This year over 6,000 homes have been withdrawn from the Orlando area market. 6,000 plus home sellers who for a variety of reasons have decided not to sell or are unable to sell their home after signing a listing contract with a real estate company.
Perhaps they simply changed their minds and decided to stay put, or they rented their home or condo, or they made arrangements with their lender that put them in a better position to stay current on their mortgage or in the worse case scenario they lost their home to the lender in foreclosure.
When a seller decides not to sell, after entering into a legal contract with a real estate firm to list their home, they usually have choices. You should check with your listing agent and/or the broker or owner of the real estate company that you have the contract with prior to asking to be withdrawn or released in order to find out what their company policy is.
At our Watson Realty office when a seller has decided not to sell we will consult with our seller to make sure that their decision is thought out and in their best interest Satisfied that the seller has no other option we will usually withdraw them from the MLS and immediately suspend our marketing efforts for their home. We will not, in most cases, release them from their listing contract.
The seller will be advised that as long as they are under contract with us as per their listing agreement they will owe us a commissions should they sell their home. This means that if they change their minds and wish to sell, they are obligated to honor their contract with us or if someone approaches them and makes an offer on their home a commission will be owed at closing regardless of the company involvement with the transaction.
Additionally your agent may have included a cancellation fee in the listing contract that covers the cost of the agents time and marketing should a seller decide not to sell. You should contact your agent to discuss any outstanding fees that may be owed if you decide not to sell.
We encourage everyone thinking of selling their home to carefully review the listing contract prior to signing and to make sure they are committed to the process once they have signed to selling their home.
Related Florida real estate views:
Should you include your personal property with your home sale?
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- Greg Staker - Watson Realty Corp. - 407-304-0255
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