Portland, OR asked in Real Estate Law for Oregon

Q: What are the regulations surrounding resending an agreement due to non-performance on the sale of the home

The home is located in Vancouver, and it has become obvious to us that our agent is not doing much at all to help us sell the home. We are seriously considering changing agents to get the ball rolling on the sale, which was precipitated by a move out of state within a matter of weeks. Q

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1 Lawyer Answer

A: Not really clear as to what is going on here. I am guessing you signed a listing agreement with a real estate agent. Also this in in Vancouver so Washington Law would apply, which I can't help you with Washington law specifically since I only practice law in Oregon. But generally speaking, a listing agreement is a contract. First you need to read the listing agreement and see what it says in terms of any consequences if you try to break the agreement early. Second, you then go to talk to an attorney that practices in Washington and knows both real estate and contract law as applied in Washington. The attorney can explain to you how you might break the agreement due to a breach of performance by the agent. Third, there is nothing stopping you from moving before you house sells. It may be financially inconvenient, but the you can move and then deal with the sale of your house from your new location. It may be foolish to rush the sale of you house and get less money then it is worth.

What I don't understand is why your house is not selling quickly. Is there something wrong with it? My neighbors across the street from me listed their house and it sold in 3 days. They had 3 offers and one was for cash and they took the cash offer. Granted we live in a very desirable neighborhood so this may be part of the reason. But given the high prices in Portland I would expect that there is a lot of activity in Vancouver where people are looking for lower prices and lower property taxes.

Before I would do anything, I would go and talk to your sales agent in person and ask them what is going on. Discuss maybe lowering the price a little to stimulate sales. (As a rule of thumb, you only want to lower the price about $5,000. That will cause the listing to jump to the top of the multiple listing pages, just like a new listing, but won't significantly reduce the price. This is a realtor trick that works very well.) If the sales agent isn't responsive, then go and talk to the broker that the sales agent works for.

Finally, if you owe more on your house then it is worth, you may have to admit you just have an impossible situation. absent getting the lender to agree to a short sale, which can be difficult, you may be better off consulting with a bankruptcy attorney and just getting out of the mortgage all together and getting a fresh start financially.

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