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Old 07-19-2012, 11:57 AM
 
18 posts, read 19,007 times
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I submitted a full price offer with only a contingency for financing with a pre-approcal letter on a listed home that was exluded from the MLS. The offer was rejected. Since my buyer was willing, able & ready, isn't my broker still owed a commission? I know this usually is up to the listing agent to act upon, but the listing agent isn't going to ask the sellers to pay the owed commission.
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Old 07-19-2012, 12:08 PM
 
Location: NJ
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Wouldn't you discuss this with your broker?
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Old 07-19-2012, 12:09 PM
 
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That's where this stemmed from.
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Old 07-19-2012, 12:14 PM
 
Location: NJ
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I am not an agent so I am just throwing this out there. Couldn't any contingency be a reason to not accept an offer?
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Old 07-19-2012, 12:17 PM
 
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Well, a contingency on financing is still considered an "able" buyer. Thanks though.
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Old 07-19-2012, 12:17 PM
 
Location: Cary, NC
31,594 posts, read 55,307,520 times
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I say, "Nope."

Commission rules stem from MLS, and this was excluded from MLS.
There was no contract.
Financing contingency usually includes an appraisal contingency, right? We never really know that the buyer is willing or able until those contingencies are removed.
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Old 07-19-2012, 12:20 PM
 
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Fair enough Mike. I truly appreciate your reply and now I can move on!!
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Old 07-19-2012, 12:20 PM
 
Location: Cary, NC
31,594 posts, read 55,307,520 times
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Quote:
Originally Posted by kstaggs7225 View Post
Well, a contingency on financing is still considered an "able" buyer. Thanks though.
If you bring me a borrower or a cash buyer, and all other points are equal, there is a difference between the two.
Did the MLS listing exclude all but Cash buyers? Oh, yeah.... Not on MLS.
It is all in how it is advertised. I think a seller has the right to decline a finance offer, as long as the seller doesn't advertise that finance offers are acceptable.
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Old 07-19-2012, 12:21 PM
 
Location: Cary, NC
31,594 posts, read 55,307,520 times
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Originally Posted by kstaggs7225 View Post
Fair enough Mike. I truly appreciate your reply and now I can move on!!
FWIW, I sympathize. Sometimes reality stinks.
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Old 07-19-2012, 12:23 PM
 
Location: Martinsville, NJ
6,159 posts, read 10,893,123 times
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Quote:
Originally Posted by kstaggs7225 View Post
I submitted a full price offer with only a contingency for financing with a pre-approcal letter on a listed home that was exluded from the MLS. The offer was rejected. Since my buyer was willing, able & ready, isn't my broker still owed a commission? I know this usually is up to the listing agent to act upon, but the listing agent isn't going to ask the sellers to pay the owed commission.
If it's not on the MLS, the listing broker hasn't made an offer of compensation. So it would need to be worked out individually. Perhaps the reason it's not on the MLS is that the seller wanted to pay a smaller commission, and chose not to offer anything for a buyers agent.

Further, I don't believe that ANY MLS calls for a buyers agent to be due the commission simply for bringing a buyer. A seller is free to refuse any offer, for any reason. Most agreements of cooperation & compensation require a closing to happen before the coop fee is due.
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