Home Selling in Richmond>Question Details

Richmondguy, Home Seller in Richmond, VA

We "fired" our realtor and now the managing agent is helping us. But the managing agent has done nothing apparently other than keep the

Asked by Richmondguy, Richmond, VA Thu May 20, 2010

MLS going. What do you do now? The managing agent does not return calls and now says a short sell is the only way to sell the house. Other agents are lining up to sell our house. What do we do? I found out our listing agent has the nickname "list 'em and leave 'em." Our house was listed and that's it - after 110 days. No marketing other than two ads in the paper. WOW. What do we do when the agency refuses to let us out of our contract and drags its feet?

Help the community by answering this question:

Answers

16
Recommend to contact the board OR state. Most instances if client is unhappy the broker cancels the representation

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Fri Mar 11, 2011
Hey there. Kind of an old thread, but an ongoing concept, unfortunately.

I just took a listing today and the client asked me what we would do if it weren't working for her. I told her that we would do the same thing as if it were not working for me. Release.

Your agent will not sell your home. They don't own it. They will help you sell your home, and will do this through marketing and other creative avenues that they hopefully discussed with you when they illustrated themselves as worthy of your listing - maybe they even put it in writing like a true professional! This is a partnership, and when the reciprocal trust is gone the contract should co-willingly dissolve.

Your agent/broker is ethically obligated to care more about your well-being than his or her own pocket - fiduciary obligation. If you do not feel that, I echo the opinion of others that it would be silly for a Broker to strong-arm you into continuing. My suggestion would be that you make sure that your desire is crystal clear and keep taking it to the next level until you get satisfaction. Richmond Association of REALTORS will help.

The whole concept of short sale (or not) is a private discussion with the next agent that you ask to help you, in my opinion. Find someone who you truly believe has your best interests at heart, knows how to market, and has a proven track record of proper pricing and client satisfaction.

Great luck to you!
0 votes Thank Flag Link Fri Mar 11, 2011
Rich
Put your property's address in Google and see what turns up.
Send a letter to the managing agent (I assume they are they broker), and ask them for an appointment.
Include an agenda of what you need to cover:
Number of homes like yours that has sold since your home was listed.
Number homes homes like yours with which you are competing.
Look at homes like your on Trulia (note that not All homes for sale on on Trulia), make a note of the 10-12 best competitors.

Ask two local Realtors to analyze your situation and provide you with a proposal.

My guess is that other homes ARE selling...but at prices that WILL force you to sell short.

Get the facts, then ask for the Realtors to advise how you can proceed.

Good luck.
0 votes Thank Flag Link Sun May 23, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Hi Richmondguy:

Thanks for your answer

Since you are not late on your payments keep it that way, call the board and tell the
Managing Agent to let you go, or call the Broker.

You should be fine then re listing at a different price with another broker.

The question is how much equity you have in the house and after commissions will
all loans and liens be covered?

Have a wonderful weekend.
Best Regards
Perry
0 votes Thank Flag Link Fri May 21, 2010
How does your house look? How does your house smell? Has there been any feedback? Homes are staying on the market for longer periods of times, 110 days is not that long. If you are not getting any feedback or marketing contact the broker/owner request to be released from your contract. If they are not willing to do that make a list of request that you want and call and email daily. They will either start doing the job they were hired to do or they will relase you. Good Luck.
0 votes Thank Flag Link Fri May 21, 2010
There is no excuse for ignoring a customer and you should address that issue immediately. There are plenty of helpful agents that would love to have your listing.
Now with that issue addressed - Renegotiate your listing agreement.
A Lot of customers want reductions in the commissions they are willing to pay the brokerage to sell their properties. This comes with reduction in advertising and resources available to offset the reduction given in commission. Make sure you are offering the right commission to get the job done.
Today buyers are looking more on the internet than any other source for homes. Most home buyers skip the newspaper so why not spend your advertising dollars in better places?
Hope that helps..
0 votes Thank Flag Link Fri May 21, 2010
Did the agent/brokerage guarantee their services and give you a list of expectations they would meet? I have not experienced a brokerage not letting you out of the listing if you are not happy. How are they marketing your home?

As far as the short sale, there are actually a couple of steps. First off to see if you qualify for a loan modification. If not, and your financial situation and hardship are accepted by the lender, you can do a short sale even if you have not missed any payments. I have actually represented clients who were current on their payments till the sale and we got them approved for a short sale........and I sold it for an amount acceptable to the lender. The important pieces are harship (there are about 15 of these reasons) and financial situation.

You need to speak to an agent who is qualified to lead you in a short sale if that is the scenario you need to pursue. Not every agent is.....but they try to do them anyway and the process takes longer and has more hurdles if they are not knowledgeable. Use an agent who is qualified with either a CDPE or SFR designation. These agents have gone the extra step to learn the ins and outs.
0 votes Thank Flag Link Fri May 21, 2010
Hello, Richmondguy,
Brenda is correct - the banks need approve on any short sale and if you are not behind on your mortgage payment then you will not get the approval for the short sale. It appears that you have been requested to lower your price and that by lowering your price, you may end up selling the home for less than what you owe on the mortgage, meaning that you would have to bring money to the table at closing. Have you requested a new market analysis from the managing broker? If not, I would certainly do so to see if you are priced correctly. If you are priced correctly, then ask the managing broker what other marketing the company is doing for your home. If other agents are lining up to sell the house, then you may have had a lot of showings. What has the feedback been on those showings? This will give you some very good information as to what the buyers and other agents are saying about your home. But if your home's value is ultimately below what you owe to the lender and you are not behind on your mortgage payments, then Brend is right and you will not be in a position to do a short sale - either don't sell the house or rent it out if you do need to move. Good luck to you on your listing.

Barbara Reagan
Long & Foster Realtors
0 votes Thank Flag Link Fri May 21, 2010
Richmondguy,

If you are not late on your payments, you do not qualify for a short sale. Also, the steps that you have to take to get permission to do a short sale have to be met. The bank will require that you give them a financial statement as well as a hardship letter showing the reason why you cannot pay your mortgage. If you have income and money in the bank to make those payments, they are not going to let you offer your home as a short sale. I don't know how this agent could tell you to simply do a short sale. You may not get enough money out of the sale of your home to pay off what you owe. Perhaps that is what he is referring to. That has happened to a lot of people. My advice is that if you do not have to sell, stay put. If you do have to move out of state, you might consider renting. In my opinion, those are really your options at this point.

Best of luck.

Brenda Feria
Real Living Eudailey Real Estate
0 votes Thank Flag Link Fri May 21, 2010
Thank you for your answers. Just so you'll know, we are current on our payments (never been late) and our asking price is at the low end of comps in our neighborhood. The reality is in the 100+ days our house has been on the market, it has never been marketed, other than two ads in the paper. Whooppee. My perception is the managing agent just has too many other fish to fry than to mess with this inherited problem and the original agent seems to still be involved behind the scenes. A short sell is an easy way (for him) to get a lower price and sale. Several agents have told me they could sell our house as is with no problems. I was on a plane flying home and happened to sit next to an agent and told him my problem. When I told him our agent's name, he said, "Oh you have list 'em and leave 'em [agent's name.] We are with a huge agency that rhymes with wrong and mobster.
0 votes Thank Flag Link Fri May 21, 2010
Dear Richmondguy,

Barbara Reagan has given you sound advice. I agree with her that you need to speak with your lender before you list with another agent. Perhaps they will give you some advice as well. They also have a vested interest in selling your home before foreclosure. Banks avoid foreclosure whenever they can, because it is very costly and time consuming.

This should not be happening. You have enoungh on your plate as it is.

Best of luck.

Brenda Feria
Real Living Eudailey Real Estate
0 votes Thank Flag Link Thu May 20, 2010
Hi Richmond guy

Regret to hear you are having issues.

Start with a call to the front desk and ask the following about 9.30 or 10.00 am:

1.)who is the Broker Owner to speak to the Broker of the company

2.)then explain to him what is happening and meet with him / her

3.) if that does not help go to the Real Estate Board

4.)iif you persist with the board they will send you to a Grievance committe and they will a phone call.

Its only a short sale when the house sells for less than what the bank is owed and you decide not
to cover the "short".

Have you stopped making payments ?

Is the house worth less than monies owed to bank?

Can you cover the short balance from your own funds?

Goodluck, it will all get settled with the Realtor.

Perry
Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Thu May 20, 2010
Hello, Richmondguy,
I am sorry to hear that you are having so much trouble with your current Realtor. When you listed your home, the listing is actually with the Broker, not the Realtor. I am not quite sure why the Managing Broker is saying that a short sale is the only way to go - are you upside down or been late on your mortgage payments? If you are unhappy with the agent, then going to the managing broker is the next step up. If the company you have listed with is a large company, and the managing broker is not giving you the satisfaction you are looking for and cannot resolve the problem by either handling the sale themselves, or assigning it to another agent in the office, perhaps you can go to the broker that is above the managing broker. If the firm you have listed with is a single office and the managing broker is the top broker, perhaps the next step would be to ask the managing broker to release the listing. After all, most companies do not want to keep a listing if the client is not happy. If they will not let you out of the listing, check your listing agreement to see how much longer your listing is for. It may be at the very end of the listing term and if that is the case, then you may want to let the listing expire and then list with another Realtor. If you are not near the end of the listing term, perhaps a call to your attorney or to the Association of Realtors may help you resolve the situation. I know that this is a very frustrating situation for you, and I am sorry that you are having so much trouble. Hopefully, either the managing broker will release you from the listing agreement so that you can get another agent quickly to help you or you are close to the end of your listing agreement so that you can get listed with another agent quickly. By the way, if you are considering a short sale or must do a short sale, have you talked to your lender and/or an attorney and/or a Realtor who is familiar with the short sale process? This may be something you should consider doing before you re-list your home with another agent.

Best of luck to you with your situation.

Barbara Reagan
Long & Foster Realtors
0 votes Thank Flag Link Thu May 20, 2010
Hello Richmondguy

sorry to hear about your dilemma -You needed to interview Realtors to determine which one will best serve your needs


Mike Allen
Short Sell Specialist
Keller Williams Realty
1061 Technology Park Dr.
Glen Allen. VA 23059
804) 591-3893
0 votes Thank Flag Link Thu May 20, 2010
• Call the agent’s broker and request a cancellation.

• If the broker refuses, ask the broker to assign another agent to you. Most reputable brokers who want to maintain good community relations will cancel a listing if the seller insists.

• If there are no workable solutions, call a real estate lawyer for termination assistance, but first, tell the broker of your intentions to do so. Sometimes that’s enough to get a release.

If you want more information on short sales or why you might be in that situation right now, go to my website at:

http://www.wandabond.com.

It contains updated, easy-to-understand information from credible sources on short sales.

I hope that you and your agent and/or broker are able to work things out amicably.
0 votes Thank Flag Link Thu May 20, 2010
You need speak with that agent's broker, and if that doesn't work, then speak with an attorney.

Actually, you do have other options besides doing a short-sale: deed in lieu, seller financing, etc.
0 votes Thank Flag Link Thu May 20, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer