Home sale goes south when sellers list with broker friend

Reduced commission scares off agents, price scares off buyers

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DEAR BOB: Now I know why you constantly nag home sellers to interview at least three successful agents, check their references of previous sellers, and then list for 90 days with the best one. We didn't do that and it cost us dearly. My wife's real estate broker friend just purchased a so-called discount brokerage franchise so she wanted to help her by giving her our home listing. We liked the idea of a reduced commission rate. But we didn't realize the pitfalls. Stupidly, we overpriced our home based on the broker's recommendation. As a result, few other agents showed our house although it was in the MLS (multiple listing service). We received no offers after two months although we reduced our asking price. But we foolishly signed a six-month listing and now the lazy broker won't let us cancel although she has only advertised our home twice. She says the market is slowing down, but we notice lots of "sold" signs on nearby homes. Other agents won't even talk to us while our home is lis...