Home Selling in 36527>Question Details

smiakiko, Home Seller in Miami, FL

I just signed with a realtor last night to sell my house. Is there a cooling off period where I can back out of the contract?

Asked by smiakiko, Miami, FL Wed May 22, 2013

I am in Miami, FL. I don't like what my house can bring in this market and I realize it can't get me enough to buy a house I would want. I spent considerable amount of time last night looking for property and it just isn't good, I feel like I would be trading a house I don't like for another house I don't like. Is there a cooling off period in which I can tell the agent "hey, I really don't like what I can get and I don't want to sell" without incurring a cost?

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Just talk to your Realtor, be honest and open about how you feel, they should do the same.
1 vote Thank Flag Link Wed May 22, 2013
Call your agent and speak with them about the situation. In Georgia you just notify your agent that you would like to withdraw your home from the market and it is done., It is most likely the same in FLa.
0 votes Thank Flag Link Wed May 22, 2013
Dear Smiakiko,

You are not "forced" to sell your house by signing a listing contract, however there might be agreements in the contract such as you will not sell the property yourself, or list with a different broker, within a specified time frame. Some contracts have a "cancellation fee' to compensate the broker in case of early cancellation.
It's hard to advise you because we do not have the contract you signed to look over. Please go over it again and if you are not sure, it might be wise to have a lawyer take a look as well.
0 votes Thank Flag Link Wed May 22, 2013
Yes, you did sign a contract but speaking for myself, I have never held someone to it in this type of situation. The reason is that i feel like I am in the business to help with their real estate needs and if after looking into it this is not the time for them to sell and buy then that's okay. You will probably decide at some point that you want to sell and I would hope you would trust me and feel comfortable enough to use me as your agent at that point. It's a long life and hopefully your agent is in this as their career and will realize that you can be a future customer!
0 votes Thank Flag Link Wed May 22, 2013
You'll have to read the contract you signed, but you should be able to cancel your listing at any time. You are not forced to sell your home if you decide not to. IT sounds like it is a new listing so probably a good idea to go ahead and cancel it before the agent does any, or any more marketing of your home.

Best of luck!
0 votes Thank Flag Link Wed May 22, 2013
Hi, first of all you did sign a listing agreement with various terms, read them, somewhere there must be
a section about cancellation of the agreement and what you thereafter can or can NOT do and whether you incur any fees to be paid to the listing brokerage...

If you are not sure what your listing agreement says, then talk to either your listing agent, or visit the office an ask to speak the brokerage office's Managing Broker, he will explain the terms to you and will also let you know how you can cancel the listing agreement....

In my view though you should have discussed your particular circumstance and situation, before even putting your home on the market. Getting well educated about the surrounding market about what you can sell your home for in the current market, what you need to do to the home to make it market / showing ready, and then with all the expenses for the closing like commissions, taxes, and closing fees what your actual net to seller would be IF ANY. If you cannot sell with net to you, and if thereafter you do not have a sufficient down payment for another home to buy --- then you may have
to decide to put off selling for a while and save money, until you can afford to sell and buy another property.

You need to sit down with an experienced Realtor, who will discuss the market, your home, your buying options and your net to seller (estimated of course), and that Realtor should understand your
needs and situation and be your advisor, and not so much interested in getting your home listed for

hope this helps
Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE 
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North 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 Brokerage, 30 Green Bay Road, Winnetka, Illinois 60093
Check out my website at htttp://tinyurl.com/YourRealtor4Life
0 votes Thank Flag Link Wed May 22, 2013
As Melissa impied, we are people too.
We understand how big the decision is to sell one's home
Talk with the agent and share your feelings. The listing agreement you signed may require you to pay a fee (MOST DO NOT).
What you are experinecing is not uncommon.
Often, it is not until the sign appears in the yard that the 'reality' really sets in. Yes, I've had a homeowner or two or three call when the sign appeared.
Again, consult with your agent. You may come to realize that the good homes that are sold so very quckly use a different outlet than what you are using to view available homes. You would be well advised that by the time a home appears on aggregate websites such as Trulia or Zillow they have already been marketed to five tiers of buyers. By the time they appear on the MLS they have been exposed to four tiers of buyers. It is these homes you want, but can not see without making a real committment to your agent.
ONe sale with -1 one days on market. How does that happen?
A second sale appeard on MLS as Sold. How does that happen?
Many sales occur without MLS entry at all.
These options are for motived buyers and sellers able to make quick decisions.
If you are not one of these then perhaps waiting will make things better....or worse.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
0 votes Thank Flag Link Wed May 22, 2013
Only your agent can tell you that, we don't know what you signed or the terms of the agreement. If you are honest with your agent I'm sure it will be fine. I suggest setting that expectation up front, this way they know going into it. You'll sleep better knowing you don't have to feel bad for breaking the agreement down the road.

0 votes Thank Flag Link Wed May 22, 2013
It all depends on the terms of your specific listing agreement.

When I had this happen to me a few years ago, I had the seller sign a document stating that they would not be listing with another agent prior to the expiration date on the listing contract. She also was not allowed to sell it on her own during that period without paying our agency a commission at the full rate on the contract.

Contracts have expiration dates for a reason, but the agent can't force you to sell your house. However, unless you can make a written agreement that protects you both, you would have to pay a commission if the agent is able to present a full-price offer under the financing terms on the contract (e.g., cash, conventional).
0 votes Thank Flag Link Wed May 22, 2013
You need to ask your Realtor, just be up front with them and worst case scenario, unless you get a CASH offer w/o any contingencies, you do not have to accept the offers.
0 votes Thank Flag Link Wed May 22, 2013
I'm unaware of any cooling off periods. I'd suggest contacting the agent today and simply telling them you've decided not to sell, and are sorry for wasting their time but to terminate your listing agreement. Most agents will understand and that will be the end of it, though some may use contracts that require you to pay them a cancellation fee of a few hundred dollars. If yours' does ask them very simply is my paying you your cancellation fee worth the negative publicity that I will generate against you and your company. You may also want to consider offering to recommend them to other friends who may really be ready to sell or buy if they are gracious and let you off the hook easily.

In the future think these things through first, it's not fair to the agent who spent some time and effort on your behalf, Realtors don't get paid by the hour and Buyers and Sellers need to understand that we waste a lot of time working with people who for one reason or another never buy or sell a home
0 votes Thank Flag Link Wed May 22, 2013
Ask for the Agent to either Withdraw your Listing or Take it off the market(contractually you may be responsible for a fee). You also may have a 3 day period to cancel the contract so read it over!
0 votes Thank Flag Link Wed May 22, 2013
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