Question Details

Sandy, Home Seller in Oregon

I had my house listed with a broker on a one year contract. After 3 months no one had even looked at it.

Asked by Sandy, Oregon Fri Dec 14, 2007

My realtor suggested that we need to lower the price but we made it clear when we listed it we couldn't lower the price. Every month he would call and suggest we lower the price. We decided we were just wasting his time and money so took it off the market. My question is...Am i still obligated to pay the realtor until my contract would have been up if I sell the house myself or have it auctioned? I live in Oregon

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1
Sandy
Let's tackle your question from two perspectives:
If your goal was to sell, did you HAVE TO sell, or would sell only if you GOT YOUR PRICE?
If the truth is you don't need to sell, personally, I would not have accepted the job of selling your property.

If you DO need to sell, then (just my opinoin), you'd be better off hiring a Realtor than selling it yourself (only if your goal is to maximize your profit.). I have answered numerious posts on Trulia so I am sure you can find interesting reading.

Just to summarize, studies consistently show that owers that sell by themselves sell at about 16% lower than a Realtor. Also, if 90% of the time the buyer first sees the home they buy with a REALTOR, why would you exclude 90% of the market by marketing it yourself (notice I didin't say "sell" because over 85% of home owners eventually list with a Realtor when they do sell.

Lastly, the first poster is correct. Read your contract. If the Realtor submitted a list of brokers that have contacted him about the property (and buyers), there is usually a "protection period". If any of the brokers or their buyers contacted the Realtor, and he submits the list to you, you would be obligated to pay a commission to him (per the contract). Sometimes Realtors do not submit a list.

Good luck!
0 votes Thank Flag Link Fri Dec 14, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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