My home was supposed to settle after 30 days, that was 2 weeks ago. The buyer's agent is also their mortgage broker. They have funding for an 80% and 20% loan (yes even in the recent market, though Fremont Loan closing its doors caused a 1 week delay). The buyer's agent won't generate the loan docs because he hasn't found a company to buy the 20% loan (he has a buyer for the 80%). My agent (seller agent) has offered to hook the buyer up bank he know will fund the loans, yet the buyer's agent doesn't return calls or respond to a Notice to Perform. What are my options (CA resident)?
2007-03-25 02:08:40 · 6 answers · asked by bcwilson_92592 1 in Business & Finance ➔ Renting & Real Estate
too late
2007-03-25 02:13:33 · answer #1 · answered by Jo Blo 6 · 1⤊ 0⤋
Well, first off... No Sale equates to no commission to that buyer's agent/lender. It sounds like that agent is looking out for his/her own interests in not pursuing other lending options for the client!
To answer your original question, your commissions (the total listing commission) are what was contracted. And your agent, from that, is offering a split to the buyer's agent. You cannot reduce the advertised split at this point.
Discuss your options with your agent! You may be able to continue to market your home to try and solicit another offer, while the other situation tries to iron itself out.
Good luck!
2007-03-25 05:07:08 · answer #2 · answered by Art 4 · 0⤊ 0⤋
you will possibly desire to understand that your pal (if she is an agent) would not gets a commission till she sell a house. If the builder has the residing house listed the value is outfitted into the itemizing value and is purely no longer discounted in case you haven't any longer have been given an agent. in case you touch the itemizing agent they gets all of the itemizing value what ever that would properly be. if your pal is your clientele agent she would be in a position to get the agreed upon clientele agent value. that would or is probably no longer 3% ddepending on what the builder and itemizing agent have agreed upon. If there at the instant are not any brokers in touch the builder will maximum possibly make extra money no longer bypass the saving directly to you. Being which you will possibly have not anybody representing you the builder might have finished administration of the technique. this might value you extra money interior the long-term. in case you have been to artwork with the itemizing agent he or she may well be engaged on behalf of the seller no longer for you. enable your pal be your clientele agent. it is going to no longer be an further value you and might desire to save you interior the long-term. additionally why might you do all of the looking and scheduling of homes while your agent will do all of that artwork for you with out up front value.
2016-10-20 10:07:56 · answer #3 · answered by ? 4 · 0⤊ 0⤋
you are bound by the terms of the contract you can not change the terms after the fact
if you do not like what is going on, i doubt you will find a lender on the 20% side at a rate which will make the sale, even though they say they will find a buyer for 20% do not believe them, you are within your right to issue a time of the essence hence either get the 20% or no sale back on the market
2007-03-25 02:55:50 · answer #4 · answered by goz1111 7 · 1⤊ 0⤋
Once you have signed the offer agreement which specifies the percentage paid to the buyer's agent, you can't do much but to write another agreement, in which case you'll have to find a legal execse to get out of the sale, then accept a new offer.
2007-03-25 04:05:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No you can't. However, your agent is doing the right thing by doing a notice to perform. Just hand deliver it to his broker.
Regards
2007-03-25 05:30:40 · answer #6 · answered by Anonymous · 0⤊ 1⤋