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Updated over 8 years ago on . Most recent reply

Account Closed
  • Specialist
  • San Antonio, TX
351
Votes |
865
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How can a seller get out of a hostage listing agreement?

Account Closed
  • Specialist
  • San Antonio, TX
Posted

I had a seller call me yesterday wanting me to buy his house. The house is already listed with a realtor and the realtor hasn't shown the house once in the two months it has been listed. The price has already been dropped $10,000.00 since it was listed. The only way that I see this deal going down with me or any buyer for that matter is for the realtor to take stage left. The numbers are way to skinny for a realtor to get paid. So the question is how does the seller get out from under an hostage listing agreement?

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Jim Cummings
  • Residential Real Estate Broker
  • College Station, TX
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Jim Cummings
  • Residential Real Estate Broker
  • College Station, TX
Replied

Joel. First, I would suggest this is NOT a HOSTAGE listing Agreement. It was entered into by the Seller VOLUNTARILY! 

The fact the AGENT hasn't shown the home for 2 Months doesn't mean the Agent is not working to get the home Sold. It just means the Agent doesn't have any potential Buyers for the home during the 60 day period of time. The Agent's job is to Sell the Home and it's benefits to the other agents in the San Antonio area. From an Agent standpoint it's much easier to find another Agent with a potential Buyer for the home than it is for the Agent to find a Buyer for the home. (Needle in the haystack principle). 

If Seller has Not had any showings PERIOD in 60 days - something is definitely WRONG with the listing - most likely PRICE! In San Antonio, PRICED RIGHT & LOOKING GOOD - you should expect to have some serious interest within 60 days. Most Likely it is OVERPRICED or doesn't show well well, or a combination of the factors. 

There is a Texas Association Of REALTORS Form (TAR- 1410) that addresses the Termination of Listing Agreement between Broker and Seller . 

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