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#419999 - 02/11/13 12:32 AM Recommendation?
PCGK23 Offline
Junior Member

Registered: 02/11/13
Posts: 1
Loc: South Carolina
We are moving from SC to Georgia. The home in SC is in a dead real estate market. We have had it listed for 5-months with no activity in the last 3 1/2 months, not even one visit. Our realtor has really stunk it up. We have not heard from him in 14-weeks. Not even a phone call of encouragement from him. He has not put up pictures of our living room and basement that he promised to put up. He had several realtors from his office come look at our home 14-weeks ago and promised to let us know what they thought. He has not done that.

We have 7-weeks left on the 6-month deal we signed with him. Our house is listed at $225,000, which is what he recommended when we listed it. It's a nice house in very good condition. No issues, at all.

So, a lady that I used to work with says she is very interested in buying or renting the home but she cannot afford the list price - or the rental price that would cover my mortgage. (We've been thinking of renting it out). I need to make at least $210,000 on it to pay off what I owe on the mortgage, break even with the realtor fees, etc. if I sell it through our realtor. She said she could afford 190,000, which is a little more than I owe on it.

I am desperate to sell the home so that my wife and 2 daughters can join me in GA. I would let it go for what I owe on it just to move it. I can buy another home in GA pretty easily with little money down. (My new company is helping with that once I sell this home but will not help me to sell the current home).

If I sold it to the lady from my old job I would be very happy, but I cannot afford to do that through the realtor, as she cannot afford more than the $190,000, which is on the high end of her pre-qualification.

I'd obviously like to sell the home directly to the lady who loves our house and drop our realtor, who has not done anything other than list it online and then not stay in touch with us. It's the only way I could do it for the $190K she can afford.

Any advice?

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#420003 - 02/11/13 08:24 AM Re: Recommendation? [Re: PCGK23]
johnnyloans Offline
Veteran Member

Registered: 03/29/09
Posts: 870
Loc: Los Angeles ,CA
Cancel the contract with the non performing Realtor.
_________________________
Johnny James
Real Estate Broker in CA
(702)204-1166
Greater Los Angeles Area
www.PalmdaleRealestate.biz
Have Car Will Travel
For Those That Google JohnnyJamesBroker@gmail.com

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#420008 - 02/11/13 02:43 PM Re: Recommendation? [Re: johnnyloans]
Kjmendy Offline
Veteran Member

Registered: 05/17/10
Posts: 935
Loc: London, Ontario
It is unlikely that you will be able to cancel the contract. You should try to get in touch with your REALTOR or their Broker if that is unsuccessful and see what you can work out.

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#420011 - 02/11/13 03:04 PM Re: Recommendation? [Re: PCGK23]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
If you're that disappointed, I'd wait the remaining 7 weeks and proceed to sell it to the Co-Worker. Just to be on the safe side, I'd review the current Listing Agreement to make sure that you are not breaching the Contract's Terms by NOT informing the Listing Agent of the Co-Worker's interest . . . . you'd be well advised to have your Attorney review the Contract with that specific question in mind.

Here in Vermont, our standard Listing Agreements do require the Sellers to alert us of ALL inquiries they have during the Listing Period; and failure to communicate that interest shall constitute a substantial Breach of Contract . . . . but this is Vermont, and your property is in South Carolina.

Meanwhile, your Co-Worker could begin the process of turning that "pre-qualification" into an actual "Pre-Approval"; the two are different. A pre-qual doesn't mean much unless all of the ingredients have actually been verified . . . . in which case it is a Pre-Approval.

Many are Qualled; but few are Approved, just to paraphrase something I heard somewhere.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#420027 - 02/11/13 06:46 PM Re: Recommendation? [Re: PCGK23]
Dodger52 Offline
Member

Registered: 10/14/11
Posts: 266
Loc: Montana
Originally Posted By: PCGK23
I need to make at least $210,000 on it to pay off what I owe on the mortgage, break even with the realtor fees, etc. if I sell it through our realtor. She said she could afford 190,000, which is a little more than I owe on it.


You may have a hard time cancelling your listing contract, you could call your listing agents managing broker and explain your disappointment with the agent, but the broker may chose to reassign your listing rather than cancelling it. If its going to be a fight to get out of the listing contract, I would suggest dropping the price to the lowest number you can. You may not have much room or any to negotiate, but you might you might just stir up the right buyer. If it doesn't work at least you know and you can move forward with the coworker.

Be aware that offers from friends and coworkers fall apart more than they come together, so you want to have as many options as possible. Anytime you are working with a contract, its good to get ideas, but you don't want to take any action without consulting an attorney.
_________________________
Dodger52 (Chris)
Prudential Montana Real Estate
www.MT-RE.net
www.facebook.com/MissionValleyMTHomes

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#420041 - 02/11/13 11:39 PM Re: Recommendation? [Re: PCGK23]
DueDiligence Offline
Major Contributor

Registered: 12/05/06
Posts: 1635
Loc: Wild Wild West
Originally Posted By: PCGK23
We are moving from SC to Georgia. The home in SC is in a dead real estate market. We have had it listed for 5-months with no activity in the last 3 1/2 months, not even one visit. Our realtor has really stunk it up. We have not heard from him in 14-weeks. Not even a phone call of encouragement from him. He has not put up pictures of our living room and basement that he promised to put up. He had several realtors from his office come look at our home 14-weeks ago and promised to let us know what they thought. He has not done that.

We have 7-weeks left on the 6-month deal we signed with him. Our house is listed at $225,000, which is what he recommended when we listed it. It's a nice house in very good condition. No issues, at all.

So, a lady that I used to work with says she is very interested in buying or renting the home but she cannot afford the list price - or the rental price that would cover my mortgage. (We've been thinking of renting it out). I need to make at least $210,000 on it to pay off what I owe on the mortgage, break even with the realtor fees, etc. if I sell it through our realtor. She said she could afford 190,000, which is a little more than I owe on it.

I am desperate to sell the home so that my wife and 2 daughters can join me in GA. I would let it go for what I owe on it just to move it. I can buy another home in GA pretty easily with little money down. (My new company is helping with that once I sell this home but will not help me to sell the current home).

If I sold it to the lady from my old job I would be very happy, but I cannot afford to do that through the realtor, as she cannot afford more than the $190,000, which is on the high end of her pre-qualification.

I'd obviously like to sell the home directly to the lady who loves our house and drop our realtor, who has not done anything other than list it online and then not stay in touch with us. It's the only way I could do it for the $190K she can afford.

Any advice?


So, during the 5 months you've had it listed, and in the recent 3-1/2 months of no activity-- all during this time of your disappointment and frustration, you haven't told us what you've had to say to your Realtor about your frustration with him/her, your violated expectations, etc., and what s/he had to say back to you. What have YOU communicated to your Realtor about your ongoing displeasure?

And gosh, you yourself say your home is in a "dead real estate market", and yet you're blaming your Realtor for a lack of activity, no offers, etc.?

MAYBE, just maybe, do you think that this former coworker's possible offer that would ONLY work for you if you didn't have to pay your agreed commissions MIGHT have colored your feelings towards the Realtor who's trying to sell your home in a "dead real estate market"?

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#420066 - 02/12/13 06:13 AM Re: Recommendation? [Re: PCGK23]
Scintillion Offline
Member

Registered: 01/26/12
Posts: 437
Loc: Colorado, USA
Sorry you're having such issues. Even in a bad market, a property that's priced right should sell quickly. Good luck to you.

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