Selling Home on our Own

Asked by Eddie, Anaheim, CA Tue Jul 15, 2008

I have had my house on the market for 5 months now and have lowered the price 100K. I am currently at $450K and my contract expires on 9/15/08. Can I break the contract now and sell it on my own or do I have to wait it out until Sept.? Now that we are at $450K we are getting more showings, but I think we should have been alot cheaper from the get go. I figure we can sell for less without a big comission to contend with. Also, our divorce is final in 9 days and the living conditions are not ideal. Thanks.

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ScottSchang, , Orange, CA
Tue Jul 15, 2008
You would have to reference the listing agreement you signed with the listing agent. If it's an Exclusive Right to Sell the agent is entitled to a commission. If the Agent is not doing anything to market your home it would not hurt to just talk to them and ask if you can reduce the commission or cancel the contract.

Unfortunately the contract is binding but everything is negotiable if both parties agree

Hope that helps!
2 votes
Patrick Shar…, Agent, Anaheim, CA
Thu Jul 17, 2008
Eddie, unfortunately, it would be unethical for any Realtor to advise you on how to get out of your current listing agreement. If you are not satisifed with your results, check to see that your agent had done everything he/she said they would do to market your home. If they haven't, you can always go to their Broker or office manager to put more pressure on them to do what they promised. If you decide to put a sign in front of your home with your phone number on it, the only people you will attract are other agents trying to list it and investors trying to buy it for less than the REO's in your neighborhood. I sympathize with your current living situation, but you and your other half will need to decide what is more important - money or comfort. In any case, you will have at least a 21 to 30 day escrow to deal with once you accept an offer.
As far as price goes. I specialize in Anaheim and I can tell you, not many homes are selling for more than $450K in the city. Your sales price is going to comlpetely depend on your neighborhood and the condition of the home. If your home is not at least a 4 bedroom with a minimum of 1500 square feet, you will be looking closer to a price of $425,000. Good luck to you.
1 vote
Daniel, , Baton Rouge, LA
Tue Jul 15, 2008
your getting more showing because AGENTS are showing a better priced product. Take your house off MLS, and you no longer have hundreds of agents working for you.

Keep it listed with a full time realtor, drop the price, it will sell
1 vote
Dorene Slavi…, Agent, Torrance, CA
Tue Jul 15, 2008
You do have to speak with the listing broker about this. But in our current market, I would advise against it. Most FSBO's are having a hard time because of the lack of exposure. The creed in Real Estate is...if a home isn't's the price.
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1 vote
Ilona Berlaga, Agent, Livingston, NJ
Sat Feb 21, 2015
You have to review the contract that you signed with your agent and find out if you can break the contract. Usually, if you are working with a big real estate company you cannot break the contract but you can reduce the price.
0 votes
Sandra Carli…, Agent, Newport Beach, CA
Sat Aug 2, 2008
I'm sorry to hear about your situation. You should probably talk to your agent about what you have mentioned here. If that doesn't work, I would talk to your agent's broker.

They may be willing to bring on a more successful agent within the same brokerage who can help your agent if they don't have the experience to get your home sold.

I think you will net a lot less if you try to sell it on your own.
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0 votes
Eddie, Home Seller, Anaheim, CA
Tue Jul 15, 2008
The agent is a family friend and she said the listing was acceptable at the $549,000 that we originally went with. I understand that the realtor could not predict the future, but until recently it was suggested to us to lower to this figure. I would have lowered it sooner if I was directed to. I am not trying to cut out the realtor by no means. I just want to sell the house due to the circumstances. I was just trying to look at every angle to sell the home and if we didn't have to pay the commission then we would be able to lower the price of the house even more to get it sold. We are nowhere near even close to losing the house, I am not even being realistic in the money I would walk away with. As it stands I will only get around $10K for my troubles. Thanks.
0 votes
Joe Homs, Agent, Laguna Hills, CA
Tue Jul 15, 2008

I would also suggest that you speak directly with your agent. However, I am positive that in this market you are getting more showings because you home is on the MLS. Please discuss your options with him/her.

Joe Homs
Realty Partners
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0 votes
Jeremy Lehman, Agent, Garden Grove, CA
Tue Jul 15, 2008
The answer below is correct. The contract you have with the agent entitles them to a commission regardless of who sells the home, until the contract expires. Talk to your agent and hold them accountable for their performance.
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0 votes
Linsey Plane…, Agent, Rancho Santa Margarita, CA
Tue Jul 15, 2008
I understand the rationale and wanting to save the commission. I don't think you can break your contract but I would review with your agent the marketing being done, the feedback from showings, comps in your neighborhood, etc.

Timing is critical. I really believe it is crucial to sell in the next 60 days. As we head into the fall, market conditions are likely to slow even more. Economic conditions, consumer confidence, seasonal buying, and the upcoming election will all negatively impact the ability to sell. Get aggressive now.

Remember, if you can't sell with good market exposure now, how likely is it that you will see on your own. Please view my website for tips to sell your home.

Best of luck to you.
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