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Old 10-31-2012, 04:12 PM
 
1 posts, read 880 times
Reputation: 10

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I work with an investor that likes to flip houses, a month ago he asked if I could help him with a large family commercial asset that was in contract and escrow for over 2.5 years that was listed with another agent. During this time the property went from potential sale net proceeds of 1.5mm to becoming a short sale and at risk of default, and value dropping down to 1/3 of it originally started out at.

As I spoke to the lender at the request of my client I confirmed that the buyer has been playing games all along. I also confirmed that the curent escrow after 2.5 years is considered defaulted. My client also pointed out to me that his extencion of listing with the agent he had listed this asset with expired a few days ago.

I took a listing to the property, in 48 hours with the help on another agent I presented an offer that was suitable to what the bank was looking for, and stopped the NOD process from being activated saving the client added problems.

Once I had the deal locked in with the bank, I then notified the former agent, and let him know that he's out, and i now have the listing, and the property is finally under contract and closing in 30 days.

I also offered to share commissions if he had anyone that would step in and take assignment to the contract. Instead he's demanding that I give him 100% of my commissions. DID I DO SOMETHING WRONG????????/
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Old 10-31-2012, 04:51 PM
 
942 posts, read 1,176,214 times
Reputation: 1194
I would post this in the Real Estate thread.
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Old 11-01-2012, 02:44 AM
 
Location: LA/OC
1,060 posts, read 1,643,530 times
Reputation: 565
If the listing was expired, the original agent has no right to a commission unless the buyer/selling agent already started talking to him before you stepped in on the deal.
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