In January I wrote a bit about a terrific home that went on the market... but in a way which was sure to end in seller heartbreak.
Sadly, the update on this property is that the analysis has proven accurate. After languishing on this vibrant market for nearly 3 months, it has recently been retracted and is marked as "conditional release". In English that means that not only was this seller lured into a fairy tale prior to listing, but they've also been saddled with a guarantee that nobody can help them recover for some indeterminate period of time!
A "conditional release" typically means that if this seller does manage to get their home sold during some set period... they still owe the listing agent a commission. Now, in fairness, there can be very valid reasons for such an arrangement, usually when a sellers situation changes and they have to take a home off the market prematurely.
In most cases these are situations where everyone is still happy... the home is just no longer for sale for some valid reason, perhaps a favorable change in the sellers circumstances. But in the case of an overpriced listing gone stale? With no marketing, no staging, no presentation... and clearly no good counsel for the seller? Well, there's not a lot of "happy" going around here. Where was the agent who expects a future commission when these sellers needed them most? These situations tear at the heart of any good Realtor®. They tarnish the earned reputation of those that work hard on behalf of their clients providing good counsel, honest answers, quality references, valuable services and above all... integrity in their business.
These sellers are probably stuck. Moving? Its not likely this year... a typical "conditional release" term can extend for 6 months, right through the middle of the prime selling season.
I feel terrible for these folks. Allison & I both do. Our clients best interests are always our absolute first priority and when we see others receiving less treatment it makes me angry, frankly. Our heart goes out to these home owners... whose lives are surely adversely affected... by the poor performance of an agent who conjured a story... based on magic, fairies and pixie dust.