Home Selling in 23666>Question Details

Skinsfan23666, Home Seller in 23666

will i get penalized for taking my home off the market before contract is up agent?

Asked by Skinsfan23666, 23666 Wed Mar 14, 2012

having second thoughts about selling due to market conditions, agent has us til dec, 2012 and has had it listed for about 3 weeks now, will I get sued i=or something for cancelling the contract

Help the community by answering this question:


It's not unusual for people to have 2nd thoughts about their decisions. However, at one time you thought is was a good idea to sell your home so reflect on why you wanted to sell in the 1st place, and what are your current concerns. Be sure you can articulate your concerns about the market conditions relative to your selling. Do you believe the market conditions which concern you will improve or increase in the future? Then discuss these with your agent, and perhaps the broker. There may be other answers to your concerns rather than terminating the contract.

The listing agreement is a legal contract which may or may not allow for termination before the end of the term. Some agents and brokerages will permit it, others not. During the initial period of the listing agreement the agent spends significant time and perhaps money establishing the marketing plan. You may offer to reimburse the agent and brokerage for their time and costs. Best Wishes.

Carolyn Liddell
Sun Realty of Fredericksburg
0 votes Thank Flag Link Sun Mar 18, 2012
After only three weeks, do you feel you are being fair to your agent and yourself by "throwing in the towel?"

It's commonly understood that it can take a month for a good marketing program to get off the ground. Regardless of whether or not there would be legal implications, your may want to consider allowing additional time before exploring exit avenues.

Good luck,

0 votes Thank Flag Link Wed Mar 14, 2012
All of the responses below are correct. The listing agreement that you signed is a contract. So my very first advice, and the first thing you should do, is to read that agreement. What does it specifically say regarding this scenario. Then contact your realtor and have a conversation with him, or her.

But to give you a general answer, without seeing what your agreement actually says, I will say that in most cases the answer is no penalties unless you turn around and put it up for sale with another real estate company.. or.. somebody does want to buy it and the agent brings you an offer with every single thing that you asked for but you refuse to accept it for no good reason.

Your question is a little curious though. Is your concern about the market conditions is that it may not sell. Because if you take it off the market you are pretty much guaranteeing that it won't sell. Or is your concern about market condition is the price. Because price is still going to end up being a conversation with your agent.
0 votes Thank Flag Link Wed Mar 14, 2012
Bring your concerns up in a conversation with your agent. Allow them to discuss with you, your specific situation and what they feel are your best options. It is better to talk about it, than to have pent-up feelings and issues. Good luck.
0 votes Thank Flag Link Wed Mar 14, 2012
HI Skinsfan23666, I see you have been listed for only 3 weeks, and you have changed your mind due to market conditions; some agent might release you from the listing contract, others might not. You should talk to your agent and express your concerns.

If you feel your home is listed too low, ask that your agent to increase your listing price. If you are unreasonable with your request your wish just might get granted.

Send your address i wouldn't mind taking a look at your home.
Web Reference: http://www.kefferrealty.com
0 votes Thank Flag Link Wed Mar 14, 2012
Why don't you have a conversation with your agent about your concerns.
0 votes Thank Flag Link Wed Mar 14, 2012
Your listing contract is a legally binding document and should be taken seriously. Some agents will take you to court, others will not. Regardless, it may help you to know that "Sellers remorse" is common and you should ride it out for a while at least. Market conditions are actually really improving with more homes selling faster and for higher value. We are also right around the corner from the time of year realtors refer to as "the dinner rush". If your home is priced competitively, you should see some good activity as the weather warms. I would suggest consulting with the expert you hired to help you sell your home and share your concerns with him or her so you can get better informed and make your decision based on actual market conditions rather than the emotional "sellers remorse" so many home sellers experience shortly after listing their home for sale. Good Luck!
0 votes Thank Flag Link Wed Mar 14, 2012
This is all a bunch of crap from realtors who use the same tactics seen at car dealerships. They are in it for the quick flip and are out for their own interests. A huge difference is sale price mean little in terms of commission but much more to the seller. If you don't want to sell take your house off the market.
Flag Tue Feb 2, 2016
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