Home Selling in 28227>Question Details

audreymayhew, Home Owner in Mint Hill, NC

my agent wanted to buy my home and told me he would waive his commission

Asked by audreymayhew, Mint Hill, NC Wed Oct 9, 2013

i told him the bottom line was 365, but that i would let him have it for 360. he countered for 350, i told him no and then he offered 355k and waive his commission. but, when the offer to purchase was on the table the purchase price was for 334k and not 355k. he tried to explain the drastic drop which never made any sense. 355 is 355 not 334. i told him (in the presence of a witness) that i wanted my attorney to look it over and he insisted that if i waited until the next day, the deal would be off the table. i'm taking a huge loss considering the cost to build the house was 490k in 2001. now he's trying to change the purchase price. i've raised so much hell about his bait and switch he agreed to terminate the purchase which suits me. i don't want to do business with him. i'm filing a complaint with the nc real estate commission. and asking to terminate the listing. i don't want him to think he's going to get any commssion on future sales that he had nothing to do with.

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Answers

8
Selling your home is a huge deal and you were wise in asking to have an attorney look at it. You did the right thing by asking that the listing contract be terminated.

Cheri Wickham, Broker/Realtor®


951-965-6460 (Cell)
704-238-8505 (Office)
704-288-6876 (Alternate Cell)
eFax: 704-749-2008
http://www.cheriwickham.com

1st Choice Properties, Inc.
13663 Providence Rd Suite 233, Weddington, NC 28104
7427 Matthews Mint Hill Rd Suite 105-126, Charlotte, NC 28227

Your Real Estate Expert in
North Carolina, South Carolina & California
0 votes Thank Flag Link Mon Oct 21, 2013
Sounds like a nightmare.
Agents buying homes for themselves and waiving commission is not uncommon but putting undue pressure on the party and then presenting an offer that is less than the agreed upon price is just bad business.
I am a Realtor living and working in Mint Hill NC.
Call me if you would like to talk.

Anna Granger

NC/SC Broker, Realtor, ABR, ePro, MBA
SFR (Short Sale and Foreclosure Resource)


bi-lingual: English, German

Ph: 704-650-5707
eFax: 704-749-2364
http://www.1stchoiceproperties.us

1st Choice Properties Inc.
7427 Matthews Mint Hill Rd, Suite 105-126, Charlotte, NC 28227
13663 Providence Rd Suite 233, Weddington, NC 28104

Voted "2009, 2010, 2011, 2012 & 2013 Five Star Real Estate Agent-Best in Client Satisfaction" by Charlotte Magazine
0 votes Thank Flag Link Thu Oct 10, 2013
Bill brings up some excellent points.
Just doing a few simple calculatons regarding what has happened nationally in real estate sine 2001 ($490 to build in 2001) I have to aggree with Bill that this was not the first time your saw or heard a value around $334,000.
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In agreement with all who have responded, the action your agent pursued was and always will be ULTRA HIGH RISK and invaribly ends with a story just like yours. There were so many ways to pull this off successfully and your agent choose the one doomed from the start.
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Now, you need to ask yourself, "DO YOU REALLY WANT TO SELL YOUR HOUSE?"
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Get another prospective from a Mint Hill, NC Realtor (r) from whom you can hear the cold hard facts. Those who whisper sweet words in your ear or allow you to make decisions that are harmful to you, will not prove to be the resource most beneficial to you.
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Regarding to the last sentence of your question, you should get a definitive response from your new Realtor (r) and how that may influence the near future. I'm serious, your new Realtor(r) needs to know.
0 votes Thank Flag Link Wed Oct 9, 2013
There are risks that agents take when they elect to mix personal business with their real estate profession. Let's look at this....the agent obviously listed your property above the 365 price point than negotiated a deal with you at 355. Then discounted it to 334. It would appear that the difference between the 355 and 334 would be the amount minus the commission?

Regardless of this, the 334 number should not have been a surprise and should have been on the table long before you saw it in print. This is but one example of the risks that are taken during "dual agency" transactions. In this case the agent was acting both as your agent and their personal agent.....a relationship that should be avoided at all costs.

If you feel you have been misrepresented, you might consider taking this to the local board of realtors prior to taking it to the state level.

Good luck,

Bill
0 votes Thank Flag Link Wed Oct 9, 2013
There are risks that agents take when they elect to mix personal business with their real estate profession. Let's look at this....the agent obviously listed your property above the 365 price point than negotiated a deal with you at 355. Then discounted it to 334. It would appear that the difference between the 355 and 334 would be the amount minus the commission?

Regardless of this, the 334 number should not have been a surprise and should have been on the table long before you saw it in print. This is but one example of the risks that are taken during "dual agency" transactions. In this case the agent was acting both as your agent and their personal agent.....a relationship that should be avoided at all costs.

If you feel you have been misrepresented, you might consider taking this to the local board of realtors prior to taking it to the state level.

Good luck,

Bill
0 votes Thank Flag Link Wed Oct 9, 2013
Sounds like something is wrong here, if they have the house listed, they should not being trying to lowball you. A call to their managing broker and the state real estate commission should clear this up quick.
0 votes Thank Flag Link Wed Oct 9, 2013
Audrey,

It sounds like you have done the right thing and are terminating the listing and filing a complaint against the Realtor. I was wondering what question you may have? It is not common; but it has happened before where Realtors have purchased homes they were listing for their primary residence.

I am just sorry you had a bad experience with this particular Realtor and by no way should this be a reflection of Realtors as a whole.

If you have a question or if I can be of any assistance to you once the listing is terminated please feel free to either e-mail me or call me at 704-519-7895.

Dave diCecco
Realtor/Broker
Helen Adams Realty
Cell: 704-519-7895
ddicecco@helenadamsrealty.com
http://www.davedicecco.com
0 votes Thank Flag Link Wed Oct 9, 2013
Good morning, Audrey.
It appears that you are working though this issue. Do you have a specific question? Hopefully your next experience with a real estate professional is significantly more satisfactory.
0 votes Thank Flag Link Wed Oct 9, 2013
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