We have a listing agreement with an out of state agent (for out of state property) but we want to lower the list price.

Asked by moonpie, Shirley, NY Thu Oct 24, 2013

Actually we want to drop the price because the agent feels nobody will buy it at its current price. The agent has been unclear so far, but it seems she wants to make a new contract... this seems unnecessary and a tad ridiculous.. any thoughts?

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12
Joan Congilo…, Agent, Freehold, NJ
Mon Nov 18, 2013
If your home has been on the market for a very long time your agent may think that the listing is stale and has lost interest at its current price. Your agent is probably thinking that by relisting it as a new listing at a new price will spark a surge of new activity rather than just lowering the price. It might be a good idea to discuss their thinking and plan of action.
0 votes
Vishal Maher…, , New Jersey
Mon Nov 18, 2013
Hi Moonipie,

As a seller, you can either continue or discontinue the contract with the current agent.

Vishal.
0 votes
I want to sell my house in Hamilton, NJ. What will be current value on this house located 50 Wolfpack Road, Hamilton, NJ 08619. Please advise and thanks
Reply to pboyal1969@yahoo.com
Flag Tue Jun 17, 2014
I want to sell my house in Hamilton, NJ (50 Wolfpack Road, Hamilton NJ 08619.) what will be current value of this house Please advise thanks (pboyal1969@yahoo.com)
Flag Tue Jun 17, 2014
Dinesh Dadia, Agent, Piscataway, NJ
Tue Nov 12, 2013
Hi Moonpie

As per Trulia you are selling your property in Piscataway. I am not sure in which MLS system is listed, but in all the MLS system you can change price, date etc without changing the contract.
Also some time if listing is in market for longtime thanbetter to make new contract and so it shows new date on listing, which may help.
Good Luck.

Dinesh Dadia
Broker
RE/MAX Capitol Properties
1140 Stelton Road
Piscataway, nj 08854
Cell : 732 547 3754
Dineshdadia@yahoo.com
0 votes
Moretti Team, Agent, South Plainfield, NJ
Fri Oct 25, 2013
Dear Moonpie,
We are not sure which state your property is located in. We are assuming NJ because the catch phrase posed at the bottom of the question states a zip code of 08854 (Piscataway). NJ law allows an addendum (change forms) to adjust the price, expiration date of the original contract, etc. Good luck with the sale of you home. Hope this information was useful.

Respectfully,
The Moretti Team @ Prudential NJ Properties
Guy Moretti, Eugene Moretti, Steve Gold (Realtors)
serving Middlesex, Somerset and Union Counties
Toni@MorettiTeam.com
(908) 912-5298
0 votes
Terry McCarl…, Agent, Cape Coral, FL
Fri Oct 25, 2013
I would check into real estate law in the state that the property you have listed is located. Here in Florida we wouldn't do a new contract - we would simply have an addendum done reflecting the price reduction.
0 votes
Laura Gianno…, Agent, Manahawkin, NJ
Fri Oct 25, 2013
You don't mention the state. Here in New Jersey the MLS's allow listing change forms for anything from price changes to listing extensions.
0 votes
Bill Eckler, Agent, Venice, FL
Fri Oct 25, 2013
It sounds as though both you and your agent are in agreement that your price needs to be adjusted. Unless your current listing agreement has expired, a price adjustment is normally accomplished by a simple one page addendum that addresses the price change specifically. Distance should be no problem as this can be done via fax, email, or snail mail.

Good luck,

Bill
0 votes
Thomas Moser, Agent, East Northport, NY
Fri Oct 25, 2013
There is no need for a new contract. Sounds to me like she is trying to get more time.
0 votes
Scott Godzyk, Agent, Manchester, NH
Fri Oct 25, 2013
price changes can be done with a simple addendum and signature, it does not require a new contract. you should be asking your agent why, dont be shy, you hired them.
0 votes
Andrew Tisel…, Agent, Clifton, NJ
Fri Oct 25, 2013
You usually need to sign a change form to change the price. We usually do not require you change the expiration date of the listing.

she may want to start the listing over to make it look like a new listing which might give you more exposure.
0 votes
Edith Karoli…, Agent, Winnetka, IL
Thu Oct 24, 2013
I am not sure what your current listing agreement says and what the terms are as to duration of the
agreement, and the terms for price reductions. And since I do not know in which state your out of state property is located I am not sure that certain rules and terms may be different.

But in general, any contract or agreement, can be changed as long as it is done in agreement and
in writing. So if you want or need to reduce the price, she should have a form for that that you can
fill out, change the price to a new one, sign and date and get the form back to her....

She of course should provide you with new comps, i.e. properties similar to yours or with adjustments
that have recently sold, so that you can see for yourself why it should be necessary to do a price reduction. Your Realtor should also provide you with some competing homes, i.e. similar homes to yours in the immediate or surrounding areas that are currently on the market and competing with yours..YOu basically have to price your property right so that you are competitive in comparison to other available homes...
I hope this helps a little, but your Realtor should provide you with all the details, paperwork and
reasons, as well as with a price reduction suggestion based on comps and the market....

Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE 
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties Brokerage, 30 Green Bay Road, Winnetka, Illinois 60093
EdithSellsHomes@gmail.com
Check out my website at htttp://tinyurl.com/YourRealtor4Life
HAVE THE MOST WONDERFUL DAY :)
0 votes
Edith Karoli…, Agent, Winnetka, IL
Thu Oct 24, 2013
Well it is hard for us here to tell what the terms of your current listing agreement are. What is the
time frame, if the listing agreement time runs out soon, then maybe she wants to extend that listing period with you. I want to think that if the current agreement is still timely and valid for another several months, she should be able to create a price change in writing from you .....I do not know in which out of state your property is located, but I am sure it has to be done in writing by you and dated and signed, before she can change the price it is currently listed for.

Is your agent unclear to you about the amount to reduce it by or to extend the period of the listing agreement? I am not quite sure what it is that you are telling us.

I want to hope that your Realtor will provide you with some new comps from that area or the surroundings so that you can see for yourself what similar homes have recently sold for and what type of homes and price ranges you are competing with as they are on the market for potential buyers to compare to yours and based on those comps she should give you some suggestions for a price reduction at this time...

You should discuss it in detail with your Realtor, and get some information and comparable properties from here via e-mail...

Good Luck to you, I am sure it can all been done long distance.
Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE 
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties Brokerage, 30 Green Bay Road, Winnetka, Illinois 60093
EdithSellsHomes@gmail.com
Check out my website at htttp://tinyurl.com/YourRealtor4Life
HAVE THE MOST WONDERFUL DAY :)
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