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I'm very sorry you had to deal with this. while we may not have both sides, the important thing is that you close on the home you want to buy. I agree with many of the other posts, the commission is between brokerages. Additionally, Mary and cindy must have a contract between them. The contract between Mary and cindy will determine how much (if any) money Cindy will receive from the transaction. Based on the OP, I would not be surprised if this is cindy's last transaction at that brokerage.
The full commission is not Cindy's in the first place. Cindy works for Mary, the broker, commissions are only payable directly to the brokerage so in this case the full commission would be payable to Mary's brokerage (e.g. Remax, L&F, Horizon, Century 21, etc...). No agent leaves a closing with a commission check payable in their name, at least not in Maryland. Brokers have specific agreements with their agents, like Cindy, for how the broker's commission will be shared (between the broker and the acting agent). Basically, it's up to Mary how/if she wants to share part of the commission earned from your transaction with Cindy. Pretty much an internal call.
Quote:
Originally Posted by MikeJaquish
The commission goes to the agency.
Considering the OP is in Texas, the agent can walk away with the ENTIRE commission check at closing. Happens all the time when you are on a 100% split.
It looks like Mary stepping in a good thing for you. It sounds like Cindy needs some more training. We just don't know what her story is.
Lastly, being the end of the quarter, banks have been VERY difficult at accepting closing dates past September 30. They know that the lenders will drag their feet until the last minute to close the transaction if it's in writing. But come September 28, they sign an extention until October 15...
It happens like clockwork... every end of quarter.
Lastly, and I know this is a sore subject for agents in Texas, IF you didn't sign a buyer representation agreement, LEGALLY, Mary AND Cindy represent the seller.
Based on the OP, I would not be surprised if this is cindy's last transaction at that brokerage.
Not necessarily. You do not know the entire story nor do you now Cindy's track record. Remember we are only hearing one side of the story here. There are three additional sides to it. Cindy's, Mary's, and the truth.
AAAAAHHHHGGGGGG!!!!! Mike, I have heard that oh so many times...
Just this week, client decided they HAD to have this REO. I go look at it, it is a nice big house, that you have to drive through cracktown townhouse's to get too, in the worst school district in the area.... no appliances, missing light fixtures, can't see certain rooms due to no light... we are standing in the middle of the room discussing an offer when I look at a window sill and it looks like a gouge. I walk over there to check it out and it looks soft. Push, Push... soft. Look at the HUGE gouge and see ..... TUNNELS!! oh good, let me guess. termites too?
Then I go pull a CMA for them, house sold (Not a REO or Short) a few months ago in same neighborhood, with all the light fixtures intact, and the appliances, oh and the central air (cause it was missing on REO house) and NO termites... for wait for it..... $5k more.
And REO house had multiple offers on it!! What the Heck?????
people, if it looks too good to be true, it probably is.
shelly
Thank you Shelly, these fools think the deal is via an reo? gads.. they are so tight its unreal. then babnks)...go around and buy reo's from each other to drive up prices in heavy inventory places.. holdiing back.. in ca.. to get the comps on wrecked homes. never saw such a dog and pony show.
I do believe that Cindy has worked hard for us in trying to get the deal closed (that is part of the problem, at times it seems as if she was looking out for the seller's interest and not mine)
Not sure if Cindy disclosed this to you, but the standard commission plan for buyer's agents is a percentage of the final sale price, so her financial interest was probably aligned much more with the seller than with you. Not sure how much say you have on where the commission goes now other than to let the agency know about your dissatisfaction.
I would strongly recommend finding a buyer's agent willing to work on a flat fee basis next time.
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