Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Not ours. The listing agent. We went under contract which has a close date of June 3 (which due to his sellers position, HE recommended). He also told us personally that if we cut our REA out of the deal he could get us a better price on the house (huh?). He does not return phone calls or emails since we went under contract. His sellers were planning on short selling but we swooped in and offered $30k over to buy the house but not as a SS. There is no SS addendum in our contract. They signed off that each agent gets 2% commission. I am not 100% as I dont know the ins and out of RE but for whatever reason the listing agent wants us to close a month earlier. We said no and now he wants to amend the commission statement in his favor. He has no broker, he works for himself. Our REA has gotten her principle broker involved and MLS. They are going to tell him to pound sand and that we are sticking with the agreement that everyone (including him) signed.
Can he scrap our deal? Do we even need to involve him anymore?
I don't know where you are, but in FL it would be illegal to try to cut out another realtor in the transaction you described. I agree that your REA should have contacted their broker and the local MLS. Unbelievable that someone would try to try a scam like this and risk the potential penalties which could be civil and/or criminal.
If the scumbag is not working under a broker, they would be operating illegally unless they were a licensed broker themselves.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,313,597 times
Reputation: 6471
Technically, his agreement with the seller governs the commission amount owed to him. His remedy shouldn't be in the contract between you and the seller, but rather an amendment to his listing agreement with the seller.
If he now wants to screw his seller out of more money, he probably could try via amending the real estate contract, but it's a stupid (and unethical) way to go about it. If he was representing me, I'd tell him to pound sand and remind him of his fiduciary responsibility to me. I might even find it worthwhile to hire an attorney to write a nastygram to him.
Kudos to your agent and broker for sticking up for both you and the seller. One can only hope that he will have a nice MLS complaint against him, if not a state complaint.
I'm in Oregon. Commissions aren't negotiated in real estate contracts in the State of Oregon. The compensation is between the listing broker and your buyer's agent's principal broker via the MLS. There is a Notice of Real Estate Compensation Form that is signed but buyers and sellers don't sign that. I am confused what form you signed, unless you signed a buyer agency agreement.
Real estate agents can engage in a change of compensation during the transaction process as long as it is signed by both principal brokers. Otherwise the listing agent is required to pay the buyer agent whatever fee is offered on the MLS and the seller is required to pay their listing agent whatever they agreed to in the listing agreement.
Principal brokers can't make you close early. They can't make the seller pay more than previously agreed. They can't change the fees without consent from the other principal broker. They can be a pain in the patootie. The listing agent can't scrap your deal. The deal is between YOU and the SELLER. Not between agents. We can make things easier or complicate things with drama.
If this was almost a Short Sale, it sounds as if the sellers aren't making their mortgage payments, and there might be a foreclosure prior to June. It makes sense to me to close as quickly as possible if the sellers aren't making payments. Get them out before the bank takes it from them. Why do you need 2 months to close?
I'm in Oregon. Commissions aren't negotiated in real estate contracts in the State of Oregon. The compensation is between the listing broker and your buyer's agent's principal broker via the MLS. There is a Notice of Real Estate Compensation Form that is signed but buyers and sellers don't sign that. I am confused what form you signed, unless you signed a buyer agency agreement.
Real estate agents can engage in a change of compensation during the transaction process as long as it is signed by both principal brokers. Otherwise the listing agent is required to pay the buyer agent whatever fee is offered on the MLS and the seller is required to pay their listing agent whatever they agreed to in the listing agreement.
Principal brokers can't make you close early. They can't make the seller pay more than previously agreed. They can't change the fees without consent from the other principal broker. They can be a pain in the patootie. The listing agent can't scrap your deal. The deal is between YOU and the SELLER. Not between agents. We can make things easier or complicate things with drama.
No, we didnt sign any commission statement, the listing agent and our agent did. I was just saying that we signed the contract to buy.
Thanks for the feedback. This guy is a real weasel. He doesnt keep his sellers in the communication loop, heck he even has them thinking (I imagine partly because he wants us closing in May) that they have to be out of the house May which isnt even true. But shame on the seller for not even paying attention to the contract they signed that says June 1. I just hope he doesnt go to his clients and somehow convince them to scrap the deal
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
