You wanted to sell your house quickly through a real estate agent, but things didn’t pan out as you expected. Real estate listings have an expiration date. You may wonder, “What now?” if yours expires before your house sells.
Continue reading to learn what to do if your house listing expires.
What’s an Expired House Listing?
As you learn how selling a house works, you’ll likely come across a listing agreement, which is a legal contract between a real estate agent and a home seller. It grants the agent authority to list the property on the MLS and market it to prospective buyers.
These agreements have expiration dates. When the date passes, the property will lose its active market status. The contract between the real estate agent and seller also ends, and the house listing is categorized as “unsold.”
Canceled Listings vs. Expired Listings
Listing agreements can expire or be canceled. Although an expired listing ends the agreement, canceling or withdrawing the property from the MLS doesn’t always end the contract between the seller and agent.
In the case of an expired listing, the agreement ends without a sale, and the house is removed from active MLS listings. A canceled listing is taken off the market before the expiration date. Whether the listing agreement also ends depends on the contract and what the seller and agent agree to.
Reasons a listing may get canceled include:
- The seller and agent agree to end the contract early.
- The seller changes their mind about selling the house.
- The house needs major work before going back on the market.
Options To Explore if Your Listing Expires
You might not know what to do if your house listing expires. Below are three options to consider.
1. Relist the Property With the Same Agent
You and your real estate agent can still work together if the listing agreement expires as long as you both sign a new contract. This approach may give you more leverage in negotiating payment since the agent was unable to sell the property. However, it’s important to discuss what may have caused the listing to expire so you can adjust your selling strategy.
2. Relist With a New Agent
Relisting the property with a new agent is also possible. A new agent could bring a fresh perspective to the selling process. Still, thoroughly researching agents is crucial before signing a contract.
3. Pull the House From the Market
The easiest thing you could do is pull the property off the market. You could explore an off-market sale or keep the property.
Sell Your Home to a Cash Buyer
Now that you know what to do if your listing expires, there’s a faster path worth considering: selling your property off-market. The Red Door Guys make this simple. As a trusted cash home buyer serving the Richmond, VA, area, we buy homes in any condition, so you can skip repairs and showings altogether. And because there’s no waiting on bank financing or appraisals, we’re able to close on your timetable, all at a fair cash price.
Call (804) 395-7355 to request your free quote. We can also answer “How long does it take for a house to sell?” and similar questions about selling your home in the Richmond area.
