Kelly, Both Buyer and Seller in 17361

Our realtor is pushing us to sell and threatening us with fines. Can someone please advise us?

Asked by Kelly, 17361 Sun Jun 14, 2009

Our home has been on the market for one month. We received one contingent offer, which we refused, as we didn't want to deal with the hassle of contingency. Recently, our circumstances have changed and some personal and work issues have come up. Namely, my husband is worried about job security (due to new layoffs at work and other complicated issues) and he has herniated discs that haven't responded to physical therapy and likely require surgery. We talked to our realtor today and told him we are now uncomfortable with selling our home. Unfortunately, just last night he received an offer on our home (BELOW asking price) and is pushing us to sell. He says he will fine us thousands of $$ if we take our home off the market. WHAT TO DO? Should I keep it on the market and just refuse any and all offers? Can we get in trouble by refusing a full asking price offer? Should we up the asking price to ensure no one will want to buy our home? I am sick of this sleazebag & need help! Thanks!

Help the community by answering this question:

+ web reference
Web reference:

Answers

12
William Rudge, Agent, Boiling Springs, PA
Mon Jun 15, 2009
Kelly. Since you did not list the type of contingency I cannot address that issue properly for you. I would suggest that you speak to the owner (Broker of record) of the Real Estate company that you are working with as a first resort if you are not comfortable with your agent or if you feel that you are not being represented fairly. Then if things cannot be worked out it would be best to seek legal advice and review the terms of the listing contract if you feel so strongly.

You have the right to refuse any offer that is not acceptable to you. You may also have your home removed (withdrawn) from the market, but keep in mind that you may still be bound by certain terms of your listing agreement.

In today's economic and real estate environment it is most typical not to see many full price offers. If you continue to have your home listed for sale you may want to review your asking price and see if the comparables used to set the price of your home are still accurate. One offer in 30 days may be a result of having your home priced incorrectly, especially if you have had several showings of your home.

In selling a home one must realize that there are often many contingencies that may be part of an agreement for a listed property. The most common are a mortgage contingency, inspection contingencies, possible repair contingencies, property insurance contingency, and the sale of another home contingency. You do have some options when negotiating the terms of most contingencies and you should discuss all options that you may have with your Realtor before agreeing and signing the sales agreement..

As part of my meeting with a client for a home listing I review the Consumer Notice and the types of representation that are available to my client and then go over the terms of the listing contract. Along with price I discuss the most common types of contingencies that my client may see in a real estate transaction. I also discuss the current local real estate market and cover what my clients might expect to see in terms of offers and the importance of pricing their home correctly.
1 vote
Irfan, , New Jersey
Wed Jan 5, 2011
if your broker finds an able buyer on your conditions of sell, then you can't simply refuse the offer because broker spend time and money advertising your property. but if you do then he only can charge you reasonable amount ont an ridiculous amout in thousands of dollors
0 votes
Veronica Ram…, , Philadelphia, PA
Mon Jun 22, 2009
Please be sure to forward all of this to her Broker, his county realtor association and the state real estate commission. Agents like that give us all a bad name.
0 votes
Keith Sorem, Agent, Glendale, CA
Mon Jun 15, 2009
Kelly
Your Realtor actually, in fact, is employed by a BROKER who has legal liability and responsibilty. I suggest talking with the Realtor's broker and explain your situation. I find it hard to believe that they would not be accommodating.

You options (not legal advice!)
1. You can cancel the listing - based on your story it seems the most direct action to take.
2. You with WITHDRAW the listing. That means that the property is not longer for sale, however, you are still under a legal contract with the broker. This might be a workable alternative since you are not selling. Some brokers are reluctant to cancel listings and then have the seller list with another Realtor.

3. You can put the listing on HOLD. That means that you are still under contract but are no longer showing the property.

I hope this helps.
0 votes
Bob McClure, Other Pro, Walled Lake, MI
Mon Jun 15, 2009
hi.....do not accept the offer, and send his broker and your realtor an unconditional market withdrawl letter via registered mail.take the sign out of your yard, and put it behind the garage........if the listing agent asks you to sign anything removing it from the market.that is not the same as an unconditional market withdrawl.......best of luck to you.bob mcclure- success mortgage partners- plymouth, michigan.....
0 votes
Alan May, Agent, Evanston, IL
Mon Jun 15, 2009
the first thing you should do is to call his managing broker and explain your situation. If the managing broker doesn't release you from your contract, you should then consult a real estate attorney.
0 votes
Michael D De…, , 18969
Mon Jun 15, 2009
Kelly,
RUN, don't walk away from your realtor. He may have a listing agreement to sell your home but it is up to you and only you who can decide whether or not to sell. This isn't legal advise, but I don't think he can fine you or charge you anything for not wanting to sell. You may want to speak to your attorney. I am sorry youare going through this. The very best of luckk to you!

Michael

Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
michaelddelp@aol.com
michaelddelp@verizon.net
http://www.mortgagepro.instantlender.com
0 votes
Eric & Janel…, Agent, Cupertino, CA
Sun Jun 14, 2009
Is this for real, if so, fire your Realtor!


BOYENGA TEAM
Silicon Valley Specialists
Top 1% Intero Real Estate
Office: 650.947.4645
JANELLE: 408.373.1660
ERIC: 408.506.3942
Email: Homes@Boyenga.com
Website: http://www.Boyenga.com
Website: http://www.MlsTools.com
"Proven Results through Teamwork
Web Reference:  http://www.Boyenga.com
0 votes
J R, , New York, NY
Sun Jun 14, 2009
You’re allowed to change your mind about selling your house. Speak to the agent’s broker. If the agent is the broker, speak to your attorney.
0 votes
Karen Rice, Agent, Hawley, PA
Sun Jun 14, 2009
Wow, I am sorry that you are dealing with an agent like this. You should talk with this agent's broker, and if you do not receive satisfaction, you should contact a real estate attorney. This type of behavoir on the part of a real estate agent, as described in your question, is very unprofessional and I am ashamed that such behavior occurs in my chosen profession. :-(
0 votes
Terrence Cha…, Home Owner, Allentown, PA
Sun Jun 14, 2009
My condolences that you have had such a back experience with a, so called, "real estate professional". As Don mentioned, please get with an attorney. Typically, when circumstances change, sellers will take their homes off the market without ANY problems from the real estate agent. I would definitely get with the broker and let them know of the situation and ask to have your home withdrawn. IF you have done nothing wrong according to your contract and really do not warrant this tactics from the agent, then you may be able to also file a report with the Real Estate Commission. But like I said, get with an attorney first before going to the commission.

Also, you will get offers below your asking price. That's the norm these days. Your agent should have given you a market analysis on your home. If your asking price was with the market analysis, then you can counter offer with a price closer to yours. Contingencies are also the norm in agreements of sale. Inspections, financing, the sale of their current home, the purchase of a new home for you, etc.

There are certain circumstances when you COULD be charged money, but by the way this sounds, I don't think this is the case. Talk to the broker of the company before doing anything.

Good Luck,

Terrence Charest, e-Pro
0 votes
Don Tepper, Agent, Burke, VA
Sun Jun 14, 2009
If you're not satisfied with the job your agent is doing, ask to be released from the listing agreement. If your agent declines, speak to his/her broker. However, until you're released, you are bound by the listing agreement; it's an enforceable contract.

Having said that, few listing agreements contain fines, as you say yours does. Please read it carefully and consult with an attorney. Usually, listing agreements provide that you're responsible for payment of a commission during a specific time frame. And you may be responsible for the commission (let's say on a full-price, non-contingent offer) even if you reject the offer. Again, your attorney can advise you.

So, if you're not happy, take steps to be released from your listing agreement. And review the listing agreement carefully, preferably with the assistance of an attorney.
0 votes
Search Advice
Search
Ask our community a question
Home Selling in Harrisburg Zip Codes

Email me when…

Learn more