Answers (9)
- Team Camden & Redden, "piedmontgroup"
- Contributions:6
Hi David,
I am also a real estate agent in NC. The reason you can not sell is a FHa requirement. I am sure you have bought a HUD or FHA foreclosure. They do not allow you to resell for 90 days. A potential buyer will not be able to get a FHA loan for your property until you have owned the property for at least 90 days. I "flip" alot of properties and run into this all the time.
However, you can list your property now. You would have to tell any potential buyers that you can not close until after the 90th day. There is nothing stopping you form listing it and I would encourage you to do so now.
Good luck and best wishes
- Sharon Lewis, "Sharon Lewis"
- Contributions:4238
David, I am a realtor here in North Carolina, I dont understand why you are not able to sell now, I think you might be misreading this contract. You can email me , click on my name or talk to an attorney and let them see the contract.
Have you asked the firm you had it listed with to 'release you from the contract?' If you are not working together anymore, they might do that for you.
Have you asked the firm you had it listed with to 'release you from the contract?' If you are not working together anymore, they might do that for you.
- Shannon Thomas, "sthomasrealestate"
- Contributions:286
Here in Indiana, as soon as the contract is withheld or expired you can list with another agent.
- Call The Sisters, "Call The Sisters"
- Contributions:877
When you signed with your Realtor and listed your home it was marketed until the last day of that active listing period. The broker protection clause which is usually added to the contract starts the clock ticking from the day the listing contract expires without a contract for sale. In this case it continues for 90 days.
In most states that broker protection clause only applies to buyers who were introduced to your property as a result of the brokers marketing efforts. Were you to sell to a buyer who your previous broker brought to your home - you would owe the full commission to that broker.
The intent of that clause is to prevent a buyer and seller from waiting until the contract expires and then executing a sales agreement and by-passing the Realtor.
It is not designed to prevent you from selecting another Realtor to market your property once the first contract ran out its full time.
Once you sign another listing agreement with another agent that clause should not apply.
I am assuming, since your home was previously listed on the MLS, the Real Estate agent you used had you sign a contract which was approved by the North Carolina Real Estate Association. The bottom of the contract should show a copyright indicating who produced the contract.
If you signed some other type of contract it's hard to say what terms that clause might contain. If in doubt take the contract to a Real Estate attorney who can quickly answer the question.
In most states that broker protection clause only applies to buyers who were introduced to your property as a result of the brokers marketing efforts. Were you to sell to a buyer who your previous broker brought to your home - you would owe the full commission to that broker.
The intent of that clause is to prevent a buyer and seller from waiting until the contract expires and then executing a sales agreement and by-passing the Realtor.
It is not designed to prevent you from selecting another Realtor to market your property once the first contract ran out its full time.
Once you sign another listing agreement with another agent that clause should not apply.
I am assuming, since your home was previously listed on the MLS, the Real Estate agent you used had you sign a contract which was approved by the North Carolina Real Estate Association. The bottom of the contract should show a copyright indicating who produced the contract.
If you signed some other type of contract it's hard to say what terms that clause might contain. If in doubt take the contract to a Real Estate attorney who can quickly answer the question.
- rockinblu
- Contributions:7207
Here's the deal. If your listing contract has run its full length and expired, and is an "exclusive right to sell" there is still a REALTOR® protection clause in it stating a time frame at which you're still obligated to paying a commission on the sale to a buyer who was introduced to your property, in whatever way, during the original listing period. Some states don't even narrow the eligible buyers to those that were introduced to the property during the listing period, and include any buyer. Washington, I think is one, but I don't know about SC. HOWEVER, in every listing agreement I've ever read the REALTOR® protection period becomes null and void with the signing of another listing agreement with another REALTOR®.
Now, if the contract ended prematurely, say by you firing the agent, then not only are you dealing with the protection period, but also the time remaining on the listing contract, unless you obtain full release from it from the agency's managing broker.
When it's all said and done it's up to you to read your contract thoroughly, and if you don't understand it, get a RE attorney.
Disclaimer: I ain't no realator.
Now, if the contract ended prematurely, say by you firing the agent, then not only are you dealing with the protection period, but also the time remaining on the listing contract, unless you obtain full release from it from the agency's managing broker.
When it's all said and done it's up to you to read your contract thoroughly, and if you don't understand it, get a RE attorney.
Disclaimer: I ain't no realator.
- Sergio Hernandez, "Sergio Hernandez"
- Contributions:619
What type of contract did you agree to, preventing you from selling?
Hi,
Thanks for sending me an email. I did not meant to be vague, but basically I was giving you my personal opinion.
If I agreed to not sell in 90 days, I personally will not list the property until 90 days have passed. (But, I will go ahead and get all the prep work and materials prepared so I can hit the ground running at the 90 days mark).
People can argue the fine prints and actual wordings... but I believe it is better to go with the intention and spirit of the agreement.
-David
Thanks for sending me an email. I did not meant to be vague, but basically I was giving you my personal opinion.
If I agreed to not sell in 90 days, I personally will not list the property until 90 days have passed. (But, I will go ahead and get all the prep work and materials prepared so I can hit the ground running at the 90 days mark).
People can argue the fine prints and actual wordings... but I believe it is better to go with the intention and spirit of the agreement.
-David
- Sherrie Chaulk, "sherrielchaulk"
- Contributions:30
Yes, you can list the home with a Realtor and have it listed on the MLS; you can not actually sell the property until you have owend the proeprty at least 90 days.
I think listing on the MLS is the same as selling...
Contract says I cant sell for 90 days but cant i lis w/rea on mls now?
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