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.
What kind of agent would agree to a commission of 10K on a million dollar house? That just sounds wacky. As far as the agreement, what does it say? That your agent gets 1% and you get whatever is left? If so, that is exactly what happened.
It doesn't sound like the agent agreed to 2% back but to only work for 1% which is different. OP gets anything beyond the 1%.
Does not matter to the agent if the total commission was 2,3 or 5%. Agent only gets 1% and OP get the balance.
No benefit or reason for the agent to negotiate a lower commission.
This right here. The agent agreed to work for 1% and to rebate any excess. If the commission had been 4% and the agent got 1%, would the OP be considering it to be equally unfair?
As for rebating it under the table, that's a good way to lose your license and not make ANY more money (plus be guilty of mortgage fraud, as well).
...
-- How do you think your Realtor really felt about getting 'leveraged' into giving-up two-thirds of his RE Commission...as a Buyer's credit? (You probably told them that you would get another Realtor to make the offer ... if they did not agree, didn't you?)
It sounds like the Realtor fulfilled his part of the bargain ... and now you are upset because 'you', not the Realtor, got caught in the middle of a 'squeeze play.' --- You don't like it much either, do you? .... even though you only lost $5K, while your Realtor still gave-up $15K.
If the realtor agreed to returning a portion of his/her commission as closing credit, I don't see what the problem is.
It indeed looks like the realtor fulfilled his/her part of the bargain, but if the change in the split was underhanded, the realtor did no different than what you insinuate the OP did. Also, if the change in split is illegal, the OP is owed the money.
OP: You need to gather evidence and contact your agent's broker. If your agent is also the broker, you need to contact the state's realtor commission (or whatever it is called in your state).
Realtor offered to do it for 1%, and he did that. OP is lucky he didn't negotiate a 5/1 split just to spite him.
For the OP. Changing real estate agents just prior to writing an offer is legalized theft. You intentionally wasted the first agents time and then hopped to someone else to give them the paycheck, and they agreed to do it for a rate that is lower than what would be required to cover their costs if they were doing all the work, because they just had to write the offer and submit it.
You stole from your agent to go with another agent who agreed to a very unethical strategy so he could jack the commission, and then you are surprised when he takes advantage of his contract to spit in your face. What did you expect?
OP: You have the right to shop around for realtors as much as you have for houses, but if your actions and dealings with realtors were questionable, you won't get much sympathy from any one you approach about this problem.
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.
