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Stefanie
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Member since 5/05 23599 total posts
Name:
Stefanie
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Question
Dh and I signed with Foxtons and then about 2 hours later we decided that we didn't want to go with them...we thought we could sell on our own. My DH told our realtor NOT to put it on MLS. Well just the other day we get a phone call from Foxtons saying that they want to show our place to someone. I was so angry!! The realtor listed the place anyway and now is demanding that if/when we sell our property that we own them the 3%. Now we have to get our lawyer involved and it's not going to be pretty. Isn't there a cooling off period or a withdraweral notice that can be signed to get these people off our backs?
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Posted 3/7/06 11:23 PM  |
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Prudential Douglas Elliman Real Estate
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amarto
LIF Adult
Member since 7/05 908 total posts
Name:
Allison
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Re: Question
I think you have 24 hours after you sign the contract to be able to get out of it (I could be wrong). Did you inform them in writing that you didn't want to go with them?
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| Posted 3/8/06 7:08 AM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: Question
We were told that we would have to inform the realtor in writing within 24 hours.
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| Posted 3/8/06 7:38 AM |
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Stefanie
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Member since 5/05 23599 total posts
Name:
Stefanie
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Re: Question
He didn't tell us anything about backing out of the contract at all.
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| Posted 3/8/06 10:04 AM |
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Stefanie
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Member since 5/05 23599 total posts
Name:
Stefanie
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Re: Question
We called him on the phone to tell him, not in writing.
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| Posted 3/8/06 10:04 AM |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: Question
Does it say anything in your contract regarding canceling? I would also put any converstations or discussions that you have had with this realtor in writing and perhaps threaten to file a report with LIBOR if he doesn't comply. Sorry, but I cannot stand it when people try and screw you for their benefit.
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| Posted 3/8/06 10:07 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Question
This is exactly the reason why I didn't sign a single piece of paper with any agent.
I told them they can show it as an "open listing". Most agents bark at this... but a few said the hell with it and showed it.
I ended up going with an agent's buyer in the end... and at that point we started paperwork.
But if you signed a listing agreement... you have to read the fine print to see your rights on cancelling.
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| Posted 3/8/06 10:10 AM |
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Stefanie
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Member since 5/05 23599 total posts
Name:
Stefanie
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Re: Question
I was reading the contract and it says nothing about canceling at all. It just says something like if we don't pay the realtor the commission, we owe him 1.5% on top of his 3% every month we don't pay him. Nothing about cancellation. We have our lawyer contacting him today. Now we can't even sell our co-op because if we find someone to by it they still get the sale.
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| Posted 3/8/06 10:12 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Question
If there is nothing about cancelling... then you can't cancel it. Once you sign... you are on the hook and they will get their commission no matter who sells it.
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| Posted 3/8/06 10:14 AM |
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Stefanie
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Member since 5/05 23599 total posts
Name:
Stefanie
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Re: Question
Don't you think there should have been something about canceling? With ANY contract, isn't there a cooling off period?
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| Posted 3/8/06 10:16 AM |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: Question
Posted by Stefanie
Don't you think there should have been something about canceling? With ANY contract, isn't there a cooling off period?
Does it say anything with regards to the length of the contract? that's probably the cooling off period you're looking for.
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| Posted 3/8/06 10:20 AM |
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Stefanie
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Member since 5/05 23599 total posts
Name:
Stefanie
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Re: Question
The contract expires In July...it's a 6 month contract.
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| Posted 3/8/06 10:22 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Question
There is a NY state law that gives you three days to cancel any contract relating to home improvement. I got this form from Slomins for my security system. Also got one from Unified for my window.
Maybe this same law applies to your RE contract.
The only thing you can do at this point is talk to your lawyer and have him threaten the RE agent.
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| Posted 3/8/06 10:25 AM |
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Stefanie
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Member since 5/05 23599 total posts
Name:
Stefanie
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Re: Question
Posted by DjPiLL
The only thing you can do at this point is talk to your lawyer and have him threaten the RE agent.
That's exactly what we're doing now...
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| Posted 3/8/06 10:26 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Question
Let me just add... that this thread is the prime reason why most RE agents SUK.
They are one step above used car salesmen IMO. And one step below mortgage brokers. 
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| Posted 3/8/06 10:26 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: Question
Did you give Foxtons written notice or just verbal notice of your intent to cancell the contract? Also what does the fine print on the contract say? Does it mention a method to withdraw or cancell representation?
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| Posted 3/8/06 10:27 AM |
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Stefanie
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Member since 5/05 23599 total posts
Name:
Stefanie
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Re: Question
I know what you mean....my DH and father are both used car salesmen...
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| Posted 3/8/06 10:27 AM |
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Stefanie
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Member since 5/05 23599 total posts
Name:
Stefanie
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Re: Question
Posted by LSP2005
Did you give Foxtons written notice or just verbal notice of your intent to cancell the contract? Also what does the fine print on the contract say? Does it mention a method to withdraw or cancell representation?
Verbal cancellation. Nothing about withdrawing or canceling.
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| Posted 3/8/06 10:28 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Question
And in the future... if anyone else plans on doing what Stefanie wants to do (maybe sell on own... but might get a RE involved)...
... specifically tell the agent that if they want... they can "Show the house as an OPEN LISTING". The RE will know what you are talking about and they will either accept or decline this.
Do NOT sign ANYTHING. RE agents can show the house to buyers without you signing a single thing. Don't let them tell you otherwise.
Going this route won't get you up on MLS, and won't get you any real public advertising. It will be their choice if they feel its worth their time to show your place to their clients they already have on their mailing lists.
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| Posted 3/8/06 10:29 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Question
Posted by Stefanie
Posted by LSP2005
Did you give Foxtons written notice or just verbal notice of your intent to cancell the contract? Also what does the fine print on the contract say? Does it mention a method to withdraw or cancell representation?
Verbal cancellation. Nothing about withdrawing or canceling.
Its funny because I actually brought a Foxtons RE agent into my house to look at it. He left the contract with me... but I decided not to sign it or go with them. They weren't interested in showing it as an open listing. They wanted a contract.
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| Posted 3/8/06 10:31 AM |
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My2Boys
Love.
Member since 10/05 4796 total posts
Name:
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Re: Question
There are different types of exclusive agreements to sell your property. If you don't want to sign w/ an agent, you're essentially doing a FSBO. You advertise it, you show it, and you deal with all of the paperwork that comes along with it.
*Most* agents will not waste their time on an "open listing" b/c there's no guarantee.
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| Posted 3/8/06 10:39 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Question
Posted by My2Boys
*Most* agents will not waste their time on an "open listing" b/c there's no guarantee.
I wouldn't say most. In my experience... most wanted to show my co-op. I had RE agents bringing people in every other day. I had four different agents bringing in clients.
If you have a nice place in a "hot market" that will easily sell... believe me they want to make a buck. They will show it.
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| Posted 3/8/06 10:44 AM |
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My2Boys
Love.
Member since 10/05 4796 total posts
Name:
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Re: Question
Posted by DjPiLL
Posted by My2Boys
*Most* agents will not waste their time on an "open listing" b/c there's no guarantee.
I wouldn't say most. In my experience... most wanted to show my co-op. I had RE agents bringing people in every other day. I had four different agents bringing in clients.
If you have a nice place in a "hot market" that will easily sell... believe me they want to make a buck. They will show it.
ITA agree with your last paragraph. Although, that's true for any business. Who doesn't want to make a buck?
When I said *most*, I should have said "in my 8 1/2 years as a broker in Manhattan I found that *most*..."
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| Posted 3/8/06 10:48 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Question
Posted by My2Boys
When I said *most*, I should have said "in my 8 1/2 years as a broker in Manhattan I found that *most*..."
Different markets. The manhattan market is not nearly as hot as parts of queens. People that are selling in Manhattan have the cash... so listing is not as big of an issue.
The area I sold in Queens is probably the hottest market in the county. If you have a nice place and price it accordingly... it will sell within a week. Sometimes same day.
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| Posted 3/8/06 10:53 AM |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: Question
Posted by DjPiLL
The only thing you can do at this point is talk to your lawyer and have him threaten the RE agent.
I agree.
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| Posted 3/8/06 10:59 AM |
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