Seller’s remorse is far from uncommon, so having a change of heart after you’ve already listed your home is not shocking. Consequently, taking a house off-market is a common occurrence, especially for people who are emotionally invested in the home they are selling.
However, before you go down this route, think hard if it’s just a mild case of cold feet that will pass with time. If it’s not and you are positive you wish to take your house off the market, this article will explain how you can do it and what the consequences could be.
In short, there are none. So, if you are wondering - can I take my house off the market at any time? – the answer is yes. You don’t need to get a special permit, go through your lawyer, or anything of that nature. However, that does not mean that taking your home off the market has no repercussions.
Removing your home from listings is not as inconsequential as deleting your social media profiles. That is to say, you shouldn’t do it on a whim. There are valid reasons for taking a house off-market, but give yourself a few days to process and think through your decision. Here are some common reasons why you might wish to take your home off the market:
One common reason people remove their homes from listings is that they wish to work with a different real estate agent. Maybe you are unsatisfied with the way they market your home or the offers they put forth. It could also be that you have a good agent, but the two of you aren’t a good fit.
You could even be perfectly satisfied with your agent and have an excellent working relationship, but you did the math and found that you could do better if you were to sell your house on your own and avoid paying the commission. These are all valid reasons to consider taking your house off-market.
In case your home has been listed for a long time without getting any worthy offers, you might consider taking it off-market. In general, if your house has been listed for over 60 days without any offers, the listing will be considered stale.
Potential buyers might assume that something is wrong with the property if it is listed for too long. Thus, taking it off-market and waiting a bit of time to list again can be a good tactic to reach a new potential pool of buyers.
However, you should consider why your home has been on the market for so long. Could it be that the price is too high? Maybe your home could use some remodeling to attract buyers? Is it something as simple as your marketing being slightly off? For instance, would a few pictures taken by a professional photographer get you buyers?
On the other hand, you could have done everything right but the market conditions simply aren’t favorable and you need to wait until they change. Similarly, you could be looking for niche buyers – maybe your home is very luxurious or in a remote location. A stale listing is a valid reason to take your home off-market, but don’t forget to examine why it happened.
Wanting to change agents or a stale listing are not the only valid reasons for taking your house off the market. It could be as simple as you deciding you no longer wish to sell your home. It may be due to a change of heart, a change in your financial situation, or a change in life circumstances. These are all valid reasons to take your home off-market.
Regardless of the reasons you decide to take your home off-market, understand that there will likely be some consequences. Weigh the pros and cons to decide whether you wish to go through with your decision. There are three likely scenarios that will determine the potential repercussions:
Taking a house off-market when selling privately is the easiest and least costly option, assuming you’ve accepted no offers yet. You will have potentially wasted some time and the resources you put into marketing your home or preparing it for sale, but that’s it.
In case you listed through an agent, you might be subject to paying a cancelation fee. Many contracts you make with an agent will include a cancelation clause. It is used to protect the agent and reimburse them for their services if the sale did not go through, so read your contract carefully before you take your house off-market.
The biggest issue you can have is if you’ve accepted an offer and now want to cancel it. Even in this case, you can likely take your home off-market, but you’ll need to go through the cancelation process. You might want to hire a lawyer to go over the contract you signed if this is the case.
We’ve stated that you could be liable to pay a cancellation fee to your agent if you take your house off the market. However, many agents will work with you to avoid this altogether. If you have a good relationship and inform them on time, they could simply choose to end the contract and you can go your separate ways.
One other option is that you will need to reimburse them just for the money they spent on marketing. The worst-case scenario is if they ask for the full commission. This could happen if they did a good job and brought you strong offers, so you cancel their contract to avoid (or they think this is the reason you did it) paying them their commission.
Now that you are aware of the potential outcomes of taking your house off the market, it’s time to explain how to do it. And it’s not difficult. If you have an agent, inform them and it is their responsibility to take the property down from MLS or any other listing websites. Removing a listing from MLS usually removes it from other listings, too.
If you are selling the home personally, you will need to remove it from any websites where you advertised. It’s not a complicated process and you’ll need to delete your profile/remove the listing from the websites. Some websites take around 24 to delist houses, so don’t be surprised if it isn’t instantaneous. Just double-check that you’ve done it everywhere.
After you’ve delisted your property, you might be wondering if you can still sell. And the answer is a resounding yes. If you’ve taken your home off the market to avoid making repairs, because the listing was stale, the offers weren’t good, or you wanted to avoid paying the realtor commission, contact SleeveUp Homes.
We do all repairs ourselves and will buy your home as-is. Because we aren’t wholesalers, flippers, or realtors, you will pay no commission and we can offer top dollar for your home. Request a cash offer and we will contact you to schedule a visit straight away.
If you want to sell fast and are worried about how long the traditional process takes, and the commission and fees involved, consider working with SleeveUp Homes.