Let me know if I can be of further assistance.
Principal Broker / Owner
The Broker Network
Separately, it sounds like you have also agreed to sell the home to a friend for a slightly higher price than above and presumably without a commission, although technically your Realtor may still be able to collect per the listing agreement. Sounds like your acquaintance has gone quite a ways through the process if loan papers are drawn and ready for signatures. Why have you decided not to sell your home?
At this point you really need to seek the advise of a qualified attorney, who will be able to determine what your obligations are to each of the parties involved. Lots of potential complications here and communication will be very important to protect your best interests going forward. Good luck.
Appears your agent did their job effectively.
Always means the price did not match the 'value bracket' of the buyer.
YOU set the price, not your agent.
$60,000 price reduction.
(Now that is a value bracket adjustment)
Market responded....immediate offer.
$5K discovery. $450,000 adjusted offer.
Fired agent.....???? How does that make since?
Now want to back out deal with acquaintance.
Did you even give your agent a chance to win for you? To negotiate that up to $480?
The only error I see is OVERPRICING followed by indecisiveness.
As others have stated, you don't have an offer in place. And yes, you can change your mind, since in reality, you did not make a real decision.
You, however, really need to recognize the outstanding services your agent provided. No fault lies with the agent.