He met up with an old high school friend who showed him a home even though my friend said he already had a real estate agent. He wants to buy it but the other real estate agent now wants half of the commission. What's the rule on this?
2007-01-23 11:57:59 · 6 answers · asked by Chacie 2 in Business & Finance ➔ Renting & Real Estate
As a licensed real estate broker I can see that there are not enough facts to give you a thorough answer! I am assuming that you are a real estate agent (the ? mark throws me off a little). That situation should be covered under your state licensing law, or your real estate firm's policies. If you did not have a buyer's agent contract with your friend, the commission is the new realtor's. BUT, if you are a realtor you should already know the answer to this question, especially if you are a broker. If you are a sales agent you should ask your broker. A national general forum is not the place to get an answer to a question that will cost you your license, or cost you money.
Good luck.
2007-01-23 12:14:34 · answer #1 · answered by Lewis B 2 · 0⤊ 0⤋
If your friend has a buyers agent contract with the other agent your friend is obligated to pay them, not you. In this case give up half the commission and save your friend from the money he may be sued for. Also as an agent its pretty lame of you to steal other agents clients, old friend or not. They should have at least told the other agent they no longer needed their services. I don't know how long you have been in the business, but you wont last for long making enemies like this. Lay off others clients and go get your own.
2007-01-23 20:12:28 · answer #2 · answered by frankie b 5 · 0⤊ 0⤋
In California, the procurring agent gets the commission. If you have a buyer's agreement, you will need to sue the buyer for the commission of the purchase of the home if the purchase does not transpire within your brokerage.
You need to talk to your broker at this point.
Regards
2007-01-24 06:00:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If yur friend already signed a contract with you it doesn't matter how he found the house. If you are the agent you get the commission. Call the other agent's broker. This will settle it all.
2007-01-23 20:03:25 · answer #4 · answered by moninicole 2 · 0⤊ 1⤋
since it was she who decided to show him the house without you (he should not have gone into it without at least you and the agent talking on the phone about who represents whom) tell him to tell her that he will not buy the house unless you get paid and see where it goes. i am sure she would settle for a quarter of the pie rather than nothing.
2007-01-23 20:07:40 · answer #5 · answered by Louiegirl_Chicago 5 · 0⤊ 0⤋
its all about who signed a contract with the purchaser, you or the other agent, dont let the other agent bully you, dont feel sorry for him either, thats bs
2007-01-23 20:22:06 · answer #6 · answered by SalesDude 3 · 0⤊ 0⤋