Your agent will most likely be compensated by the bank, though most likely not at 3% that she is hoping for. According to MLS rules, the co-broke fee to be paid out must be listed in the MLS, which your agent can (should!) share with you. At this point, if there is to be a reduction in commission, it's between the listing agent and your agent. They cannot and should not be springing this on you 6 weeks into the transaction!
It's unfortunate that your agent forgot to have you sign a Buyer Agency Agreement, but she is the professional and the burden to provide paperwork in a timely manner is hers. You do not have to agree to pay a 3% fee in the event that the bank does not, nor do you have to 'make up the difference'. This should have been explained to you in detail prior to the agent writing up the Purchase and Sale.
You may want to consult with an attorney, but I would recommend that you cross out the 3% fee (1 line through) then initial and date the change .
Also, in the Additional Provisions area (just above the signature lines) you can hand write the following:
BUYER SHALL UNDER NO CIRCUMSTANCES BE RESPONSIBLE FOR ANY PORTION OF REAL ESTATE FEES AND/OR COMMISSIONS. Initial and date this as well.
Sign the form and date immediately after your signature (same line). Leave the pre-dated area alone: this shows that the agent pre-dated the form and if there is ever a question raised, you have not committed fraud.
Best of luck with your transaction. I hope that it goes well for you.
Call your agent's broker of record. All real estate offices have a broker responsible for overseeing the agents in the office. Talk to him/her and explain what's gone on. Buyer/Broker agreements are fairly common, but asking you to pay the difference of commission is not....but it is negotiable.
I'm glad that you feel you've gotten good advice here..but please remember this is still a general site and I'd feel a lot better if you found the agent's broker to help you. Trust me....they will.
If you sre still looking for an agent/Broker to list your home for sale, I would love to talk to you. I am an independent Real Estate Broker that worked for a major real estate company the past 11 years.
I am a full time Broker and am available by cell phone and email all the time. If you have not listed your property for sale with another broker yet, please contact me to schedule an interview to see if I am the right agent to help you with your goals.
BobbyVan, Bobbyvan Realty 603-505-0518, firstname.lastname@example.org
On top of that we're putting our current home on the market and need to find a realtor that is not going to screw us around, that isn't going to be unavailable every week due to some emergency, that has a working scanner and printer, that can negotiate a contract without it taking almost a month, that's willing to get off their behind and do things in person rather than 99% on the telephone/email. Honestly we're so worried after this experience we don't know who to trust and as my husband was laid off our move is for financial reasons we just don't have the money to waste on someone who doesn't have the experience, knowledge, common sense, professionalism and hard work ethic that's necessary to sell a home in these difficult economic times.
The house is in a good area in Sourthern NH, but we need expertise in staging, selling, all things related to getting a house sold quickly and someone reliable that's not going to let us down.
The agent should have had you sign teh buyer broker agrement BEFORE you signed an offer, not after.
Second is a short sale is never accepted until you receive the acceptance in writing and in most cases requires teh sellers signatures as they may be or may nit be responsible for the amount shorted by the bank, some have the buyer sign as well. Verbal is not firm and nit accepted by the courts in the state of NH. Insist on getting it in writing. As far as the buyer broker commission they should get what was offered in MLS and usally there is a form between the listing and selling broker outlining commission in a short sale.
Please see my blog with tips and advice in buying short sales.
I wouldn't trust anyone who did that.
It's one thing to forget to ask you to sign the buyer's agreement, anyone can forget............but it's quite another thing to ask you to lie.
You might want to speak to the agent's Broker. I am sure the Broker wouldn't want his or her agent's actions to be reported.
Ask the broker to represent you moving forward, if you have lost trust or faith in your agent.