A buyers agency agreement may not have this built in but I can't imagine an agent trying to hold someone against their will unless they worked and earned a commission.
For example, you meet an agent on Monday and sign a buyers agency agreement. They do some preliminary work for you but you haven't seen a home with them yet nor have you signed a purchase and sale agreement. You decide not to use that agent and give them notice. Chances are they try to repair the relationship but then move on.
In another arrangement you sign the buyerâ€™s agency, they show you a number of homes, you like one and write an offer. An unscrupulous listing agent says, drop your agent and I'll get you a better deal on the house. This would be unethical and a violation of the contract.
As in all cases, know what you sign before you sign it and if you are not sure, have an attorney review the document with you first.
We are still in a real estate market with more sellers than buyers. The average price of residential sales in our Mid-Hudson MLS dropped from $321,216 the end of January to $297,415 the end of February. So your asking price must be competitive with the many other listings that are selling today. It really is true that market value is based on what a buyer is willing and able to pay, which may or may not have much correlation with what you are asking. Frustrating, I know, but good luck.
Before you ask to have the listing canceled, please consider speaking with your agent and/or your agents' manager.
This is a very frustrating market for most sellers. You didn't say why you want to cancel, so I don't want to make assumptions. But there is a large number of competing properties for sale which will only increase in the coming weeks as the weather continues to get warmer.
If your intent is still to sell the property, follow your agents advice to make sure it is priced competitively, shows well, and is easliy accessible to be presented to potential buyers.
Best of luck!
Remember that nothing can get resolved if it is not discussed.
Keller Williams Realty Team
What does the contract say? What type of contract is it? Why are you changing your mind?
Any contract can be ammended by mutual consent of both parties. If you signed a buyers agency contract, and you no longer want to use the agent, discuss your reasoning with them and see if they will give you a written release.
If you signed a purchase and sale contract for a specific property, you need to see what contingenices were built into the agreement that you may use to cancel it. An inspection contingency is a common example, but without seeing what you signed no one can tell you with any degree of certainty.