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How can I get out of listing my home? I wanted to sell my home but I was a little hesitant. I listed it
about a month ago. But now my financial situation is completely different. I have to retire or lose my job. And I went to a mortgage broker who informed me I can't buy because of my credit. I have no way of fixing my credit because I have no money. If I sell, I can only fix my credit, but there will be no money left over to rent a place or buy a place. My realtor has only put the listing on the MLS, nowhere else. And the place was only shown once to someone who passed by and lives in the neighborhood. How can I get out without paying anything?
Mon May 12 2008, 07:04 - Miami - Home Selling - 10 answers
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BEST ANSWER
Inform your agent, verbally and in writing, that you would like to withdraw your home. Unless they have already brought you a ready, willing, and able buyer, or if your contract has a cancellation fee, or if you agreed to reimburse your agent for expenses, you should owe little or most likely nothing.
Thu Jun 26 2008, 05:57
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The other advice below is good: Contact your Realtor and explain the situation. However, to clarify one comment below which states: "if you used a reputable real estate broker to list, then no commission should be due unless you close on a sale of your home." Depending on your listing agreement, that's often not true. The sale doesn't need to close. If you receive an offer that meets all your terms and conditions and you decline it, you may still owe the commission.
Good luck. Thu Jun 26 2008, 05:16
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Each listing agreement is different. While it is true many Realtors use a standard form, you will have to review your written listing agreement. Once you have done so, explain your situation to the listing agent and see what they say. Is the listing agent will not cancel the agreement than I suggest you withdraw your listing until the agreement terminates.
Thu Jun 26 2008, 04:58 Web Reference: http://www.willardrealtteam.com
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Dear Ali!
Contact your realtor. Explain your situation. I am sure, your real estate agent will understand your situation and can help. Do not be afraid to call and ask -you are the one whom is giving the job to realtor!!! We, realtors, work for you - owners, sellers, buyer, landlord, tenant. Good luck, and if you have any questions- call us, we will be happy to help you. Evelina Tsigelnitskaya SIB Realty 305-931-6931 Sun May 25 2008, 14:44 Web Reference: http://www.SIBRealty.com
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Ali,
You should not owe anything to anyone. No one can force you to sell your home, and if you used a reputable real estate broker to list, then no commission should be due unless you close on a sale of your home. Talk to your Realtor and tell them the situation. They will either cancel the listing or place it as "Temporarily off the market" ... that will make it invisible to people looking for active sales, and you just let it expire. Mon May 12 2008, 08:18
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I recommend you explain the situation to the Listing Agent.
It appears that your agent has not spent much time or money marketing the property yet - so either discuss cancelling the Listing, or "suspend" it for a period until your circumstances change, at which time the Listing may resume with that Listing Agent (provided of course, you are happy to continue working with that agent). Mon May 12 2008, 08:00 Web Reference: http://www.pennpropertiesla.com
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Triple your asking price.
Mon May 12 2008, 07:49
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Ali,
Simply withdraw your listing if you are not going to sell. Notify the agent to terminate the listing and then concentrate on yourself. Mon May 12 2008, 07:47
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I think you just need to contact your Realtor and explain the situation. There are ways to work this out. I had the same thing happen a while back and just released the Seller from the Contract. Usually Real Estate Company's will work with you on this and under the circumstances, not charge any fees. Good Luck.
Mon May 12 2008, 07:33
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FIRST ANSWER
Hello Ali,
I would contact your agent and also the Broker and explain the situation to them. Although, if there is a "cancellation fee" in the Listing Contract, they "might" entertain a low fee. You will never know until you ask. Sorry, Phil Mon May 12 2008, 07:25 Web Reference: http://www.PhilFowler.com
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