I have my house listed and want to take it off the market, even if we have a sell to purchase deal going can I still take my house off the market?

Asked by Missy Moo, 08505 Wed Jun 8, 2011

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7
Jenet Levy, Agent, New York, NY
Thu Jun 9, 2011
Mack is right on target. Your listing agreement is for that agent of that brokerage to find you a qualified buyer. Since you are in contract, the agent fulfulled that role and the compensation is due. Check with your attorney regarding whether you can legally back out of your contract, but you still owe a commission. It's like taking your car to the mechanic, having them fix it, and then saying you have decided you didn't want it fixed after all. The mechanic is owed time and costs. Your agent is owed their commission for all their marketing time and expenses and for fulfilling what you hired them to do.
3 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Fri Jun 10, 2011
What is your reasoning Missy? Prior posters have advised you well - talk to you agent, talk to your attorney, pronto!

Best,
Jeanne Feenick
Unwaving Commitment to Service
Web Reference:  http://www.feenick.com
1 vote
Mary Petti, Agent, Edison, NJ
Thu Jun 9, 2011
Missy,

If you are under contract (not in attorney review) and are working with an attorney, I suggest you speak to him/her about the possible consequences of breaking the contract. I would imagine you would need a very good reason to do so in that case without having the pay some sort of penalty, but speak to your attorney. If you don't have one, get one ASAP !!!
1 vote
Shirley Dugg…, Agent, Jacksonville, FL
Wed Jun 8, 2011
Missy,

I just experienced a similar situation. I was the listing agent with a pended contract but my seller had some unfortunate circumstances come up that necessitated cancelling the purchase and sale agreement and withdrawing the listing so they could retain their home. Your listing agent needs to asap speak with their Broker to get lined up with companies proper procedures to handle this situation as each situation is different. Once your listing agent knows what their company expects of you, then the buyers agent needs to be informed. As the seller and the one breaking the contracts, you can expect to be held responsible for paying any costs incurred on the part of the buyer for appraisals, inspections, repair work completed as part of any repair agreements prior to closing, courier fees and of course their binder deposit returned and any other expenses the buyer incurred to date for processing of transaction. You can also expect to be liable for expenses incurred from the listing brokerage such as marketing, advertising, administrative costs, title work, surveys ordered and depending on the situation and policy of the listing brokerage...the commission. Also, depending on the state you are in and the circumstances at hand, you could also be liable for in civil suit if you fail to reimburse timely. There may be other unknown costs, you would be wise to have a heart to heart with your listing agent and or their broker and possibly even an attorney to ensure your rights are protected also.
1 vote
Dan Tabit, Agent, Issaquah, WA
Wed Jun 8, 2011
Missy,
If I understand you have an offer on your home and you don't want to sell anymore? What changed? Your listing agreement will indicate what you may be obligated to regarding the agent’s costs or expenses. If you have a signed contract with a buyer, you may have a more difficult time. As Mack states, you may owe commissions at a minimum. The buyer may request you reimburse them for any inspections or other expenses they incurred based on your home being on the market for sale.
You should discuss your concerns with your agent and see what they advise. If you don't feel they are helpful in accomplishing your desires, your next step would be an attorney.
1 vote
Mack McCoy, Agent, Seattle, WA
Wed Jun 8, 2011
Probably. You will also likely owe a brokerage commission as agreed upon in your listing agreement, and it's more than likely that your buyer will ask you to compensate them for costs incurred - inspection, appraisal, that sort of thing.
1 vote
Doug Gibbons, Agent, Princeton, NJ
Wed Jun 8, 2011
What is "a sell to purchase deal going on?
0 votes
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