Take my house off the market after only 3 months?

Question

I put my house on the market in May because I initially wanted to buy a bigger house. I just got engaged and have 2 children. We need more space and a second bathroom. I bought the house about a year ago as a single mom. Even though I already put a lot of work into it it has lost at least $15,000 in value just because of the market.

After selling I would loose even more due to commission and closing costs. We now changed our minds and would like to stay and remodel instead. I signed an agreement with my broker to list the house for 6 months - it now has been 3 months.

She has been working so hard to sell the house (open houses, advertising, luncheons etc) and has actually become a good friend (her daughter goes to school with mine).

How do I tell her that I have decided to take the house off the market after all the work she has done so far? I feel like I am doing something unethical...she is planning an open house for this Sunday and is excited about one potential buyer.

Answer 1

I have been a real estate agent for 30 years.  I have never given anybody a hard time that wanted to remove their house from the market and stay there.

The only time I resist is if I believe they are trying to cancel my deal so they can sell it to someone and avoid my commission.  If they are just going the stay there I would never have a problem with it.

Answer 2

You have to be cold - she should understand - its business.  Remember you home is probably your most valuable asset and you need to protect it.  Tell her now before the open house.  She should understand because it is part of the real estate business.  If she is professional she will keep you happy and maybe get you listing some time in the future.

You don't owe her anything more than a thank you and maybe a gift card for coffee.  Do it now because under most listing agreements a seller is not obligated to pay any commission or fees until a certain number of viable offers are presented.

Good luck.

Answer 3

Every now and then something like this happens.  Tell her that you have decided to keep the house and it has nothing to do with her as a Realtor.  Tell her that she has done a great job and that you will recommend her to anyone you hear of who is wanting to buy or sell.  It would be nice if you gave her a gift card or something to show your appreciation.  It's unfortunate that she won't be selling your house but she might end up with a buyer for something else because that person looked at your house.

Answer 4

Cancel the open house asap.  It seems unfair that realtors can make so much money from the sale of someone else's house, but often times they have to put a ton of work into a potential sale that doesn't work out and they don't make squat after months of work.  It's just the nature of the business.  This is YOUR home, your family, your finances....you do what you need to.  Would you forego all of that so she doesn't feel bad or get angry?  I doubt it.  The six month listing agreement means you can't list with a different realtor for six months.  It doesn't mean she HAS to list it for six full months.  Most listing agreements say you can cancel whenever you want...she can't force you to sell!   If she has become a good friend she will understand....if she appears to be a good friend because it's her "job" to do that...she will be upset.  Promise her that when you do sell or buy you will call her first and send her referral business whenever you can.  That's really all you can do.

Answer 5

maybe just wait and see if any offer comes from the open house, if it's not enough to break even, just tell her you can't afford to take a large loss selling and have decided to keep it - that's the market - the agent may be disappointed, but in the current marketplace, it's to be expected from time to time. if you felt she did a good job anyway - give her referrals when possible in the future and use her again if you ever decide to buy or sell another house - she'll appreciate it