Wednesday, July 7, 2010

House for sale by owner question?

I have had my house on the market for over a year. Three more houses of equal quality were listed recently on my street for a lot less. I'm already offering it at a loss due to the market.





If I decide to terminate my realtor's contract and sell by owner for a lower price, can I 'raise' the price if that terminated realtor brings a buyer to the table that had looked at the house prior to the termination?





I'm asking because I don't want to pay the extra commission if my agent has someone who previously looked at the home and now decides to buy (since the clause says he - the agent - gets commission within 180 days if a buyer buys the home that he had introduced them to...).





In that situation I'd want to sell at the price it was when I had the realtor and the buyer first saw it. Otherwise, I'm selling at an even lower price with full commission.





I live in Indiana if that makes a difference with laws.





Thank you.House for sale by owner question?
You cannot terminate the contract. If you sell your house on your own during the time period your realtor has the listing, you have to pay them the commission anyway, unless they let you out of the contract. You can't just terminate it. It has to be a mutual thing.





If he brings someone back at the lower price, you don't have to sell it to them. Yes, you can raise the price back to what was listed by the realtor.

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