Did My Realtor Mislead Me? Can I Get Out Of My Contract And Sell My Home?
Okay, enough is enough! Our home has been on the market for over six months. It’s not like this home isn’t well cared for or in a bad neighborhood. It’s in a desirable middle-class suburb, three bedrooms, a yard, and move-in ready. There are parks, schools, and safe hiking trails nearby. How much better can you get as a Realtor to sell a property? Unfortunately, I signed a contract with this Realtor for a year promising to sell my home with his word that it would certainly sell within a month or two. That was a believable promise because everything in this area sells within that time frame. A home only a block away went into escrow within a month, asking price more than ours and isn’t even as nice. Well, obviously we chose the wrong Realtor! Now I’ve discovered that the neighbor two doors away contracted with this same Realtor to sell their home and fired him when it didn’t sell within three months.That time frame simply doesn’t happen here and they were in a hurry to move. Their second realtor sold the home in less than one month!
The same neighbors told me that they didn’t sign a contract for a year but only for six months. Apparently, that’s negotiable. So, lesson learned. Why hasn’t my home sold? Well, the bottom line is that I chose the wrong Realtor. He hasn’t been showing it to enough potential buyers. There has been no open house and only a lock-box on the door. We haven’t been a priority. According to US News 60 – 70% of sellers blame the failure of sales of their homes on lack of communication with their Realtors.
Can we get out of this contract? Sometimes that can be tricky but Yes, we can. Start by complaining to the Agent and to their Broker in writing. Then ask for a Termination of the Listing of the Contract for Cause (also in writing). If necessary, you can report that cause to The Department of Fair Trading in whatever state you reside. You should be aware that before you move on to find a new Realtor, read your contract to look for a rather common “protection clause”, usually in place for up to 6 months. It often states that if you sell your home during that time, you’re obligated to pay that Realtor’s commission as if he or she still had the listing. While this clause is usually enforceable in the case of most FSBOs most states will consider it null and void once you sign an agreement with another seller’s agent. So sign with a better agent as soon as possible.
Whether this is amicable or not, be sure to do your homework to find your second Realtor. Word of mouth will be best, in my opinion. If you don’t know someone that’s done an excellent job for a friend, be sure to look up the Realtor’s background that you’ve found on your own. I’m now concerned about those long-term contracts. If they don’t let you out of them within 7 days to a month I have questions. Let the new Realtor know of your experience with the last and that you want better attention/mutual respect. Be sure to follow the expert advice he or she has to offer. I plan to do exactly that so this week plan to interview and will have a new Realtor!