Home Selling in 44111>Question Details

Mike, Home Seller in Cleveland, OH

i signed a contract with a realtor and he told me what the house is worth and put that price on the papers

Asked by Mike, Cleveland, OH Wed Apr 23, 2008

this happened on sat , on tuesday i called him and told him to raice the price and he said ill just take it off the market with attitude now i want to back out of listing my house with him can i back out how long do i have to cancel it

Help the community by answering this question:

Answers

7
I don't agree that in Ohio you can cancel a contract at anytime. . . however, based on the Cincinnati market place you can ask to have the contract canceled. The broker may or may not agree to do this, however, as you did sign a legally binding contract. The other option would be a conditional withdrawal---your home is taken off the market but you are legally bound to the listing company for the duration of the contract's time frame (you can't sell it through another company or to anyone or you'll owe the agreed upon commission).

It sounds like a more in-depth conversation needs to be had regarding the pricing of the home between you and your agent or you and the broker. Before this conversation ask yourself why you want to adjust the price and what is it about the comparable sales data the agent showed you that you don't agree with? If you believe the agent was incorrect in his evaluation of what the market will bear, talk to his broker and ask for the price to be re-evaluated. If you want more than the market will bear, take your home off of the market.

Good luck.
0 votes Thank Flag Link Mon Aug 17, 2009
Dear Mike,

Sounds like you have found yourself a real winner. Take out your listing agreement and there should be a section that talks about quiting the agreement. I have never been quit on in my 8 years so I'm not experienced in this. However, I believe that if you write a letter to quit and maybe even the reasons why and submit a copy to the broker of the office - who the agreement is actually with- and a copy to the agent- who was merely a representative (if you were not working with the broker). That should suffice. They may need your signature on a MLS Change of Status form if that agency uses MLS for the listing service. Otherwise start shopping around.

If you still have no resolution then take it to the local real estate board or check out your state licensee department online.
0 votes Thank Flag Link Thu Apr 24, 2008
Every state has different answers depending on the wording of your listing agreement. Call the broker and speak with them, tell them how you feel and what it is exactly that you need and want. We do a cease market in which we no longer market the property, though you still have to wait for the length of the listing to run out. Communication is the key.
0 votes Thank Flag Link Wed Apr 23, 2008
MIke
Do you want to sell your home, or would you like to sell but don't need to sell?

Selling a property is probably 80% pricing. The List price is a tool to attract buyers, so by raising the price, you just shot your Realtor in the foot (and your own foot too). Experience has shown that in order to get you the best price a couple things need to happen:
First, we need to be priced within five percent ot the selling price-that's plus or minus 2.5%.
Second, a properly priced and marketed home can expect 10-12 showings or two offers within the first two weeks of market time.
Third, we need to get your home sold in the first 30 days of market time to get you othe best price, after than the longer it sits, the less you make.

I don't know your conversation when you discussed the first price. Did you discuss what comparable homes have sold for in the last 30 days? I do not know your market, however MOST markets are buyer's markets in the US right now (but not all). We are in the middle of spring market now. Your home probably should have been listed four to six weeks ago.

Most families move in the summer, after school is out. So for that to happen, they need to close escrow in late June, so they need to open escrow in late April or early May. So you are behind the eight ball time-wise.

Before cancelling I would ask for a meeting to discuss pricing and timing. The Realtor may be right. When I meet to see if I can help a homeowner the pricing discussion is critical If we cannot agree on price, I may very well not take the listing.

Good luck
0 votes Thank Flag Link Wed Apr 23, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
I don't agree with your Realtor saying he would just "take it off the market". Did he say he would withdraw it and put it on at the new price? That would be a different story. I agree that no reputable broker would force you to keep a contract, and in Ohio it is also rare to be charged a fee to be released from the contract, especially before any advertising dollars were spent on it.

Perhaps this is the opposite of what we call "buyer's remorse". I've never heard of seller's remorse, but don't be influenced by family friends or colleagues. If you were initially confident that the house was properly priced, give the market a chance to react to it. Raising the price on a property can raise a red flag with both buyers and agents.
0 votes Thank Flag Link Wed Apr 23, 2008
In Ohio, you can cancel your contract at anytime you are not satisfied with your situation. No reputable broker will force a client to keep their sign in the yartd if they are not happy. If your agent cannot convince you that your home is at the right price to sell with comps, recent sales and current listed homes pricing then you should move on and talk to someone else. But, your agent may be right. Do not be one of those people that have a hard time with the facts on selling a home in this market. Good luck.
Web Reference: http://www.liveinakron.com
0 votes Thank Flag Link Wed Apr 23, 2008
A listing contract is a legal binding contract. How long did you sign the contract for? Usually it is 6 months. Look at your contract. There is usually a fee to break the contract.

Did you agree on the price when you signed the contract? What is the listing price? What did you want to raise the price too and why do you want to change it now? Your realtor did a market analysis, I am sure to determine what prices homes have sold for in your neighborhood. That is the probable price your home would sell for now.
0 votes Thank Flag Link Wed Apr 23, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer