Author Topic: Backing out of selling your house/breaking contract?  (Read 5268 times)

spartana

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Backing out of selling your house/breaking contract?
« on: June 29, 2015, 08:19:50 PM »
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« Last Edit: August 16, 2017, 10:49:10 AM by spartana »

arebelspy

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Re: Backing out of selling your house/breaking contract?
« Reply #1 on: June 29, 2015, 09:28:29 PM »
You'll owe them if you do sell it in that timeframe, but no, typically nothing if you decide not to sell. Obviously depends on your contract, but that's pretty standard in my experience.
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Vwjedi76

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Re: Backing out of selling your house/breaking contract?
« Reply #2 on: June 29, 2015, 09:41:28 PM »
We signed with a real estate agent to sell our home. 6 weeks in I got cold feet and we pulled the house from the market. There was no charge to me at all, however, we were required to wait 90 days before listing with another agent. (Which we did and sold the house in 12 hours.)

I'm a red panda

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Re: Backing out of selling your house/breaking contract?
« Reply #3 on: June 30, 2015, 06:59:14 AM »
May give the agent a cash bonus of $1000 or something for the work he's done - not the approx. $25K or more he probably hoped upon sale but better than nothing!
That would be unusually generous, IMO. 

Cassie

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Re: Backing out of selling your house/breaking contract?
« Reply #4 on: June 30, 2015, 10:32:07 AM »
WE changed our minds once and as we did not have an offer there was no charge.  It sounds like you will have the perfect situation with low cost & a built in doggy sitter. I don't think I would give the realtor a $1,000. If you feel like he did a lot of work for you maybe $500.

Roots&Wings

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Re: Backing out of selling your house/breaking contract?
« Reply #5 on: June 30, 2015, 10:48:52 AM »
I'd also vote 'no' on giving $1k to your realtor. Logistically, giving money might be easier said than done since compensation fees may have to go through the broker depending on how it works in your state.

One of the best things you can give an agent is recommending them to your friends/acquaintances as well as your future business when you decide to sell. If your plans have changed, no need to feel bad about that :)

Cassie

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Re: Backing out of selling your house/breaking contract?
« Reply #6 on: June 30, 2015, 10:52:22 AM »
Later on when we did decide to sell we used the same realtor & recommended her to friends so she got a few other sales that way. I did not give her any $. I think it is just one of the things that happen with that type of job.

minimustache1985

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Re: Backing out of selling your house/breaking contract?
« Reply #7 on: June 30, 2015, 01:25:17 PM »
May give the agent a cash bonus of $1000 or something for the work he's done - not the approx. $25K or more he probably hoped upon sale but better than nothing!
That would be unusually generous, IMO.
Agreed.  If you feel like you should give them something a gift basket, bottle of wine, something like that would be nice.  And of course recommending them to others (I'm assuming you're happy with them if you're contemplating handing over a grand) and/or leaving a good review.

BlueHouse

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Re: Backing out of selling your house/breaking contract?
« Reply #8 on: June 30, 2015, 01:59:44 PM »
May give the agent a cash bonus of $1000 or something for the work he's done - not the approx. $25K or more he probably hoped upon sale but better than nothing!
That would be unusually generous, IMO.
Agreed.  If you feel like you should give them something a gift basket, bottle of wine, something like that would be nice.  And of course recommending them to others (I'm assuming you're happy with them if you're contemplating handing over a grand) and/or leaving a good review.
+1.  $30 bottle of wine.  Done. 

forummm

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Re: Backing out of selling your house/breaking contract?
« Reply #9 on: June 30, 2015, 02:41:48 PM »
I think realtors are kind of leeches anyway. $25k to list a house, and accept and make counter offers using form-letter contracts? Highway robbery.

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Re: Backing out of selling your house/breaking contract?
« Reply #10 on: June 30, 2015, 03:49:23 PM »

And yes Forummm I agree that the "standard" 6% fee is way to high when you are dealing with a HCOL area like mine. Next time I will negotiate for something lower or maybe channel Mrs.MM and do it myself.

Good luck negotiating that. I know some realtors will, but most who work for major brokerages aren't going to.

Isn't Ms. MM a realtor?

Doing it yourself when you aren't a realtor can very be tough unless you are in a massive seller's market where houses are moving like hotcakes.  Most realtors won't show their clients FSBO houses, and most buyers use realtors (they don't pay the fee).

(We did sell a house FSBO, but we sold it to the people we had been renting it to; and we had to lower the price below the appraisal since they knew we weren't having to pay a realtor. We gave them 3% off.  But f inding buyers can be HARD.)

Rural

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Re: Backing out of selling your house/breaking contract?
« Reply #11 on: June 30, 2015, 07:32:10 PM »
Glad to hear you're feeling better about it.


Is it okay, now, to admit I've been hoping you wouldn't sell that incredibly low-cost house in that expensive place you love?

Jeremy E.

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Re: Backing out of selling your house/breaking contract?
« Reply #12 on: July 01, 2015, 04:12:42 PM »

And yes Forummm I agree that the "standard" 6% fee is way to high when you are dealing with a HCOL area like mine. Next time I will negotiate for something lower or maybe channel Mrs.MM and do it myself.

Good luck negotiating that. I know some realtors will, but most who work for major brokerages aren't going to.

Isn't Ms. MM a realtor?

Doing it yourself when you aren't a realtor can very be tough unless you are in a massive seller's market where houses are moving like hotcakes.  Most realtors won't show their clients FSBO houses, and most buyers use realtors (they don't pay the fee).

(We did sell a house FSBO, but we sold it to the people we had been renting it to; and we had to lower the price below the appraisal since they knew we weren't having to pay a realtor. We gave them 3% off.  But f inding buyers can be HARD.)
In my area, selling your house isn't that hard, if a buyer is using cash it's very easy, if he's getting a mortgage, the mortgage banker will help out A LOT. The Escrow company also helps out a lot. As far as realtors won't show their clients FSBO (for sale by owner) houses, that's nonsense, as long as you pay a small fee to get your house onto MLS, people will see your house and go for it if they want to. As a buyer, you aren't on a contract like sellers, so if a realtor doesn't wanna show the buyer a house, they'll ditch the realtor and ask to look at it themselves. If the buyer has a realtor, they will still get 2-3%, but that's much less than 6%.

Rural

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Re: Backing out of selling your house/breaking contract?
« Reply #13 on: July 01, 2015, 09:00:24 PM »
Glad to hear you're feeling better about it.


Is it okay, now, to admit I've been hoping you wouldn't sell that incredibly low-cost house in that expensive place you love?
Thanks. I do feel better. While I don't love it here, there are a lot of advantages to the area - very low cost property taxes that can't increase by much, very low cost utilities, moderate weather year round, lots of friends, family, nice neighbors, etc... Plus what may be a built in house and pet sitter come Jan. so that I can travel more easily. There's also a sense of security knowing you have a place to go to or come back to of your own - especially when you have no family (except my sister and a few cousins).  So while I don't want to live here forever, I think it's not quite time for me to pull the plug yet. Maybe once the dog is gone.


I guess I was basing my "love" judgement partly on what you say here about the house itself and partly on its proximity to beach volleyball.

Bearded Man

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Re: Backing out of selling your house/breaking contract?
« Reply #14 on: July 02, 2015, 10:51:02 PM »
I think realtors are kind of leeches anyway. $25k to list a house, and accept and make counter offers using form-letter contracts? Highway robbery.

I have to agree with this. On a really expensive house, their profit is higher for the same work. Actually, I'd argue people on the higher end homes side are less likely to kick tires because they have money, and a lot of it. I know I was more of a shopper when I was buying a starter house compared to now.