Savvy R.E. folks; any ideas how we can

Discussion in 'Homesteading Questions' started by Rita, Jul 26, 2004.

  1. Rita

    Rita Well-Known Member Supporter

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    We listed our property on the spur of the moment when our daughter and sil passed away that lived near us. Now after having time to think about it we don't want to sell. Has anyone gotten out of a contract and what reason did you use?
    Luckily we had only one offer since we listed in June. He had $30K down but wanted us to hold the mortgage so we were able to refuse that offer. We really love it here and are just too old to get excited about building again and all the problems that go with it. I always get great ideas from you folks so maybe someone will have a good one for this problem. The real estate listing runs until November. Thanks, Rita
     
  2. homebirtha

    homebirtha Well-Known Member

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    I know when we listed, our contract said we could take it off the market with 30 days notice. I had her change it to 24 hour notice before we signed. Anyway, is there anything in your contract about how to cancel? If not, I would ask your agent about it. Also, I don't think you're obligated to accept any offers, are you? So just tell your agent you will be turning down any offers you get, so she/he shouldn't waste their time showing it. They can't force you to accept an offer. Now once it's under contract (i.e. someone writes an offer and you accept it) then you're pretty well stuck.

    If all else fails and they won't let you out of the listing contract, I guess you could just work hard to make the house look bad when anyone came to look. Don't mow. Leave stuff out everywhere. Refuse showings or don't leave the house when people come to look. Let the dogs get after them. Cook stuff that's really smelly. Mention the leaking roof and the ghosts that haunt the place.
     

  3. While I have not seen the contract that you signed, such contracts are usually in the form of a 'exclusive listing agreement'. That contract basically says that you will not list your home with any other realtor during the term of the contract, and they will do their best to sell your home. If you change your mind about selling you are normally allowed to do so under the terms of most listing agreements. Read your agreement to be sure, or simply ask your agent.
     
  4. SteveD(TX)

    SteveD(TX) Well-Known Member

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    Just call your listing agent and tell him/her that you have decided to take the home off the market. If they are professional and responsible, they will comply with your wishes. I don't think I have ever heard of a case where a broker or agent insisted on keeping the home listed against the wishes of the owner. Especially if there is no current contract of sale pending. Some listing contracts can call for the owner to reimburse the broker for any advertising costs, MLS costs, etc. if the listing is terminated before expiration. Read your contract to be sure.
     
  5. RAC

    RAC Guest

    If your agent brings you a full-price offer in the meantime, and you turn it down, you probably will have to pay the commission to the agent regardless (after all, they did uphold their part of the contract).

    Now, if you have an offer already, and have changed your mind in the middle of escrow, for example, you will probably have to pay "liquidated damages" (usually $1000 or so) and/or reimburse reasonable costs incurred by the buyer (like for inspections, perk tests, etc.).

    It shouldn't be too hard to take it off the market--people do it all the time.
     
  6. countrygrrrl

    countrygrrrl PITA

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    We took a house off the market -- it was my dad's old house and the people who were selling it were AWFUL. :no: So all we got were lowball offers.

    Finally we just got sick of it and --- well, we took it off the market. It was no big deal, except to the last guy who seriously lowballed us. :no: And of course to the realtor who couldn't believe we wouldn't take the lowball offer so she could get a nice commission. :rolleyes:
     
  7. Jena

    Jena Well-Known Member

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    I would go the realtor and tell them just what you told us. It sounds like listing your house was a knee jerk reaction to a bad situation, heavily influenced by understandable grief. I think the realtor would understand and simply cancel the listing.

    I'm so sorry for your loss.

    Jena
     
  8. Rita

    Rita Well-Known Member Supporter

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    Thanks for all the information, ideas and Jena, the sympathy. I read the listing contract but nothing that answers my question, we really didn't want to ask the listing agent right now. I know she wanted to list it for 6 mos due to her advertising costs etc. It's so hard to make a decision. At our age we know we can't keep all this acreage up but don't have the enthusiasm of youth to start building again. I guess if we remind her of the circumstances of our deciding to sell she would let us out of the listing. Our grandson works for her part-time and she has been very helpful following the death of his parents so that makes it a little harder also. Rita
     
  9. Dreams30

    Dreams30 Lady Rider

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    Why don't you offer to reimburse the agent for her expenses and simply be honest with her? (my 2 cents)
     
  10. boxwoods

    boxwoods Well-Known Member

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    There is no law that says you must sell your house. The contract is only for exclusive listing. Just call and tell the agent that you wish to take the home off the market.....

    Do it right away before they do get an offer that meets the criteria