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Asked by raisha, San Diego, CA Thu Jan 16, 2014

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Answers

10
Kari Shea, Agent, San Diego, CA
Thu Jan 16, 2014
Hi,

This is a complex situation. Like many others in our business, they want to help by offering you advice. We recommend that you spend the time and money to consult a real estate attorney with regards to the legal consequences of a Deed In Lieu.

Also, have the attorney look at your listing agreement. If he says you are free to cancel the listing, go with your agent to see their broker and tell them to cancel the listing and see what they say. You can tell them you sought an attorney's advice and this was their advice to you. If he says you are not free to cancel, ask him your options.

Best of luck,

Mark & Kari Shea
Shea Real Estate
National Association of Realtors
CA BRE License 01713506
http://www.shea-realestate.com
0 votes
Harold Lear, Agent, San Diego, CA
Thu Jan 16, 2014
Your Realtor works for you. if you choose to not sale the property that's your choice. Tell your agent to cancel the listing.
But don't list the property with someone else.

You have options other than a Deed In Lieu and walking away.

We can stop the foreclosure and get you a reduction of mortgage balance at No Cost to You!!
Give me a call
Harold Lear
hlear@us-attorneynetwork.com
858-945-1047
0 votes
Maria Rosino…, Agent, Carlsbad, CA
Thu Jan 16, 2014
Hi Raisha-

It depends. You will need to read the listing contract and see if the Realtor put any language in there in case of cancellation of the listing. The listing does belong to the broker and it depends on the broker on whether or not they will agree to release you from under the contract. As far as the deed in lieu, is this something the lender is offering you? There are potential legal consequences and I would suggest you speak to an attorney about that so that you are making an informed decision before moving forward.

I would be more than happy to discuss with you.

Thanks,

Maria Rosino-Miracco
CEO/Broker/Attorney
Premia Realty Group Inc.
760-444-373
0 votes
How true - great helpful answer.
Flag Thu Jan 16, 2014
Annette Law…, Agent, Palm Harbor, FL
Thu Jan 16, 2014
As your agent explained to you at the start of the short sale process, there are many parties involved. Many of them have invested time, resources and money to move the process to it's current status. Much of what takes place regarding a short sale in invisible to the buyer and seller. That does not mean nothing has happened.
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Your agent should hold you responsible for the costs already incurred. There is little doubt you will be released from your existing listing contract.
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Of urgent concern to you is addressing the HOA. They have SUPER LIEN status and can take the home. You may want to keep your agent on your team to bring resources into play to address this issue.
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Yes, you can change your mind. There will be consequences that could come from your agent, the agents broker, short sale negotiator/, the HOA, and others yet to be identified.
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Short sales are a process that requires trust. You seem to have lost trust in your REALTOR. It is unknown if this lack of trust originated with the REALTOR or from your action. You would be well advised to consult with your REALTOR, discuss your intention, address the current distress and together, plot the best exit strategy and course.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://FirstLookHomes.us
Palm Harbor University High School distirct
http://annettelawrence.mfr.mlxchange.com/?Page=-1
0 votes
Phil Rotondo, Agent, Melbourne, FL
Thu Jan 16, 2014
You should discuss your options with an attorney.
0 votes
Bill Villa, Agent, San Diego, CA
Thu Jan 16, 2014
Hello,

Do speak to your agent and ask to be let out of listing agreement. Most agents would rather have a happy client who will recommend an agent for doing the right thing. If agent is willing to let you out of contract speak to the agent's broker and find out what is said by the broker.

Good luck and keep working hard to get to your goals.

Regards,

Bill Villa
Villa Realty, Inc.
DRE #01758821
(760) 908-4264
0 votes
Jill Miranda…, Agent, San Diego, CA
Thu Jan 16, 2014
You should absolutely be able to get our of your contract. They may have included a clause for reimbursement of some expenses so you need to read it over. Our philosophy is that we can't force someone to sell their home. And if someone doesn't want to work with us it's not going to be a good situation if we continue the relationship. Explain the situation to your agent, they may be able to help you work through alternative solutions.
0 votes
Brandon Long, Agent, San Diego, CA
Thu Jan 16, 2014
Your answer is yes. Just make sure you do not say you are changing your mind to list with a different agent or attorney.
0 votes
Simon Campbe…, Agent, Miami Beach, FL
Thu Jan 16, 2014
First, look over your contract with the Realtor and see what is in there about breaking the contract. The agent cannot do any worse to you than what the contract says.

Second, it is a good idea to sit down with your Realtor and explain the situation and get their recommendations. They are there to help you - not just make money. If your home goes into foreclosure, they are not going to make a dime anyway, so this may get them out of a situation that they do not want to be in either. Suing someone costs money. If your home is in foreclosure with your lender and the HOA, your agent realizes that you do not have cash laying around - they probably wouldn't sue you anyway. :)

Third, do not ignore the HOA foreclosure notices. They can foreclose on the property above the lender. See what options you have with them and get an idea of their timeline.

Good luck and don't panic - but don't stick your head in the sand either.
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Thu Jan 16, 2014
Your Realtor won't sue you. Your contract is contingent on the bank giving their approval and until they do there is no completed contract to deal with. You just need to tell your Realtor you wish to terminate the offer. You must get it in writing and you and the seller must sign it.
0 votes
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