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5 Reasons Selling Your Home As-Is Can Save You A Lot Of Money.

Can you sell your house privately after listing with a realtor?

Aug 31, 2020

When it comes to selling your home with or without a realtor, you may have many questions, you may be wondering if you can sell your property yourself even after hiring a realtor. Is this even possible? Well, there are different circumstances for different situations in this case, and certain variables and factors that need to be taken into account. Selling your property is a big process that can sometimes be confusing and exhausting. Here’s everything you need to know about selling your property even with previous use of a realtor.

If selling your house privately becomes the best option for you, there are certain things you need to find out before you can ditch your realtor. The first thing that needs to be taken into account in this situation is the type of listing agreement and contract you have set up with your realtor. There are different types of listing agreements that come with certain stipulations. The first kind is an open listing agreement. Homeowners who are attempting to sell their property alone most likely use this agreement, although they are going about the selling process on their own, they most likely hire realtors to show the property to potential buyers. Most of the time open agreements use multiple agents, as one sole agent typically does not get much return.

If a sole real estate agent is hired to sell your property, odds are they will use an exclusive right to sell listing agreement. This is where one realtor is given the sole responsibility to help sell your home with a certain duration of time. If the agent does not sell the home during this time, odds are the contract expires and the seller can decide if they want to extend the contract with the agent or not. Real estate agents typically go for this type of agreement, as it assures guaranteed commission.

The third type of contract is an exclusive agency listing. This is where a single agent is hired to assist the seller, but the seller is still allowed to pursue potential buyers. However, at the end of the day, the realtor only brings in commission if their buyer follows through and invests in the property. Agents are usually less determined to seek out potential buyers with this type of agreement.

So how do these different types of agreements affect you in regards to privately selling your home? If you have signed an exclusive right to sell agreement, you have guaranteed the agent a cut of the commission even if you sold it on your own. But, with an open or exclusive agency listing, you are free to sell your property privately with no commission given to the agent.

If you think it’s time to cancel your listing agreement, read through all the terms and conditions you signed for. Typically, to cancel your agreement, you need to go through the real estate brokerage, not the agent. Third-party legal help should be your last resort if you are having issues with canceling, but sometimes it is necessary.

Before going to this extent, consider finding a different agent within the real estate brokerage. Overall, research the type of agreement you are signing up for and find reviews for different agents so you do not have to resort to canceling your listing agreement.

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