My clients offer is well below the listing price. My research and CMA shows the property is over priced to begin with. As for being the agent procuring the buyer..I should be receiving $10,000 at closing. BUT (oh the 'buts') 7 hours prior to faxing the offer the $10,000 bonus changed to $5,000. Now, One day prior of faxing the offer I did call the seller's agent to let her know I was faxing an offer. Did this knowledge of my preemptive offer plant a seed of deception in seller's agent/the seller?: "Well, if the contract for sale is coming in tomorrow and we sure are desperate to sell.... we have time to change the bonus to $5grand..." and they did!!! I can't believe it, its so..... beguiling.
What do you think?
What are my legal options regarding the $10,000?
What should be said to the seller's agent?
WTF?!
2006-11-03 08:25:40 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I wouldn't imagine you have much legal recourse. Commission is stipulated in the listing agreement and then the buyer's agents commissions should be regulated through your MLS. Therefore, I would imagine whatever was stated in your mls at the time of offer/acceptance would stand.
The more and more I deal in real estate the less trustworthy it seems to get. Good Luck
2006-11-03 08:41:21 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Real Estate is such a **** job. If you are new to the business get used to it and count on the fact that this isn't the last time you will get cheated out of commission!!!!!! Mostly you work for the seller- in that case the client is actuallya customer and the seller is your client and you should have their best interest in mind. Are you a buyers broker? Do you have any written proof of the bonus if so it should come out of the sellers agents half of their commission. Have your broker deal w/ their broker. Most will try to work w/ each other. It is worth a shot because who knows win the next commission will be- right?
2006-11-03 19:08:55 · answer #2 · answered by inmyplace48 1 · 0⤊ 1⤋
Write the offer for your client. If you had submitted an offer then they changed the bonus you may have had a claim against the listing agent. But since you hadn't even written, much less submitted an offer when it was changed then I see no problem with it.
Your first priority is supposed to be and should be your client. Remember NAR Code of Ethics Article 1 assuming you are a REALTOR®
2006-11-03 18:30:42 · answer #3 · answered by Karen R 3 · 0⤊ 0⤋
The National Association of Realtors, or your local Board should have a free legal hot line. They will be able to tell you whether or not this was legal.
It sounds as if the sellers decided to reduce the amount of their listing agent's commission. Or perhaps it was in their contract to lower the commission if the price of the property is reduced. Who knows what is going on in their minds, but they may be trying to get as much money as possible and save. It's situations like these that give honest realtors a bad name. At this point, however, YOUR clients love the house and it's your duty to provide them the best possible service. They'll see how you kept your professionalism in the face of a Discounted Agent's dishonesty and they'll appreciate your service and loyalty to them. In the long run, it will get you more client referrals.
Call the NAR or your Board of Realtors to get answers regarding the commission.
2006-11-03 16:39:48 · answer #4 · answered by ? 2 · 1⤊ 0⤋
That is a good question. I think you are screwed except for filing a complaint. Is it worth the time and effort to pursue? especially if you don't have any documentation or proof and even so I am not sure the MLS rules regarding such activity.
I would at least get your broker involved immediately and have them file a formal complaint with the selling agent's broker. Otherwise, chalk it up to experience and vow not to do business with the agent. Reputation is everything in this business. If you say anything I would remind him or her that they have to work in your town and word will get out quickly. You also have to wonder whether that agent is pocketing the $5K. That is a whole other ballgame.
2006-11-03 17:26:21 · answer #5 · answered by Sam B 4 · 1⤊ 0⤋
Do you have a print out of the listing with the $10,000 bonus on it? I think that would be your only proof or chance, esp if you included that when you faxer your clients offer. If nothing else, you should talk to your Broker about it. That is unethical and if the list agent is a member of the Realtor Association you can check with your local board about filing an ethics complaint against them.
2006-11-03 16:42:04 · answer #6 · answered by strtat2 5 · 0⤊ 0⤋
Sounds a little greedy to me. But you handle your business the way you see fit. If it were me, I would be thinking about what my client wanted, not how much money I stood to gain. If they changed the bonus offer prior to your written offer, then it changed and you aren't entitled to it. $5,000 is alot of money for a bonus. Why are you whining? It's your type in the business that makes the rest of us look bad!
2006-11-03 16:29:51 · answer #7 · answered by Alterfemego 7 · 1⤊ 2⤋
This will ultimately come down to two things.
First, what are the rules and regulations regarding changes in offers of compensation in your MLS?
Second, did you document the offer of compensation in the written offer?
2006-11-03 20:13:53 · answer #8 · answered by HMMMMMM 3 · 0⤊ 0⤋