Are you stuck in a listing agreement and someone else will decide who your broker will be?

I just received a copy of a letter from a large real estate company that is going out of business and is declaring bankruptcy. In the letter it states the following...

"As part or the liquidation of its assets, XXXXXXX is asking the bankruptcy court to authorize the assumption and assignment of your listing agreement with XXXXXXX to another broker. The identity of the proposed successor broker has not yet been determined. If the bankruptcy court grants this request, and if a successor broker makes a sufficient bid for XXXXXXX listing agreements, then the listing agreement for the sale of your home would be assigned to another real estate broker. With the exception of the identity of the listing broker, all of the terms of your listing agreement with XXXXXXX would remain the same. We hope to have this assignment process completed within fifteen days. You will receive further information from the bankruptcy court concerning this proposal."

This is scary to most sellers. Their most expensive asset is now locked into an agreement that they are unaware of WHO will be servicing the listing and there is no way out. They cannot sell their home or re-list with someone they know and trust. They must live up to their contract. WOW, that is really scary!!

Why would any seller EVER list with a company that does not have the sellers best interests at heart. This is happening every day, and it's really ashame for these sellers.

It is for that exact reason that I do not lock my clients into an agreement that they cannot get out of. If you want to find out how to list your house and NOT be locked into a long term listing agreement, contact me. You can feel comfortable that I will work hard at selling your home or you can fire me!