Warren County Ohio Real Estate News and Observations: What If I Decide To Not Sell My Home After All?

What If I Decide To Not Sell My Home After All?

didn't meet a deadline?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.

What's next?

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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EHO Two locations: Lebanon & Mason, OH
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Liz Direct: 513-265-3004     
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Comment balloon 3 commentsLiz and Bill Spear • September 14 2019 02:35AM

Comments

Bill tough question, not a good situation but a great post highlighting what can be done... hope you are the one coming in after the first group, Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) 5 days ago

Hello Liz and Bill - life happens and even the right decision can change.  Your real life question is one where conversation is definitely important.   

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 5 days ago

Hi Bill- it's not something I've thought about but things do change so it's good for anyone selling their home to know. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) 4 days ago

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