Devasted in South Florida,
Everything you have shared with us perfectly aligns with the greatest fears all sellers face. When confronted with staring down those fears, trust in your team is essential. Trust is a quality that is the result of proving one's loyality. Very often those whom we should trust the most are the very ones who impede us from doing whatever we please. Those who are fortunate are able to see the calamity avoided rather than the smoldering ruins of bad decisons.
There is always the other side of the story. The other side often reveals selective hearing and a nauive understanding of an environment they do not know. I write this to make clear my response is based on 1/2 of the available information. 1/2 of the available information is like having only two wheels on your car....it simply does not perform as intended.
At the time the listing agreement was signed, your REALTOR (R) shared the recent sales data with you that inclued trends, the most recent sales, sold prices, discount margin and average days on market. What in your current experience is conflicting with the data shared with you at that time?
Did you override your agents suggested list price (what the data showed) and did you add on a little for negotiaon room, a little more for those new kitchen fixtures, and stacked the professional fees on top? This usually results i a list price 30% above what the property will sell for. A knowledgeable buyer and their agent will forego the official 'offer' and test the water with a verbal, simply to gauge if the seller willl reassess their value position or if the seller will not negotiate at all. When priced 30% above reality, the latter is more commmon than you may think. Such a buyer will lurk waiting for signifcant price reductions in the 10% or more range.
The crisis was created when you agreed to purchase a home while under the obligation of an existing mortgage. At that moment, the entire objective and goals of selling your existing home changed DRAMATICLY. Time become a crucial factor. Did a corresponding change occur in the selling strategy? I read nothing regarding a change you have made other than your agent attempt at a new startegy (perhaps fully funded by your agent) for which you now protest.
You were in possion of information, for which you paid, that stated you were overpriced and you did nothing.
You made decisons that dramaticly altered the sale goal, and you made no changes.
You have created a crisis and now want to blame your agent.
Come to think of it, this is ALWAYS the way the story is told, it's the agents fault.
To answer you question, YOU are the only one who can sell your home. The owner is ALWAYS the seller. Real estate professinals do not buy or sell homes. they assist others is doing so.
If the offered price is not the LISTED price, you are under no obligation to sell and the agent can not pursue compensation unless there is some sneaky thing in that listing agreement. I doubt such senarkery exists.
You can choose to:
1. Make changes to your selling strategy with your current agent
2. Ask for an unconditional release from your current agreement and pay the penalty if any.
3. Wait until the current aggrement expires and hire a new agent. NOTE: Hiring a new agent is critical and can negate former agents claim to future compensation.
What you really, really, really should do is print this Q and A.
Then ask for a meet up with your current REALTOR(r) and have a real heart-to-heart. Your FEARS are blinding your vision. Your REALTOR is not your adversary. However, you both need to understand what the current goals and requirement are and create the pathway to success. Second guessing your Realtor, soliciting the opinions of strangers on the internet, are not the best ways to accomplish what you need to accomplish.
Best of sucess
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, Fl
Move to the Front of the Line (FirstLookHomes.us)