Are you currently selling your home and have listed with a Realtor that charging a high commission fee or simply not performing as expected? There could be a variety of reasons why you want to withdraw your home from the market and the process is simple!
First, request an unconditional withdrawal form from your agent (they should have one available through the local MLS, which provides the standard forms and documents most agents use day-to-day.) You are not being forced at gunpoint to give away potentially 20% or more of your home equity to someone who’s simply going to put your home in the MLS, snap some photos on their iPhone and provide a yard sign with a lockbox. Approximately 90% of all homes sell by through a third-party buyer agent, not the listing agent, and yet you’ll be on the hook for a 5 -7% total commission of charge, with 3% going to the buyer’s agent. This sounds even more ridiculous when you consider that the role of the listing agent can be done better by you, the informed and prepared home seller with real estate models like DwellOwner that offers a full brokerage service at a flat fee.
Unfortunately, if you have already listed with an agent, your listing agreement may or may not have conditions to release you from the contract until it expires. I know of a situation with one informed homeowner who paid a brokerage’s advertising expenses (a few hundred dollars) as a trade-off to be released from her listing. She realized that she would still save over $10,000 in real estate commissions in exchange for the modest spend to secure the release. Listing agreements differ depending on who or what firm is handling the listing, be sure to pay attention to the details when considering exiting an existing listing agreement with an agent.
|Unconditional withdrawal / release is when the listing agency releases the sellers from all obligations defined in the listing agreement including rights to commission during the “Broker Protection Clause” time period. You can re-list the house with another real estate agency OR sell it privately and not be responsible for commission.
Conditional withdrawal means that there is a “protection clause” for a specific time period in the listing agreement (typically 3 months from expiration of the listing agreement which remains in effect even after the withdrawal.
Once your home is withdrawn and you still want to sell while preserving your equity, you can sign up with |DwellOwner, a full service MLS offering at a flat fee 🙂 We are helping one family at a time preserve their equity – it’s our social mandate.