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Sookie | I have a house on the market with a realtor, my neighbor is interested in it. Can I take it off the market...? |
and then sell it to him myself, to keep from having to pay any money to the realtor? Is there a waiting period after I end the contract with the realtor that I have to have before I can sell it on my own?
Never done this before and I NEED to get as much money out of this as possible. Cutting out the middleman will help a ton.
Additional Details
I'm not SCAMMING anyone. There isn't a sign on the lot, he heard about it from another neighbor and came to me.
And I have a friend who is a lawyer who will do the contract for nothing.
As I said, I need as much money as possible. My father died and left me with utter financial ruin. I got to do what I got to do. |
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Landlord
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You have to wait until after your contrat expires to have a chance of winning hte law suit that will be happening. If you sell it within 60 days for anyone who saw it during your contract time then the realtor has a legal claim to their commission.
You are very unethical and hopefully will not get away with scamming your poor agent. |
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rlloydevans
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There are several things here.
Yes, you could sell and save money, but how much would you actually save? The reason I ask this is many people, buying from a friend and know you are saving real estate fees, want "a deal" so they expect a lower price than your asking price. The commission you save may be taken by the discount your friend will expect, except you'll be responsible for handling all the issues and paperwork and closing.
Second, when you do business with a friend/acquaintence then often emotions get involved. Remember the addage of never lend money to a friend? If something goes wrong in the sale you may have a cancelled sale and an angry neighbor next door.
Third are the legalities. The typical real estate agent's contract means they are deserving of a commission if your buyer contacts you while the RE contract is in force. Canceling the agency, or waiting for the agency contract to expire still means you made the contact under contract. In most states, the agent would still be due a commission. THe way you wouldn't, is to wait for your state's waiting period (typically 3-6 months) without ANY communication about the sale of the house with the neighbor. Then if you come to a new agreement AFTER the waiting period, then you would be free. But even talking or negotiating about the purchase during that time period would make you legally liable for the commission according to most state contract laws.
Also, you would be responsible for paying all legal fees involved.
Cutting out a middleman would help, but then you should have sold it on your own and not brought in a middleman. I presume the agent has listed it on the MLS, put a sign out, arranged for some advertising. They are doing their job and deserve a commission if the house sells.
By the way, how did the neighbor find out about the house for sale, the AGENT'S SIGN, perhaps?
So you have an agent, you might be able to cheat and save some money, but it will be cheating. If you are caught, it will be extremely expensive for you. Do what you feel is right, do what you have to do, but realize the consequesnces if you do it.
If you do the right thing, you might lose some money.
If you do the wrong thing, you can lose much, much more. |
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Brian K
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Don't do that.
You're under contract with the realtor. Even if you were to end the contract, there is still most definitely a waiting period before you can sell, especially if he has already contacted the realtor. You'd have to check the real estate law in your state to get the specifics.
But secondly, you have no way to know if your neighbor is "just blowing smoke"..... You could get stuck with no buyer at all if your neighbor leaves you high and dry. I've seen this situation happen before.
I've bought and sold a lot of property. If you're green at it, stick with the realtor even if it is expensive. I just see a hundred possible ugly scenarios coming if you try a private sale with your neighbor. It might go good, but if it goes ugly it will go very, very ugly. If I wanted to sell to a neighbor, I'd most definitely use a realtor. I'd be more willing to do a private sale with someone I had no history with and no ties to.
This could just go really wrong. |
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Double A
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You will probably not save that much, because you will still have to pay someone to write up the contract. Check your agreement with your realtor before you get yourself in trouble. |
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Patrick
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Your stuck for as long as you signed the listing contract for with the Realtor. Once that expires you can go ahead with the sale to the neighbor BUT remember, the Realtor may be bringing you offers that are true and valid. If you start turning down good offers you may be opening yourself up to lawsuits, etc. These could come from both the Realtor as he things you are trying to scam him or by prospective purchasers as they may cry discrimination if you turn down their offer for no reason. |
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jenniferjohnson2008
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That is just wrong, wrong, wrong.
Either way, you or your neighbor will need a realtor to help with the paperwork at some point. You've already put the realtor to work for you - now you want to yank the rug out and run with the money?
Just remember what goes around comes around. |
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Free Thinker
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Cutting out the middleman will cost you more than you can imagine. You will end up in court and probably lose your shirt. Tell your neighbor to contact your realtor, it is your safest bet. He/she is trained how to handle the transaction and to protect you bringing it safely to close. If you need as much money as possible---DON'T SCREW YOUR REALTOR!!! You will surely end up screwing yourself! That's no joke! Be Honest! Remember: What goes around, Comes Around! Big Time!
Ignorance is not bliss! What you are doing is plain stupid. Stupid meaning that you have been instructed what to do and what is right and you are choosing to do wrong. Let the tidal wave of trouble come your way if you pursue this course of trouble!!! |
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teddy
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If you have a contract with the realtor i would wait out the contract. Also talk to you neighor and ask them how much they are willing to give you for your house. If your contract is up with the realtor you can take it off the market and sell it by owner to your neighor. You will need a lawyer to draw up the paperwork though.
Remember not to give up on the realtor the realtor may find someone who is willing to pay you more for your house than your neighor. |
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beachlover
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you have to find out when the contract expires or if you can cancel the agreement. A relator is not needed to seel a house most of the paperwork is done by a title comapny and the lending source all the real estate agen does is fill out the agreemenst and they can be found online in your state.
you may be albe to get your agent to lower her agreement fee since she has little to do with the transaction in the first place. |
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