Home Selling in Lake Forest>Question Details

Mocha, Home Seller in Lake Forest, IL

If I cancel my contract to sell my home. When can I put the house back on the market with another realtor or sell the house on my own?

Asked by Mocha, Lake Forest, IL Sat Jun 19, 2010

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Hi Mocha, once you have exhausted all your choices with your current Realtor and his/her brokerage company and decide to cancel your listing agreement anyway, you can relist with another real estate brokerage and their agent right away. If you want to put the house on the market on your own, then you must read your listing agreement with your current brokerage company carefully as there is a protection period included I am sure, that if selling to anyone who has been shown the property during the listing period with your current brokerage company - you may for a certain period of time have to pay a commission. Just double check and if in doubt have your Attorney have a quick look.

Good luck to you and I hope that you will be successful in selling your home. Remember this is a difficult market for sellers, as we are in a buyers market, more properties available then there are ready and willing and approved buyers available. So the buyers can cherry pick and properties are longer on the market than ever before unless they are priced very low, priced to sell!!!!

sincerely yours,
Edith Your Chicago and North shore Expert - YourRealtor4Life!
0 votes Thank Flag Link Fri Jul 9, 2010
If you are referring to your listing agreement--have a discussion with your agent first and express all your concerns--if the chat leaves you with no satisfaction, contact the broker owner or office manager of the realty company and ask for your agreement to be terminated or ask to be assigned another agent from within for the duration of the agreement--usually it's the broker owner and/or the office manager who decide on any agreement termination, not necessarily the agent. If you are referring to a contract odf sale--review your contract as the answer will be found in the document, or consult with an attorney who specializes in real estate.
0 votes Thank Flag Link Sun Jun 20, 2010
Hello Mocha and thanks for your post.

Assuming that your agent and his/her broker agrees that you may cancel the listing contract, and assuming that there is no "cooling off" period noted in the listing contract, you could relist with another agent or sell the home on your own immediately.

However, there's some pretty big hurdles left. Canceling a listing contract, in most states, is not an easy thing to do. Most Realtor Associations write listing contracts used by Realtors, and work hard to insert wording within the agreement that makes the contract difficult to break. As a result, neither the agent or broker is obligated to cancel the listing or delist your home. So here is what I would suggest...

1. Adjust the Sales Price of the Home - To be frank, so long as the agent is properly marketing your home, the main reason that a home does not sell is price. While changing Realtors might make you feel more comfortable, if the same home is marketed at the same price, it will still remain unsold. So, consider a change to the appearance of the home, spruce up the exterior, add paint to the interior--these won't add value to the home, per se, but will make it sell faster.

2. Talk to the Broker - Obviously, you still want to sell your home, so perhaps its time to talk with the broker about your concerns. The broker is the agent's employer, so bring your concerns to the broker regarding the work of your Realtor. You and the broker can discuss the marketing plan to see a "fresh pair of eyes" might have suggestions that will provide more exposure for your home.

3. Ask for a New Realtor Within the Same Realty Office - Again, this will require talking with the broker, but sometimes the problem can be resolved by asking for a different agent. In some cases, the broker might even suggest an agent that would be more responsive to your needs or may have more experience in selling homes in your geographic area.

4. Ask to De-List the Home for a While - Sometimes, as a listing gets older and older, the home is "overlooked" by potential buyers. Taking the home off the market for 30 days can reinvigorate the listing. During the 30 days, take some time to spruce up the home to make it more presentable to home buyers.

If all else fails, then I would certainly ask to cancel the contract. If you, the agent and the broker have exhausted all means of selling your home, then there is reason on the part of all parties to cancel the contract. Until then, however, try to resolve your problems with any or all of the above suggestions.

Good luck!!

Sincerely,
Grace Morioka
Area Pro Realty
0 votes Thank Flag Link Sat Jun 19, 2010
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