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Wait, the title says "Sellers agent wants $1500 before we submit an offer" but your first post says "we submitted an offer." Which one is it?
If it's the former, then I've never heard of a counter offer made before an offer was even made.
If it's the latter, then it's just a counter offer and you can make a counter counter-offer or say no to it if you don't like the terms in the counter offer.
I would ask for a copy of the seller's agreement to that addendum in writing. If the seller has agreed to not see any offers unless a buyer signs that addendum they have the right to do so. Most states just require that kind of agreement between a listing agent and client in writing. Ask for a copy of the seller's instructions.
No, only agree to your earnest deposit on the home.........
No home is worth the headache this could cause you. Suppose your closing was 10 weeks late at $500 per day. Whew........
All you want is to do things the normal way. The rest is crazyness..........
Hello
So we submitted an offer on a short sale last night. The sellers agent came back with a 6 page addendum stating that he wants min 1% or $1500, $500 for each day we go over on closing date, and if our financing doesn't go through we lose the $2500 earnest deposit.
Wtf??? I have never heard of this. I love the place, and am willing to wait and not back out. But... I am not going to pay all this money upfront for him to even look at our offer. It states if we don't agree with his terms, the seller will not look at the offer.
Very weird, and very greedy. An input is appreciated. Thanks!
In the state of Missouri real estate agents are required by law to submit any offer that is made within 24 hours.
I would certainly call your state Real Estate commission and ask them if this type of tactic is legal, and if it is not, I would certainly file a complaint against the agent.
In addition, I would contact the agents broker and tell them what is going on and tell them what is going on. It sounds like this agent is on some kind of sick power trip and needs to be reined in.
If the seller wishes to counter offer with these conditions, then you have to decide if it is worth it to you. All offers can be made contingent upon financing. That is totally standard. Losing your earnest money because you cannot qualify for financing is WRONG.
As for the fees for closing, if the closing date goes over BECAUSE OF YOU, then if you agree to these terms and conditions, that money should be taken out of the final payment - NOT PAID IN ADVANCE. Does this realtor have a crystal ball or something?
I'd find another realtor to represent MY interests in this. Do not work with the listing agent. Find a realtor who will enter into a buyers agency with you and they will have your interests at heart. That way losers like this guy will not be able to intimidate people into doing this kind of thing. Shame on him. He does not deserve both ends of this deal.
I think the sellers agent wants more money than what the bank is going to pay him in commissions. We signed an offer, my agent emailed it to the sellers agent and that's when the sellers agent sent that whacky request. In the addendum it says this is a separate contract and has nothing to do with the lender. So, sellers agent says my clients will not review your offer and or deny your offer unless you sign and agree to pay me $1500, plus all those other fees if we don't close. They have until tomorrow night.. so if they don't respond I am done. There are plenty of houses out there. I will take the chance of not getting this place before I pay some jack ass an extra $1500 to even look at my offer. Thanks for all your feedback everybody
I think the sellers agent wants more money than what the bank is going to pay him in commissions. We signed an offer, my agent emailed it to the sellers agent and that's when the sellers agent sent that whacky request. In the addendum it says this is a separate contract and has nothing to do with the lender. So, sellers agent says my clients will not review your offer and or deny your offer unless you sign and agree to pay me $1500, plus all those other fees if we don't close. They have until tomorrow night.. so if they don't respond I am done. There are plenty of houses out there. I will take the chance of not getting this place before I pay some jack ass an extra $1500 to even look at my offer. Thanks for all your feedback everybody
I agree, I wouldn't sign it either. As noted above, the agent should show you written notice from the seller that they do not want to see offers without signing the agreement. Your agent should pursue this request for you.
I think the sellers agent wants more money than what the bank is going to pay him in commissions. We signed an offer, my agent emailed it to the sellers agent and that's when the sellers agent sent that whacky request. In the addendum it says this is a separate contract and has nothing to do with the lender. So, sellers agent says my clients will not review your offer and or deny your offer unless you sign and agree to pay me $1500, plus all those other fees if we don't close. They have until tomorrow night.. so if they don't respond I am done. There are plenty of houses out there. I will take the chance of not getting this place before I pay some jack ass an extra $1500 to even look at my offer. Thanks for all your feedback everybody
I would make a phone call to the Realtor Association and let them know about this.
I would make a phone call to the Realtor Association and let them know about this.
If that offer to pay the extra $1500 to the listing agent originated from the seller there is nothing to report. It's a perfectly good counter offer and it appears they are trying to get you to pay some of their expense of selling the home.
In Utah we have a "short sale addendum" that goes with the offer to purchase and basically it says that nothing happens until the bank approves the offer. Even if the seller accepts the offer the short sale addendum applies. Additionally the offer should state that all deadlines are so many days from the third party approval of the offer. Most banks that are allowing a short sale want to see a copy of the earnest money funds and an approval letter for the funding. Short sale offers vary as to the bank allowing them and approving them. Some agents do hold onto the offers and submit the best one. Some banks will do the same. I've never heard of a potential buyer being required to submit additional funds because of a closing date being extended when it can't close because of the sellers side of things. I have however, required a buyer to put up additional earnest money if they have to extend the dates do to their not meeting their deadlines.
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