Need to sell properties, RE broker doing nothing - Posted by Kevin

Real Estate Investing
1

Posted by Arthur on August 09, 2003 at 14:58:28:

I’m no expert, but i would have thought it would depend on the contract you signed with the broker.

What you could do, considering you have done business with this person in the past, and would probably continue to, ask him/her if they mind cancelling the contract as you have changed your mind and want to keep them. Once they agree to cancel, i would have thought theres nothing stopping you from selling it yourself later a few weeks later as they agreed to cancel.

2

Need to sell properties, RE broker doing nothing - Posted by Kevin

Posted by Kevin on August 09, 2003 at 13:56:58:

I have 5 properties I need to sell. I gave them to an REO Broker that has provided me with a few deals in the past. It seems that was a mistake. Basically the guy just listed them on MLS and nothing else.
All of the properties and in the urban area’s of NJ 1,2,3,4,6 family properties.
I am looking for the creative alternative IE: selling on land lease, note creation, etc.
The market is still pretty hot so I would think these will move. The first thing is to get rid of the broker

can I legally cancel my listing argreement and sell the properties myself?

Kevin

3

Now you know what REO brokers do - Posted by MJK

Posted by MJK on August 10, 2003 at 10:08:03:

I wouldn’t think an REO broker is a good choice for listing. They specialize in throwing stuff up on the MLS and letting other agents sell it.

Then again I think something like 80% of homes are sold not by the listing agent but by another agent, maybe you just need more patience.

MJK

4

change listing - Posted by Donald

Posted by Donald on August 09, 2003 at 21:23:00:

Kevin,

Tell the broker to change the listing to read (Motivated seller-make offer).

Donald

5

Re: RE broker doing nothing - Posted by Jasonrei

Posted by Jasonrei on August 09, 2003 at 18:19:51:

Yeah, as the others said, read the listing agreement. Maybe the broker will cancel the agreement, might want something for the “trouble”.

6

Re: RE broker doing nothing - Posted by Brent_IL

Posted by Brent_IL on August 09, 2003 at 15:18:55:

First, read your listing contract.

Why burn the broker if he has provided deals in the past? Tell him you need to sell now and to do it will have to make concessions that will eliminate your ability to pay an agency commission.

Most of the money in RE brokerage is in listing property to gain control and listing it in the MLS. Few brokers have pocket buyers for retail deals. He is just doing what he knows.