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Old 04-08-2008, 08:39 PM
 
Location: South Charlotte
1,435 posts, read 5,749,230 times
Reputation: 486

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Home was listed at $785,000.

Buyer put in an offer at $650K. It was a custom home up at the lake facing a horse pasture (rare there), crazy details like Australian Cyprus Floors and so on. They added in they wanted the floorplan yes floorplan changed a little bit. Get this it was my client who I had been working with for quite sometime. She had gone out to an open house at the property while I was out of town. Supposedly the listing agent told her that their was a nasty divorce going on and the husband HAD to sell because he took a contract job in Florida. Needless to say he countered and the deal went dead, like we didn't see that coming!

Even better...
I get a call 2 months later. It's the listing agent on the phone, he will accept the original offer of $650K and pay me a $10K bonus if I can convince her to move on it quickly without the contingencies! WOW, I was astonished. It didn't work, we had already found something else.

His wife must have put it to him, LOL!@!!!
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Old 04-09-2008, 11:15 AM
 
Location: Philly
165 posts, read 811,081 times
Reputation: 83
Quote:
Originally Posted by Charlottean View Post
Home was listed at $785,000.

Buyer put in an offer at $650K. It was a custom home up at the lake facing a horse pasture (rare there), crazy details like Australian Cyprus Floors and so on. They added in they wanted the floorplan yes floorplan changed a little bit. Get this it was my client who I had been working with for quite sometime. She had gone out to an open house at the property while I was out of town. Supposedly the listing agent told her that their was a nasty divorce going on and the husband HAD to sell because he took a contract job in Florida. Needless to say he countered and the deal went dead, like we didn't see that coming!

Even better...
I get a call 2 months later. It's the listing agent on the phone, he will accept the original offer of $650K and pay me a $10K bonus if I can convince her to move on it quickly without the contingencies! WOW, I was astonished. It didn't work, we had already found something else.

His wife must have put it to him, LOL!@!!!
Is it legal for someone to offer you a bribe to work against your client like that? Did you report them?
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Old 04-09-2008, 12:30 PM
 
Location: South Charlotte
1,435 posts, read 5,749,230 times
Reputation: 486
Quote:
Originally Posted by VivaLaEvie View Post
Is it legal for someone to offer you a bribe to work against your client like that? Did you report them?

A bribe? How was I working against my client?

They asked us to remove a few of the contingencies and they would accept the original offer and pay me a bonus if it sold. I actually just told them to keep the bonus and reduce the price more, but like I said it didn't work out we had already made another offer on a different home.
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Old 04-09-2008, 05:09 PM
 
Location: Salem, OR
15,511 posts, read 40,235,609 times
Reputation: 17383
I was thinking I had just run of the mill deals, but then I recalled...

A couple of years ago I was selling a small cottage, which ideally would be good for starters or investors. I had calls from two different agents saying they were writing up offers on the house. I called each back to let them know of the multiple offer situation and to give me their best...

I received the two offers and the first one was written by a woman and her female agent, and the other by a man and a male agent. They were for the exact same terms and price. Then I noticed that the woman's offer was subject to the husband signing it. Guess who her hubby was...yep...the man who wrote the other offer. His offer was subject to his wife signing the offer. So my "multiple offer" was really a husband and wife who wrote separate offers through their own and different buyer agents.

So I called both agents and told them the multiple offer was really their clients working with different agents. The wife stated she wanted to write up the offer through their current agent who was a woman. The husband felt uncomfortable letting a woman write up the offer, so he went to a male agent and asked him to write the offer.

Unfortunately neither agent knew that this was going on and both were upset I mean this was a $60,000 home so the commission offering was not a lot.
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Old 04-09-2008, 07:48 PM
 
Location: Philly
165 posts, read 811,081 times
Reputation: 83
Quote:
Originally Posted by Charlottean View Post
A bribe? How was I working against my client?

They asked us to remove a few of the contingencies and they would accept the original offer and pay me a bonus if it sold. I actually just told them to keep the bonus and reduce the price more, but like I said it didn't work out we had already made another offer on a different home.
Okay, maybe I am not understanding this properly, but they are offering you a kickback to get your client - the person you are "supposed" to be representing -- to not work for your client and the things your client is asking for. They will give you money for you to bargain against the interests of your supposed client (the buyer) in the interests of the seller. They will pay you to get your client to drop their original demands. Push things through faster, maybe skip the inspections, wink wink, and you get greased on the back end.

To me, that is a bribe, kickback, back-door grease. Whatever you want to call it. It stinks.
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Old 04-09-2008, 08:25 PM
 
Location: Salem, OR
15,511 posts, read 40,235,609 times
Reputation: 17383
Quote:
Originally Posted by VivaLaEvie View Post
Okay, maybe I am not understanding this properly, but they are offering you a kickback to get your client - the person you are "supposed" to be representing -- to not work for your client and the things your client is asking for. They will give you money for you to bargain against the interests of your supposed client (the buyer) in the interests of the seller. They will pay you to get your client to drop their original demands. Push things through faster, maybe skip the inspections, wink wink, and you get greased on the back end.

To me, that is a bribe, kickback, back-door grease. Whatever you want to call it. It stinks.
We have a listing in the MLS right now which is a $40,000 bonus to the listing agent if they bring in a full price offer. Sellers can dictate terms on the MLS such as no home sale contingencies, etc if they want to. Saying no contingencies is the same as saying cash only, or seller to do no repairs. They can offer all they want for the buyer agent to give them terms they want.

I think most ethical agents let their clients know about the inducement for terms and use that to negotiate to their clients advantage. Is it legal, absolutely...is it wise on the seller's part? No...it lets me know what terms are the most important to them and gear my offer to that.
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Old 04-10-2008, 07:23 PM
 
Location: Burlington VT
1,405 posts, read 4,775,353 times
Reputation: 554
I had a buyer make an offer to include the refrigerator, range/oven/hood/fan, washer/dryer






...and Golden Retriever.
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Old 04-10-2008, 07:54 PM
 
3,555 posts, read 7,827,216 times
Reputation: 2346
They can have all the appliances, and two of the kids. But NOT the Golden Retriever!!

golfgod
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Old 04-10-2008, 08:23 PM
 
Location: Burlington VT
1,405 posts, read 4,775,353 times
Reputation: 554
Quote:
Originally Posted by golfgod View Post
They can have all the appliances, and two of the kids. But NOT the Golden Retriever!!

golfgod
ROTFL..................
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