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Looks like Azseller's agent was not as savvy as yours, doesn't it?
You had the luxury of being able to take your home off the market. Azseller apparently does not, and as best I can tell, the buyer is not willing to budge.
Another possibility is that manderly was more honest, and disclosed up front that her ability to pay off her debts was dependent upon the sale price. While the OP MAY have done so, there's nothing to indicate one way or the other.
Wouldn't that mean the buyer is trying to buy too much house? Isn't that one of the reasons for the current real estate debacle?
Azseller has not mentioned the appraisal. If it has been done, it would be interesting to see what the figure is. With no sales contract, I suspect it has not been done.
The buyer is not trying to buy too much house imo.
He is trying to negotiate the best deal he can for himself.
It is the sellers responsibility to pay the commission or make sure the offer is enough to cover his liens and expenses when selling the house.
Despite this if I were the Realtor and if it was a good offer I would accept the 75% commission.If the house has been on the market awhile grab the 75%.
Even if other offers come in they probably will be worse and everyone will be in the same boat.
If the house is a deal and the house hasn't been on the market long take your chances and wait for another offer assuming there is a fair length of time left on the listing.
As already been said it's unfair to the Realtor to negotiate after the fact but what is 4-6% of zero?
The buyer is not trying to buy too much house imo.
He is trying to negotiate the best deal he can for himself.
It is the sellers responsibility to pay the commission or make sure the offer is enough to cover his liens and expenses when selling the house.
Despite this if I were the Realtor and if it was a good offer I would accept the 75% commission.If the house has been on the market awhile grab the 75%.
Even if other offers come in they probably will be worse and everyone will be in the same boat.
If the house is a deal and the house hasn't been on the market long take your chances and wait for another offer assuming there is a fair length of time left on the listing.
As already been said it's unfair to the Realtor to negotiate after the fact but what is 4-6% of zero?
This is exactly the point of the thread.
Since the listing is up in a few days, it looks like this is the best offer the seller has been able to get.
He is now looking into a short sale.
Stills seems to be a shame that the buyer and the agents are not willing to make any concessions to allow a contract to be signed --- over $5000.
Azseller is not refusing to pay the entire commission. He is apparently $5000 short when he pays all his closing costs. He is bringing out of pocket money to the table.
I wander if Azseller actually factored in all the closing costs including the commission? It may be they will be short more than they think. Hopefully the listing agent prepared a net sheet breaking down all the possible seller costs based on the offer presented.
Stills seems to be a shame that the buyer and the agents are not willing to make any concessions to allow a contract to be signed --- over $5000.
How much is your car worth? How much is your jewlery worth? How much is your electronics worth?
I'm sure that if you sold all those items, you would be able to come up with the shortfall for the agent's commission. That would be a fair concession on your part.
Since the listing is up in a few days, it looks like this is the best offer the seller has been able to get.
He is now looking into a short sale.
Stills seems to be a shame that the buyer and the agents are not willing to make any concessions to allow a contract to be signed --- over $5000.
The contract CAN be signed. The house CAN be sold. When it is, the seller will be obligated to pay what he agreed to pay. Nothing prevents this from happening. Why should the real estate agent, or the buyer, essentially pay $5,000 debt owed by the seller? And if the seller doesn't want to take on that obligation, he has the right to simply refuse the offer and not sell his house. He has choices, and he is in control of his finances.
The shame is that the seller wants to force his financial distress onto someone else. He wants to sell the house, get every penny he can for it, keep it all, and NOT pay the person who did the work to get it sold. Not the full amount he agreed to pay, anyway. The seller himself said back in the very first post that the agent should get paid.
Quote:
The agent is not willing to accept 75% of what he should be getting
Why should the agent be willing to accept 75% of what he should get? Would you accept 75% of what you should get? I know I wouldn't.
The contract CAN be signed. The house CAN be sold. When it is, the seller will be obligated to pay what he agreed to pay. Nothing prevents this from happening. Why should the real estate agent, or the buyer, essentially pay $5,000 debt owed by the seller? And if the seller doesn't want to take on that obligation, he has the right to simply refuse the offer and not sell his house. He has choices, and he is in control of his finances.
The shame is that the seller wants to force his financial distress onto someone else. He wants to sell the house, get every penny he can for it, keep it all, and NOT pay the person who did the work to get it sold. Not the full amount he agreed to pay, anyway. The seller himself said back in the very first post that the agent should get paid. Why should the agent be willing to accept 75% of what he should get? Would you accept 75% of what you should get? I know I wouldn't.
Looks to me like the seller is not going to be getting a penny out of the sale.
As I understand it, he wants to sell the house and pay off the mortgage. He has enough out of pocket to pay all but $5000 of the closing costs.
He can take the house off the market. If he is as desperate to sell as his original post suggests, he might be in foreclosure before another buyer is found.
How does that benefit the real estate agents involved?
Maybe the buyer could just wait until the bank has the house and then buy it directly from the bank. No real estate agent needed.
Quote:
Originally Posted by rjrcm
I wander if Azseller actually factored in all the closing costs including the commission? It may be they will be short more than they think. Hopefully the listing agent prepared a net sheet breaking down all the possible seller costs based on the offer presented.
If the listing agent has not done this, has that agent been doing a good job?
The contract CAN be signed. The house CAN be sold. When it is, the seller will be obligated to pay what he agreed to pay. Nothing prevents this from happening. Why should the real estate agent, or the buyer, essentially pay $5,000 debt owed by the seller? And if the seller doesn't want to take on that obligation, he has the right to simply refuse the offer and not sell his house. He has choices, and he is in control of his finances.
The shame is that the seller wants to force his financial distress onto someone else. He wants to sell the house, get every penny he can for it, keep it all, and NOT pay the person who did the work to get it sold. Not the full amount he agreed to pay, anyway. The seller himself said back in the very first post that the agent should get paid. Why should the agent be willing to accept 75% of what he should get? Would you accept 75% of what you should get? I know I wouldn't.
How much is your car worth? How much is your jewlery worth? How much is your electronics worth?
I'm sure that if you sold all those items, you would be able to come up with the shortfall for the agent's commission. That would be a fair concession on your part.
Is that a generic "you" or are you referring to me personally?
If by "you", you mean Azseller, I do not know that he has not already done that.
If by "you", you mean me, if I were one of the agents involved, I would be willing to renegotiate the commission.
An agent did that for me once. I signed a contract to sell a piece of property through her brokerage. A few days later, the person I bought the property from offered to buy it back. The Realtor's sign had not even gone up. The agent did not bring me a buyer. I had a contract, so I paid her commission, but she did reduce it.
What is puzzling those of us who are not real estate agents is the inflexibility of the agents and buyer involved. It's as if none of them care if the house is sold.
Quote:
Originally Posted by rjrcm
We don't know if it wasn't done.
I do agree that if a net sheet was not prepared, then it should have been.
Do you want to list all the functions of an agent and what should or should not be done? Is this relevant to the OP's situation?
We've heard from posters who say that the listing broker should be clear as to the absolute minimum the seller can accept to pay off the loan and cover closing costs.
Does it look as if Azseller's listing broker did this?
We now have posters saying that the seller should have been informed whwt to expect in closing costs.
Is it then not reasonable to say that the listing agent should have made the buyer's agent aware that the minimum acceptable price would be $343000? If the buyer's agent could not get the buyer to agree to that price, then should the offer have even been made?
Granted, the agent has to present all offers. But once it has been made, and it is below what the seller can afford (not what he "wants"), and the seller makes it clear that he cannot go that low, what should be the next step for the agents involved?
If you were Azseller's listing agent, what would you do? How would you get a contract signed for this sale?
Last edited by Marka; 11-19-2011 at 06:51 AM..
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