Jan. 24, 2012
Dear George: We listed our home for sale four months ago and have only had 11 showings, most of them at the beginning of our listing period. We have two more months on our listings agreement but want to terminate our relationship with our broker before that. Is there a form we can use to accomplish this?
Answer: Often when a property gets almost all its interest early in the listing period, the price is too high. Did your agent provide a comparative marketing analysis to help you set the price? Did you follow it?
There is no form that a seller can use to termination his agency agreement with a brokerage early. You’ll have to hire an attorney to draft such a letter. However, before you do that, consider meeting with your agent and his broker to communicate your dissatisfaction and to try to find a solution.
Dear George: My home was foreclosed on by a bank three months ago. Today I received a letter from the bank’s attorney stating that they want to rescind the foreclosure and deed the house back to me. Do you have any idea why they would do this, and what are the possible consequences?
Answer: There are a number of lenders who failed to follow the requirements for making non-judicial foreclosures. It’s possible that your bank is one of these lenders. You should consult with an attorney before taking any action. Before you re-acquire the home (accept the deed), you should find out the terms, such as interest rate, length, attorney fees, that may have accrued to your account. Also ask about your lender’s policy on reporting any forgiven debts to the IRS as income to you.
E-mail a question to ask George & Chuck or fax it to 713-978-6684. The answers to questions in this column do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney.
