getting out of real estate deal on home

[kingranch]

We listed the house not even a week ago and took the realtors advice on what to list it at based on his market analysis.

Well long story short we got several offers on the first day and not even a week into it have an offer at full list price plus they pay all closing cost.

Is there any way we can back out of the contract? We signed the agreement with the realtor to sell our property but have not signed an acceptance for the offer. The potential buyer wants the house bad and will pretty much pay any and all cost.

Would we owe the realtor/s 6% commision if I said I wanted to take it off the market? My realtor never showed the house to anyone and im kinda po'ed at him for failing to get us in the correct $ ballpark for our house... and several other things like disagreeing with my opinion on price to list it at.. low and behold he was sooo suprised we got offers... Also had to keep calling him to put sign up, never put out flyers like he promised,

He said at the max to list at 235... I chose to list at 249 and practiacally have people bidding it up. It should have been priced closer to 265-270!!

thanks
heres a snip of my contract...
We are first time home sellers so I trusted more in the realtor but have a sick feeling in my stomach now...

[Johnny Dangerr]

You can bail - and you will have to keep it off the market for a couple of months. I did it with our last house. Yank it and wait.......

[Johnny Dangerr]

Hmmm I do not like that contract.....

[Maddox]

I know there are some realtors on this sight, so I hope they don't take this the wrong way. NEVER list your house first at what they recommend. They want your house to sell FAST. Less work for them, faster it sales the faster they get paid.

My first house I sold - agent recommended $92,000 - I said no and listed it at $112,000. Had three offers in the first week and sold it for my asking price.

My second home. Recommended $295000, I said no and listed at $329,000. Sold for my asking price in one month.

[kingranch]

thor did you have a buyer that was waiting at the door??!!! thats my concern

[txtrophy85]

Hmmm I do not like that contract.....

thats a standard real estate contract.

Sorry to say but if you have a full price offer as per the contract the agent has procured a willing and able buyer. if you choose to not sell it its your choice but you will still be liable for a 6% commission per the contract.

In the market right now its not uncommon for there to be multiple full price offers on residential properties

if you bail you may get sued.

[Kevin]

If you signed the contract then you signed the contract IMO. Live, learn and do more research next time.

[captainsling]

I would think B1&2 would answer the question but I am no expert. I would not have given the broker 6%. Usually it is 3 and 3 for the buyers realtor for a total of 6. Unless I am understanding that wrong.

[down2hunt]

I know there are some realtors on this sight, so I hope they don't take this the wrong way. NEVER list your house first at what they recommend. They want your house to sell FAST. Less work for them, faster it sales the faster they get paid.

My first house I sold - agent recommended $92,000 - I said no and listed it at $112,000. Had three offers in the first week and sold it for my asking price.

My second home. Recommended $295000, I said no and listed at $329,000. Sold for my asking price in one month.

I do take that the wrong way. Our pay is a percentage of the sales price, so the more we sell it for the more we make. It is not uncommon for me to sell homes for more than what the owners thought they could or wanted to get. I didn't just list it at a low price because they had low expectations, I educated them to the market value of their property and then sold it at fair market value.

A couple months ago I got a listing for a property that was listed with another realtor. She had it on the market for 6 months at $150k and couldn't get it done. They came to me and wanted to list at $140k. I told them that it was worth a lot more than that and I got them to agree to list at $160k. I sold their house in 6 days for $155k.

I'm not saying ALL realtors would do that, but for you to lump us all into one group does **** me off a bit.

[down2hunt]

I would think B1&2 would answer the question but I am no expert. I would not have given the broker 6%. Usually it is 3 and 3 for the buyers realtor for a total of 6. Unless I am understanding that wrong.

Yes, it's 6% total. A few paragraphs later it will detail how much they are agreeing to pay to at buyers agent out of that 6%.

[txtrophy85]

I would think B1&2 would answer the question but I am no expert. I would not have given the broker 6%. Usually it is 3 and 3 for the buyers realtor for a total of 6. Unless I am understanding that wrong.

6% is the commission rate. On large deals you may do a 4% if there is no other broker but its 6% whether you have to split it or not

[down2hunt]

Kingranch, are you currently under contract or do you just have offers? If you don't have it under contract you can go back to your Realtor and tell him you'd like to raise the price on your house to what you think would be a fair market value.

[Atfulldraw]

I see at least one out.....

I would at the very least have a chat with a real estate attorney.

There is also the negotiation option - counter the offer at a higher price and/or include that the buyer pays the broker fees.

Of course, you will also be potentially causing a problem with the appraisal/mortgage pricing.

[TxAg]

So you got an offer for full price plus closing costs?...and you want to back out b/c you think you can do better?

Why not seal the deal and move on?

[down2hunt]

There is also the negotiation option - counter the offer at a higher price and/or include that the buyer pays the broker fees.

Done.

That's what I might do. I don't know all the details, but if you really think it's worth more, I'd go this route.