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I fired an agent, today. After about 4 days, she told me that I would have to make up for any shortfalls in her 1250 usd commision. I just said, as a buyer I don't pay commisions, ever. She stated four times that their liability for a 20K deal was the same as a 200K deal. She really didn't make a good case.
Any thoughts on this? It is in a secondary market in Arizona, 90 miles from LV, the nearest major city. Condo in question has been on the market for 6 months, and it might even be like 2 years, and the owner is paying 165 pm hoa. It's empty.
Buyers usually pay the shortfall if/when the seller doesn't cover their minimum. Who else is going to pay it if the seller already isn't? Basically, the buyer asks the seller for closing cost help, like any other closing cost, and the agent gets paid that way. Better to know this minimum prior to writing an offer rather than after. At least she's being honest and upfront with you on what she expects.
She waited until after she looked at the unit for me, to tell me. Not 100% up front. Perhaps I should just go directly to the LA, then they will get the 2.5% and be done with it. that would be 1250 less.
She waited until after she looked at the unit for me, to tell me. Not 100% up front. Perhaps I should just go directly to the LA, then they will get the 2.5% and be done with it. that would be 1250 less.
Your buyers agent will probably have a case for procuring cause. If you go directly to the listing agent you will need to tell him/her that you saw the house with another agent.
Most importantly, did you sign a contract with the agent and did it include the minimum fee? READ IT CAREFULLY.
If you haven't signed anything, I don't see how she will get paid anything if you fire her except if you buy the property she showed you and then she goes after the commission as procuring cause.
Nothing in writing, and she agreed to go look at it for me, without telling me that little detail. At a sales price of 20K, I would owe her 875. If she would have a case, then I will report her to the State. Wouldn't that be a great way for them to collect large amounts of cash without doing a thing? Get someone's name and number and the property they are interested, tell them you are going to screw them, and wait to sue. Not fair to Sellers, either.
I'll pay a commision, as a buyer, when Hell freezes over, or maybe I should say Bullhead City, because it reaches 127F there. Tomorrow, it's going to be the "multiple offer" call, I can feel it.
Its really not your problem. If you signed nothing she can't come after you. That would be an issue for the other agent.
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