My realtor retired mid-contract. Am I bound to that company?

Question

My realtor retired mid contract and now a different realtor has his name in front of my home. I didn't hire that guy. I signed a release for my old realtor and that's it. So here are my questions:
1. Am I bound with the same company?
2. If I don't re-list with a realtor, and I sold the house to someone who had looked at it while I was with that realtor, if supposedly have to pay that company for the next 90 days...but my realtor broke that contract cutting out early didn't he? I'm I still bound by that 90 days?
3. If I am bound, is it 90 days from retirement, or original end of contract date?

Help! House is taking me under and it seems like the only way to get some mortgage relief is be a dirt bag and stop paying my mortgage bill.

Answer 1

You signed with the brokerage and the salesman signed as well. If you where under the assumption that the realtor you hired would do the sale of the home and he retired without telling you.Then you have every right to fire the company. But why not give the new guy a chance because you will be starting over anyway. Price/Homes Condition sale a home. Not a Realtor that lists the home. And do not blame your realtor as the housing market is in the dumps.

Answer 2

You didn't hire the agent, you hired the BROKER. The listing belongs to the broker. The agent represents the broker.



1. yes, you are bound with the same company until the contract expires, which is written in the listing agreement.



2. Yes, you are still bound for 90 days or as outlined in the contract. The contract is NOT broken just because the agent retired. The contract is with the broker. NOT THE AGENT.



3. The 90 days starts from the end of the listing agreement. The retirement date has NOTHING to do with this.

Answer 3

The Seller's Agent has a fiduciary responsibility to you the seller. If the agent retires during the Listing Agreement then the broker gives his listing to another agent or takes it himself. If your Listing Agreement is for 90 days, it is legal and binding and you will have to honor it. No, the agent did not break the agreement as he may have retired due to personal issues and the company is there to continue with the agreement. Yes, you are bound to keep the same company and if you sell the house to a buyer that the agent brought to you, you owe the commission to the broker. The 90 day listing is from the original Listing Agreement date.



You will be in more financial trouble if you do not pay the mortgage and fall behind. If you get 3 months behind, the lender can start foreclosure proceedings. If you think your lender will allow a short sale, they may not. It all depends on what you owe and what is in their territory.

Answer 4

You need to read your contract. Often, you hired the firm and if the individual broker leaves, dies or retires, you are bound to the original firm. This is very standard in the real estate contracts.

1) Yes.

2) Realtor did NOT break contract as most likely covered as above.

3) Depends on your contract.

Answer 5

when you list a house your not listing it with the agent your listing it with the brokers company although you are right that they broke the contract what you need to do is go talk to the broker of the company and get out of your contract with them explain to them that you did not want a new agent and so you rather not list your house with them sometimes if your very demanding or bug alot they begin to think its alot easier to let you go...and depending on the company and state your in some ppl are real asses bout being paid since they brought a willing and able buyer but then again its not your fault that your agent left you

Answer 6

Hmmm.