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What are the rules for selling a house that is listed with a realtor?
We listed a house with a realtor about 2.5 months ago. We haven't had one single "nibble" through the realtor. Now I have a family member that wants to buy at the payoff price. If I cut the ties with the realtor will I be legally allowed to sell the house? The realtor wants 6% and the family member doesn't want to pay that. what are my options?
This realtor says I can end the contract at any time with no penalty.
2 Answers
- 1 decade agoFavorite Answer
Steve D is basically right. You should also note that the seller pays the commission, not the buyer. If your house has been on the market for 75 days and you haven't had a nibble, it is overpriced. If that is the case, your family member may not be able to finance it unless they have a sizable down payment also, since it will likely not appraise for what you're listing it at. Just something to keep in mind.
Source(s): I sell Real Estate. - Steve DLv 71 decade ago
Check the contract for the expiration date. After that point, if the relative has not visited the house, you should be able to avoid the commission. However, if the relative came through the house during an open house or with another realtor or met the realtor, that is a protected sale and you will have to pay the commission. Also, don't forget if you sell the house at the payoff price, you will be taking a loss because there will still be closing costs in the range of 2 to 3% of the sales price.
