Cancel your listing

[SD Realtor]

Over the last two weeks I have fielded a few calls from people who were not happy because they have not been successful selling thier home. While each case most likely didn’t sell because of pricing, NOT negligience of thier agent, they all had a similar story about how they felt trapped in the listing agreements they were in.

When you sign a listing agreement you agree to representation for a specific amount of time. That contract length is specified in the agreement. However if you do ever feel you want to cancel, you can simply ask the agent to cancel the listing. Furthermore, if the agent tries to strongarm you, simply go straight to the broker and ask the broker.

The simple facts of life are that circumstances change and brokers/agents understand this. This summer I have had a few cancellations. In each case the seller felt they wanted to work with a different agent because the home wasn’t selling. That is life and that is how it goes. I had no hard feelings about it and was happy to oblige them. I knew the reason the homes didn’t sell was due to thier pricing and the declining market even though I had advised them to price lower.

The bottom line is that you are not a hostage to a contract. If you want to cancel you can. There is a one page cancellation of listing agreement and that is it. YOU MUST SIGN THIS ALONG WITH THE BROKER before you engage with a different agency. The broker who you cancelled the listing with may give you a safe list which is a list of people he or his agent brought to your home. This safe list prevents you from striking a deal with these people unless you pay that broker a commission.

[powayseller]

Great stuff! So you can cancel your listing, even though your realtor will probably try to strong-arm you. I had thought we were committed to the entire 90 days in the contract.

[CAwireman]

When I tried in vein to sell my place in the 90’s I switched realtors 2 or 3 times. I think I just faxed over a memo to that effect and it was accepted.

Is it still that straight forward?

[waiting hawk]

In March I switch because my realtor quit and my broker let it fall out of escrow without doing anything. When I switched they tried to give me BS, so I walked into their office and told the broker off with tons of bad words in front of other sellers and got out of the contract very fast. My other realtor sold it in one month. I would’ve stayed but the first realtor left. People now are thinking that realtors should have a buyer in the waiting inside their back pocket. Then when they fire a realtor and get another the new realtors says, “ur to high” and the sellers say great lets lower it. If I was a realtor I’d probably be in fist fights everyday. I really feel for you guys!

My website tracking Temecula and South Riverside County

[mrquoi]

When we sold, we interviwed a few agents. The one that stood out was honest about the market and had been selling in our area for over 20 years. He advised us on the price and pretty much nailed it.

One told us to price way too low ($350K in an area where the sold price at the time was $500K) and then admitted that she hadn’t looked at recent sales prices in our area. My favorite one was the chick who told us we needed to remove our very fancy pool deck because it probably had termites and would scare away buyers. The deck was made of trex. LOL.

[ocrenter]

one realtor that was trying to get us to list with her told us she has buyers lined up for our property already. we walked away because she has been selling the same model on the other side of the complex for 2 months. where’s the eager buyers she had all lined up?

[SD Realtor]

Yeah guys –

The brutal thing about the industry is that many many many agents prey on frustrated sellers with that line, “I have buyers ready to go…” I have many clients who call me after the listing has sat for awhile and who tell me that they hear this from agents soliciting them, (which by the way is not an ethical thing to do when a person is under contract)

Lets think about that sales pitch from the agent saying, I have buyers ready to go….

1 – If they had buyers ready to go, why didn’t they bring them over to your home and collect the CBB you are offering?

2 – If they had buyers ready to go, and DIDNT bring them over then aren’t they doing a disservice to thier buyers?

3 – If they had buyers ready to go and they are only going to show them listings that THEY have, then they are the type of REALTORs who give us a very bad name and by doing business with them, you are perpetuating thier crummy existence.

4 – If they really do have buyers ready to go, then make them put it in the contract that for every week that the listing sits, they lose 1/2% on the listing commission. If they have buyers ready to go then the home should sell in the first week right?

5 – If they have buyers ready to go, ask to see this agents listing history of homes he/she has sold and who the selling agent (aka the buyers agent was)… If this agent was not both of them, then the agent is not being honest.

PS –

When you sign the listing agreement you are committed to the length of the contract. However, yeah lets say your contract length is 90 days and after day 27 you want out. So yes go to the agent and let him/her know that and they can let you out… If they are cranky go to the broker. You will get out.

Now in the CAR listing agreement that you will sign with the new broker you work with, at the bottom of page 1 there is a question regarding an obligation you may have to another broker if the home sells. If you have not properly cancelled your previous agreement, and the new broker sells your home, you could actually be obligated to pay the ORIGINAL broker if you didn’t properly cancel that original contract.

Cawireman, it is good you faxed a memo over but you definitely want a copy of the cancellation of listing agreement for your records.

Any good realtor who then takes the listing would want to see that cancellation as well.

**********

Anyways, my point is not to encourage people to cancel simply cuz the home is not selling. If the home is not selling that is one thing, but if you want to cancel because you are not happy with your agent, or because circumstances have changed and you do not want to sell anymore, you CAN cancel and don’t be intimidated.

However, please don’t cancel because you are falling for a snake oil salesman.

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