Dual Real estate agent/Commission change?

Question

I am in the process of purchasing my 1st home in IL, closing 7/5.

I have a "dual" real estate agent from Coldwell banker whom I would like to fire due to what I feel is a conflict of interest. Her contract withthe the seller (whom I approached about the home)states 3% commission for being a dual agent (and not helping the buyer). If I fire her and bring in another agent, can she increase that commission?

I'd hate to loose the home because she inscreases the amount the seller will have to pay her.

Sellers are acquaintances listed with this agent. Agent has not done much on my behalf and her addressed me as "your client" to my loan broker.

Please advise.

Answer 1

you need to call the broker in charge for the office and tell them the situation. laws & regulations differ from state to state, so it depends on the situation. the broker in charge is responsible for all agents regarding real estate trasactions for that particular office. also, dual agency has to be agreed to in writing by both parties, which you apparently agreed to or else she is in major violation of state laws! also, part of agreeing to let her represent both you and the seller as a dual agent will create a potential conflict of interest. if she has harmed your negotiating position as a buyer in order to benefit the seller, then this is ILLEGAL! she is bound to the commission rate set forth in her listing agreement between she and the seller, so no, they cannot change it, and not while it is under contract. at least, this is how the law works in my state regarding this matter.

definitely call the broker in charge for the office ASAP. explain the situation, see if it can be remedied.

i hope things work out for you, and i hope this helps. good luck!

Answer 2

In Real Estate EVERYTHING is negotiable if it has not been signed and agreed upon in a contract already.

So if you guys already signed the purchase contract which is why you have a closing date already, you cannot fire anyone. The agent will get his/her 3%. I doubt the seller will want to negotiate again with you if he know he alredy has the home sold so I dont see how the seller could cancell the contract to help you bring in another agent and cut into their profits.

You can put a complaint with your state's Department of Real Estate. You could also take them to court but I doubt you will want to spend lots of $$ in court.

IF you have not signed the purchased contract which I dont think this is the case since you already have a closing date, you could fire the agent anytime and get someone that can represent your best interest in the transaction.

Good luck

Answer 3

If you knew the house was going to be auctioned, then you knew the bank was foreclosing on it. The minute there was a successful bid and the money changed hands, the house changed ownership. Locks are changed at that time. Too late now, but you should have sent all correspondence either FedEx or "Return Receipt Requested" through the post office. Then you would have evidence as to whether the letter had been received. What has been done is perfectly legal. You should have packed up and moved out when you received notice there would be an auction. They don't send engraved notices. If you don't pay, you can't expect to stay. I'd suggest trying to contact the real estate company, the bank or the local sheriff to see if you can arrange to move your stuff out. Otherwise, frankly, it's going to be dumped. And I do mean dumped. You may be too late.

Answer 4

Dual agency only helps the realtor. Their fiduciary responsibility is, ultimately, to the seller. Unless you can get some sort of credit from the agent AND you relaly trust him/her, I'd get my own agent that will be looking out for your interests.

The listing contract will show what a listing and buyer's agent will get in the way of commission. So, instead of your current agent getting both parts of the commission, he'll have to give the appropriate share to your new agent.

Answer 5

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Answer 6

rude customers like you dont need to deal with realtors.

its people like you that make it hard for a realtor to do their job. so you are mad that the realor is going to make money on this transaction? Is there something wrong with that in your eyes?

Why dont you tell your bosss that you work for that he doesnt have to pay you a salary and that you would work for free?

Answer 7

yes