Clearly we do not have your realtor's perspective here as a point of reference, but with that said based on what you are describing, the actions of your realtor are far from professional and completely an unacceptable way to do business. Without know the listing agreement you signed and the provisions for cancelation it is hard to provide you with guidance. As a realtor, I can only provide guidance, not legal advise. Most listing agreements do have ways in which you can cancel the listing agreement prior to the expiration date. The realtor has violated the terms by lowering your price without your written consent, that is a big no no, and not the best way to market your property. Any changes in price must be approved by the seller. Yes a price adjustment can generate some interest in a property, but so too can an open house, as does your agent sending out email to all agents that may have already shown your home. With an active real estate market here in South Florida I can attest that homes that are properly priced do go under contract within a matter of days, as we have a low inventory and many qualified buyers. Your listing agreement may have a clause that by paying a cancellation fee, you are able to cancel the agreement. The general idea of a listing agreement is to protect both the seller and the realtor, and at the end of the day, it is for the most part an employment agreement between a seller and a realtor. If a realtor is not doing the job as required, they can be fired, it happens all the time.
My suggestion would be to cancel your listing agreement with the realtor and if there is a cancellation fee, pay it. I would advise the realtor that should he/she not release you from the listing agreement that you will file a complaint with the local board, and the Florida Real Estate Commision. You can request these complaint forms from these organizations and then forward all the pertinent documents along with your complaint showing the violations. You need to set out to find an agent that is very familiar with your area and a proven track record, that in turn knows how to work like a true professional.
I wish you the best.
Lila Lopez, CRS, CPDE, e-Pro
RE/MAX Advance Realty
Instead of lowering the price, try increasing the Buyer's Agent Commission in the MLS and I believe you'll see a big change.
When realtors see that extra money being offered on the MLS search, you can bet your home will be included on their list of properties they'll show their buyers.
I'm not the biggest fan of realtors, but I'd like to hear the realtor's side of this story.
And yes, your realtor can sue you if you have defaulted on your contractual obligations, so make you do what you have agreed to do per your contract.
But same rules apply today -
In any case where you feel your rights have been violated -
There are remedies in place to allow for clarity -
This certainly sounds like some rules have been broken!
Realtor's are licensed professionals and accountable to the licensing bureau.
Start there then - call upon the Realtor's Association.
They will not rule - simply assist in providing clarity as to the rules...
More than likely, this would be a dead issue after these contacts are made.
I would wager to say more Realtor'f fear being sued - than ever consider suing...
25 year "full time" South Florida resident
I know the area - I understand the market.
And I know the rules!
Call me crazy/
I would speak with the agent's broker and voice your concerns. The broker may assign a different agent to service the balance of your listing term. This agent does not seem to be on the up and up.
Everything you have shared with us perfectly aligns with the greatest fears all sellers face. When confronted with staring down those fears, trust in your team is essential. Trust is a quality that is the result of proving one's loyality. Very often those whom we should trust the most are the very ones who impede us from doing whatever we please. Those who are fortunate are able to see the calamity avoided rather than the smoldering ruins of bad decisons.
There is always the other side of the story. The other side often reveals selective hearing and a nauive understanding of an environment they do not know. I write this to make clear my response is based on 1/2 of the available information. 1/2 of the available information is like having only two wheels on your car....it simply does not perform as intended.
At the time the listing agreement was signed, your REALTOR (R) shared the recent sales data with you that inclued trends, the most recent sales, sold prices, discount margin and average days on market. What in your current experience is conflicting with the data shared with you at that time?
Did you override your agents suggested list price (what the data showed) and did you add on a little for negotiaon room, a little more for those new kitchen fixtures, and stacked the professional fees on top? This usually results i a list price 30% above what the property will sell for. A knowledgeable buyer and their agent will forego the official 'offer' and test the water with a verbal, simply to gauge if the seller willl reassess their value position or if the seller will not negotiate at all. When priced 30% above reality, the latter is more commmon than you may think. Such a buyer will lurk waiting for signifcant price reductions in the 10% or more range.
The crisis was created when you agreed to purchase a home while under the obligation of an existing mortgage. At that moment, the entire objective and goals of selling your existing home changed DRAMATICLY. Time become a crucial factor. Did a corresponding change occur in the selling strategy? I read nothing regarding a change you have made other than your agent attempt at a new startegy (perhaps fully funded by your agent) for which you now protest.
You were in possion of information, for which you paid, that stated you were overpriced and you did nothing.
You made decisons that dramaticly altered the sale goal, and you made no changes.
You have created a crisis and now want to blame your agent.
Come to think of it, this is ALWAYS the way the story is told, it's the agents fault.
To answer you question, YOU are the only one who can sell your home. The owner is ALWAYS the seller. Real estate professinals do not buy or sell homes. they assist others is doing so.
If the offered price is not the LISTED price, you are under no obligation to sell and the agent can not pursue compensation unless there is some sneaky thing in that listing agreement. I doubt such senarkery exists.
You can choose to:
1. Make changes to your selling strategy with your current agent
2. Ask for an unconditional release from your current agreement and pay the penalty if any.
3. Wait until the current aggrement expires and hire a new agent. NOTE: Hiring a new agent is critical and can negate former agents claim to future compensation.
What you really, really, really should do is print this Q and A.
Then ask for a meet up with your current REALTOR(r) and have a real heart-to-heart. Your FEARS are blinding your vision. Your REALTOR is not your adversary. However, you both need to understand what the current goals and requirement are and create the pathway to success. Second guessing your Realtor, soliciting the opinions of strangers on the internet, are not the best ways to accomplish what you need to accomplish.
Best of sucess
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, Fl
Move to the Front of the Line (FirstLookHomes.us)
If Realtor had a independent appraisal done, and IT was lower than "realtors 3 presented price points"
Just how much do you think your house is worth???? Guess what, its very possibly worth what the appraiser said it was worth, less, it appears, than what you were offered in 4 contracts. NOT likely you are going to sell for more than appraisal. You can wish any dream you want, but you will sell at best, for the appraised value.
Example, you have a $100 dollar bill in your hand. You request to get 7 $20 bills for it ($140). An Appraiser tells you it's worth 5 $ 20 bills. You are offered 5 $20 and one $10 and you turn it down ($110 dollars for $100). Just why would one expect 5 $20's and one $10 for $100????