Home Selling in 70706>Question Details

Suzy, Home Seller in 43950

I would like to take my home off the market because things have changed. Is it possible?

Asked by Suzy, 43950 Wed May 30, 2012

We not longer are planning to move. We want to stay in our home that is all ready payed for since we do not have to move because of a career change.

Help the community by answering this question:

Answers

5
Maggie and Alan gave you sound advice. And that we are not giving you legal advice, that is left to attorneys.

You need to understand what you signed in your listing contract. If you are not under a Buyer contract and it is just a listing, no one is going to be able to force you to sell. The Broker may or may not elect to let you cancel vs withdraw the listing. Review the contract with your agent and get an understanding of the difference between withdrawal and cancel.

Have an amazing day!
Web Reference: http://www.terrivellios.com
2 votes Thank Flag Link Wed May 30, 2012
Suzy,

As Alan says, the people to talk to are your listing agent and their broker. When you listed your home with them, you signed a contract (listing agreement) that committed you to working with them for a given period of time.

Sometimes, however, plans change. If you were planning to move because of a job opportunity, and things fell through, you would no longer have a reason to move.

There is a process for taking a listing out of the Multiple Listing Service. It's called a withdrawal, and is relatively simple for your agent to do. You'll need to acknowledge in writing that you want your agent to remove the home from the MLS and discontinue any further marketing of the property.

There may be language in your listing contract that specifies a withdrawal fee for removing the home from the market prior to the end of the listing period. The sum is usually much less than the commission amount, and often represents compensation for the marketing and advertising that the agent and broker have done up to that point.

The broker, at his or her discretion, may choose to waive the withdrawal fee, for the sake of goodwill, or, if your property has only been on the market for a very short time.

If your home is under contract with a Buyer for purchase and sale, that's a different matter. In that case, you must ask the Buyers if they will release you from the sales contract.

In a best case scenario, they would do so, but keep in mind that they don't have to. They could ask you to pay them something--It could be thousands--for inconveniencing them. Worst case, they could try to sue you for specific performance, and ask a judge to order you to sell them the house.

I'm not an attorney, and this isn't legal advice. If the contract you want to get out of is a sales contract, you may need to consult a lawyer. Good luck.
1 vote Thank Flag Link Wed May 30, 2012
it's okay with me... but you'll really have to check with your listing agent, and see if he and his agency will allow you out of the listing.

if circumstances have changed, it's likely they'll allow it.
1 vote Thank Flag Link Wed May 30, 2012
Alan May, Real Estate Pro in Evanston, IL
MVP'08
Contact
Suzy, just get with your agent and/or their broker and explain the situation. As long as you don't currently have a contract on your home that you would be breaching, my guess is they will understand. They may decide a conditional release is a win-win for everyone in case you decide to put it back on the market though.
0 votes Thank Flag Link Thu May 31, 2012
Of course you can. Your broker may decide to only give you a conditional release in the event that you change your mind again but at the end of the day you are not under contract with a buyer and therefore no one can force you to sell your home.
0 votes Thank Flag Link Wed May 30, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer