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Terminating a house listing agreement early?
We signed on with a realtor for 6 months, our agreement extends through december, however after 2 months on the market our house is garnishing little to no interest from buyers. We advertised the house for rent and we are close to finalizing a lease to own agreement with those involved. Can we contact our relator and terminate our contract early and avoid any fees or commissions becuase of this? We just feel like this house is not moving fast enough and this lease to own is the best option we have at the moment. Thanks so much for those who have answered. If we lower the price any more than we have we would be selling it for less than we bought just a year ago. Basically, I want to take the house off the market completely. This realtor had us do 2 open houses of which we, the sellers, had to run ourselves. He told us the showing service did not have authorization for an unknown period of time and any potential buyers could not view the property for ?? days. The renter we are in contact with now found us through craigslist following up on an add to rent and our realtor has even suggested we either reduce the price more or look into the renting option. Why would I tell him I'm doing a lease to own option anyway? It's not like I would be going to another realtor the next day and relisting it. I'm technically not selling - they might opt out in 18 months, then what? I start a new lease to own and in 4 years owe this guy commission?? Doesn't make sense.
Public Comments
- Realtors are a rip-off... They overstate their value... When you sign the agreement papers with them, it's a very one-sided agreement.. They give promises, but don't have to do a single thing. Most don't follow-up with their promises. I believe that you cannot "early terminate" the agrement... Be cautious about the LEASE-to-buy option... your realtor may be entitled to some commission if you go this route. Realtors are a rip-off...
- A lease option is still a sales transaction. if you signed an exclusive agency listing then you don't have to pay if you found the buyer yourself. If you signed an exclusive right to sell listing then you owe a commission. But, you technically would not have to pay the commission until the tenant/buyers of your home exercise their option. Make sure you have 3 seperate contracts with your tenants. Lease agreement Option agreement Purchase contract The purchase does not go into effect until they exercise in however many months you set it up for. PS, I read your prior questions on lease options. If you still have questions please contact me, I'd be happy to help.
- I have to disagree with above and say most respectable realtors are worth their commission in spades. You can end the contract early but you may have to pay a comission depending on what kind of listing contract you signed. Also if this person came to view the house with a real estate agent you will have to pay something. Be really careful of lease to own. They usually turn out to be a huge headache. It has been my experience that if a house doesnt sell its usually because its overpriced.
