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Buying or Selling a Home/Can Mom back out of "contract"
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Question
Thank you for taking the time to read & maybe give some input/advice. My mom has a house in Missouri that she put on the market 2 weeks ago with a realtor (she signed a 6-month contract with them exclusivly). She is now wanting to rent the house for a year or so instead of selling. What, if any, reprecussions/penalties will there be for her to do this?
Thank You,
Reba
Dear Reba;
Certainly your mother can back out of selling her home but may end up owing something to the listing firm. Since the contract usually involves some expenses on the part of the listing agent, she should read her contract carefully to find out what she is responsible for in the event she decides not to sell.
The first thing she should do is to call the listing agent immediately to discuss ending the contract and stop any further expense such as ads that may be placed for this weekend.
~Jessica Bryan
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Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
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