Want to Unlist and do FSBO

[wileybunch]

What is the name of your state? Nevada

We listed with an agent to sell our home, however, as the market has declined, we want to stop selling through the realtor and try to sell on our own. We told him we understand we would owe him a commission for any business generated while he was our agent. We have an electronic lock box so he has a record of all showings.

He refuses. Says in our contract that it states that if we brought a buyer to our listing, we owe a 4% commission so that would still be the case.

If we cannot net enough $ from this sale, we can't sell so he's basically holding us hostage until the listing expires in this case since we can't both steeply drop the price more AND pay 7-8% commission (with incentives).

Does he have a legal right to a comission if we do a FSBO?

 

[moburkes]

He has a legal right to hold you to the contract that you signed, until that contract has expired.

 

[wileybunch]

He has a legal right to hold you to the contract that you signed, until that contract has expired.

In what regard? What aspect? Are we required to keep our home for sale no matter what until the expiration date?

 

[moburkes]

Well, yes. A contract is a legal document. If you didn't want to live up to the contract, then you should not have entered into the agreement. Period. Does your contract state that it can be cancelled for any reason? If not, then you are required to hold up your end. Or you can be sued. Whichever you prefer.

 

[wileybunch]

Well, yes. A contract is a legal document. If you didn't want to live up to the contract, then you should not have entered into the agreement. Period. Does your contract state that it can be cancelled for any reason? If not, then you are required to hold up your end. Or you can be sued. Whichever you prefer.

Obviously I'm aware that an agreement to list a home for sale is a legal document otherwise I wouldn't be asking a question. This doesn't have to do with "not living up to" the contract. We had *no idea* we would not be able to pull our listing and try to sell on our own, only that if we listed on the MLS, we were bound by our contract with him.

Your answer is saying unequivocally that we must sell our home, period, because that's what our contract is for. What precedence is there saying we must sell our home no matter what? BTW, are you an attorney?

 

[moburkes]

No, you're contract doesn't say that you must sell your home. Please quote that for me. It says that IF you sell youru home, you will pay a commission to the realtor. No, I'm not an attorney, but I do simply use common sense.

The only way to get out of the contract is for it to expire, or for you to use the termination clause.

 

[CraigFL]

Background--- I used to sell Real Estate...... Most sales people will try to set up the listing contract to be as long as possible. The don't want their effort (commission) to go to the next person. This is negotiable BEFORE you sign the contract although most would not allow too short a period --- less than 90 days. A lot of inexperienced sellers are not aware of this and some sales people do take advantage of this. There are always clauses in the standard contract for sellers to exit the contract but mostly just for reasons other than you want to FSBO because nobody is going to make you sell your house if your employer changes and does not move you(or something like that). Otherwise, you have obligitaed yourselves for the life of the contract unless you can come to some agreement with the Realtor which is unlikely, but you may be able to buy out of it... Even if you would get out of the contact, the Realtor is protected for some time after the contact end from having a person they had interested in the property. This means that if a person that saw the property with your Realtor comes to you maybe 30 days later and signs an offer with you as a FSBO, your Realtor could still collect the commission from you.

 

[wileybunch]

No, you're contract doesn't say that you must sell your home. Please quote that for me. It says that IF you sell youru home, you will pay a commission to the realtor. No, I'm not an attorney, but I do simply use common sense.

The only way to get out of the contract is for it to expire, or for you to use the termination clause.

Gee, you're one rude fellow. Too bad everyone isn't as smart as you. @@@@

 

[moburkes]

Gee, you're one rude fellow. Too bad everyone isn't as smart as you. @@@@

Not rude. Just matter-of-fact. Remember, that you can't "read" my emotions. What I have told you is simply common sense. I'm sorry if you disagree. I will agree that I didn't provide lots of details like Craig, but our information was the same.

 

[wileybunch]

Background--- I used to sell Real Estate...... Most sales people will try to set up the listing contract to be as long as possible. The don't want their effort (commission) to go to the next person. This is negotiable BEFORE you sign the contract although most would not allow too short a period --- less than 90 days. A lot of inexperienced sellers are not aware of this and some sales people do take advantage of this. There are always clauses in the standard contract for sellers to exit the contract but mostly just for reasons other than you want to FSBO because nobody is going to make you sell your house if your employer changes and does not move you(or something like that). Otherwise, you have obligitaed yourselves for the life of the contract unless you can come to some agreement with the Realtor which is unlikely, but you may be able to buy out of it... Even if you would get out of the contact, the Realtor is protected for some time after the contact end from having a person they had interested in the property. This means that if a person that saw the property with your Realtor comes to you maybe 30 days later and signs an offer with you as a FSBO, your Realtor could still collect the commission from you.

Craig, that is what we said -- we would understand a commission would be due for any buyers that resulted during the active listing.

We may have to terminate the contract for cause instead (ie. breach) in any event which won't be very quick. I tended to do things by email having them fix mistakes and such, so it happens I have a lot of documentation. He completely misled us on his marketing plan, too. He's crooked and will not give up easily. Hopefully the home sells in the meantime so we are out from under without the legal hassle we will have to under go.

We have had agents tell us he cannot keep us from doing a FSBO except to the extent he would be owed commission if we sold to someone that came through during his listing, but that doesn't seem to be true.

I'm going to contact an attorney. Thanks.

 

[wileybunch]

Not rude. Just matter-of-fact. Remember, that you can't "read" my emotions. What I have told you is simply common sense. I'm sorry if you disagree. I will agree that I didn't provide lots of details like Craig, but our information was the same.

True, I can't read your emotions, but I asked specific questions and got glib answers. I deal with black/white and asked for that. Yes, Craig did give that and so he made his point with facts as he sees them.

In any event, thank you for the help.

 

[seniorjudge]

...We have had agents tell us he cannot keep us from doing a FSBO except to the extent he would be owed commission if we sold to someone that came through during his listing, but that doesn't seem to be true....

That is true.

 

[wileybunch]

...We have had agents tell us he cannot keep us from doing a FSBO except to the extent he would be owed commission if we sold to someone that came through during his listing, but that doesn't seem to be true....

That is true.

OK, we have 2 votes saying we can't revert to a FSBO and one vote here that we can!

Are any of you familiar with Nevada law specifically?

 

[danno6925]

I had a buddy learn the hard way that prostitution isn't legal within the city limits of Las Vegas! That's about all I know about NV

 

[PghREA]

The answer to your question should be somewhere in your listing contract. Read it carefully.

In general, if you withdraw your home from the market or "unlist" as you called it, you can not relist or FSBO until the listing period has expired. A contract is a legal document and you must abide by the terms you agreed to the day you signed it.

You could ask the Realtor to expire your listing but, from what you have told us, I don't think that is going to happen.