Jo Zappala, Real Estate Pro in Saint Petersburg, FL

What are my rights in terminating a realtor listing agreement?

Asked by Jo Zappala, Saint Petersburg, FL Sat Mar 14, 2009

I recently hired a broker to sell my house, they said they did comps and a price was determined now only a few weeks into our contract I have been told I need to significantly lower the price (a large amount) in order to get any offers. I realize the market is crazy but I feel duped into signing a contract only to be maneuvered into a corner in less than 30 days. AT THE PRICE THEY NOW SUGGEST I could have ALREADY SOLD IT! Shouldn't I have been appraised of the true market value in full by them beforehand? I am so upset and frustrated believing the rhetoric. I made every change they asked of me and complied fully but we are now at an impasse. What can I do gracefully that will fully release me from the agreement. PLEASE HELP

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Linda Mann, Agent, Madeira Beach, FL
Wed Apr 1, 2009
Hi Jo,

I recommend you carefully read the listing agreement you signed with your broker/agent. There is a section that relates to cancellation of the listing. It's normally on page 3, under paragraph #9, "CONDITIONAL TERMINATION". The Broker "may" agree to terminate, charging expenses incurred and possibly a cancellation fee. The other thing you need to pay close attention to is on page 2, under paragraph 6, d(3); if the home is transferred/sold within a protection period it is possible you may owe the Broker a commission.
If you would like to discuss it further, I will be happy to talk to you.

Linda Mann
Narzinsky Realty, Inc.
0 votes
Patty Neri, , Palm Harbor, FL
Wed Apr 1, 2009
In regards to your listing agreement you want to go through and carefully read through this. Frequently there is a there is a fee charged for withdrawing a listing early. Personally I find that if the seller no longer wants you to represent them it is better to part friends. But generally these fees go towards the start up costs in taking a listing to include sign posts, flyers, advertising etc.

I recommend you have a candid discussion with your agent if you have not already done so. Sometimes a price is recommended with the anticipation of if there is not serious attention at that price a reduction within 30 days will be required, Giving them the benefit of the doubt maybe there was miscommunication. If not and there is a trust issue I would hope they would let you out of the listing agreement without difficulty. Communication is key in the Realtor/Seller partnership. I wish you the best and if you have further questions that I can help you with I am willing to help. Best of Luck to you!

Patty Neri
Keller Williams Realty
0 votes
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