceling. This means that you can remove the home from the market, but the contract may be in force for the duration of the contract, this is done by some brokers to prevent you from listing with another agency. Most of the time it just takes a signature on a form and that may be it. The contract will also say if there is any compensation due to the agent in the event of early termination, as your agent now has invested time and money marketing the home.
0 votes Thank Flag Link Fri Mar 16, 2012
Bottom line is no one can make you sell your home and if you are not going to sell it most brokers will not want to waste time marketing it.
0 votes Thank Flag Link Fri Mar 16, 2012
If you have not accepted any offers in writing, going off the CAR listing contract has it is written you do not have to sell. However, the listing agent may not let you out of the contract until it expireds.

Good Luck.
0 votes Thank Flag Link Fri Mar 16, 2012
You signed a contract with the listing agent. However, talk to your agent and explain your situation. Most agents will mutually cancel. They surely don't want to sell your home, if you don't.
0 votes Thank Flag Link Fri Mar 16, 2012
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