Realtor Contract

[Fort Worth]

What is the name of your state (only U.S. law)? TEXAS
My husband and I bought a brand new house 2 years ago thinking we would be in the area for a while. Turns out we are moving 5 hours south for his job. Not having any experience selling a home my great uncle suggested a real estate agent. We used her and she drew up a 6 month contract that we cannot get out of. We would owe her 6% of the sales price. Meanwhile we have a rent to own buyer who would like to get into our house asap. Is there any way out from under this agent holding us hostage?

[Zigner]

Originally Posted by Fort Worth

What is the name of your state (only U.S. law)? TEXAS
My husband and I bought a brand new house 2 years ago thinking we would be in the area for a while. Turns out we are moving 5 hours south for his job. Not having any experience selling a home my great uncle suggested a real estate agent. We used her and she drew up a 6 month contract that we cannot get out of. We would owe her 6% of the sales price. Meanwhile we have a rent to own buyer who would like to get into our house asap. Is there any way out from under this agent holding us hostage?

Hostage? YOU agreed to this contract.

[chaotix]

There is no way out of the contract, you are liable for the 6% of the purchase price if it sells. Read the contract, if there is no clause that states that you cannot rent the property, then rent the home until the listing expires, the renters would need to make the home available to any prospective buyer.

[HomeGuru]

Originally Posted by Fort Worth

What is the name of your state (only U.S. law)? TEXAS
My husband and I bought a brand new house 2 years ago thinking we would be in the area for a while. Turns out we are moving 5 hours south for his job. Not having any experience selling a home my great uncle suggested a real estate agent. We used her and she drew up a 6 month contract that we cannot get out of. We would owe her 6% of the sales price. Meanwhile we have a rent to own buyer who would like to get into our house asap. Is there any way out from under this agent holding us hostage?

**A: you can get out of the contract but would be liable under the default terms and conditions.

[Cedrus]

Talk to the agents supervising broker or office manager and see if the contract can be broken.

If not, write/talk to CEO of this outfit and plead your case (if it is a national RE firm).

[nextwife]

Originally Posted by Fort Worth

What is the name of your state (only U.S. law)? TEXAS
My husband and I bought a brand new house 2 years ago thinking we would be in the area for a while. Turns out we are moving 5 hours south for his job. Not having any experience selling a home my great uncle suggested a real estate agent. We used her and she drew up a 6 month contract that we cannot get out of. We would owe her 6% of the sales price. Meanwhile we have a rent to own buyer who would like to get into our house asap. Is there any way out from under this agent holding us hostage?

Just curious, having seen many owners mess up their situation by getting involved with unqualified "rent to own" buyers, who defaulted and then the owner was stuck with a costly eviction process and damage, HOW extensively have YOU prequalified this buyer, checked for judgments and potential tax liens, verified with prior landlords, verified with employers, and had a lender see if they CAN even buy?

This may not be the "deal" you think it is. How much due diligence did you actually do before deciding this was a party you can trust to put into YOUR property and tie it up?

[HomeGuru]

Read your contract and see when the termination date and release of liability date is. Then one option is to rent with no intention of selling. Then when the coast is clear, do the purchase deal. You need an attorney to make sure you are doing this correctly.