You hired a real estate agent to sell your home.
You discussed what to expect. The realistic selling price for your home, how long it should take. The process for showings, an offer, negotiations, inspections and every step to the closing table.
The agent discusses how to best present your home, hires a professional photographer to maximize your home's online appeal,
Your home is introduced to the public and the showings start.
Maybe the frequency is as expected, maybe a bit slower than expected. There are variables and market conditions can shift, especially with the end of the peak selling time.
For any number of possible reasons, you decide you no longer want to sell your home.
It depends (and anything below applies to OHIO sales only).
If you happen to have a purchase contract in place, you might want to talk to a real estate attorney about how (or if) you can get out of legally binding contract. That's outside my allowable area of practice and I can't advise you.
But let's assume for the sake of simplicity there IS no purchase contract in place, what can happen next?
It's going to depend on the listing agreement you signed with the agent's brokerage. Just like a purchase contract, you agreed to a legally binding contract when you signed the listing agreement.
So what's in writing?
Depending on the brokerage, you may find you have some responsibility for reimbursing the marketing expenses incurred to sell your home (for instance the professional photographer's fee).
If you're lucky, you've got no financial obligation.
Then as far as the removal from market, there's two possibilities:
1. A withdrawal: you are still listed with the brokerage, just not actively for sale. Until the date that ends the listing agreement, you cannot go back on the market with any other brokerage besides the original brokerage. If you had an issue with the agent that was helping you, the broker may assign another agent to assume responsibility for getting your home sold.
2. A cancellation: you're free and clear and have no obligation to the original brokerage. And if you change your mind about selling, you have the option of choosing another brokerage.
For questions, consult your listing agreement and any forms you sign for market release.
Questions about buying or selling a Cincinnati home? Just call 513-520-5305 or email Liz@LizSpear.com.
Serving Greater Cincinnati home buyers and sellers,
Bill & Liz aka BLiz
Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747
William (Bill) Spear, CRS, Ohio License SAL.2004011109 Kentucky 77938
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