FOXTONS is OUT OF BUSINESS!!
Now WHAT!?!??!?! Their MAIN # states they are closed!!!
Now, I should not have to pay them anything since they are closed..Expired listing!!!!
Please confirm.. This never ends! - Thu Sep 27 2007, 10:19
Great info Deborah! Foxtons definately operates differently. My agent current has 117 listings to himself. Now how can he possibly devote good client care with that many customers. Its impossible. Thus, counter-offers do not get communicated to seller, other agents wanting to see the house tell their buyers dont bother - they are with foxtons - making an appointment is a chore. I happened to cancel an appointment plenty time in advance. Well, guess what - they buyer and agent knocked on my door at that time. They never got the message from Foxtons. Well, I showed them a house that was ofcourse not ready anyway - the agent said I tried to tell my client dont bother with the listing due to agency - but buyer really wanted to see it regardless. Said it right to me. Said how difficult it is to setup an appointment, etc.
Needless to say, Im sure Ive lost alot of potential buyers just because of my representation. - Wed Sep 26 2007, 19:37
It goes like this:
If Seller Relists, then same potential buyer who walked thru with original agent wants to buy again after expiration, original agency is NOT entitled to any commission. This is way around paying original commission fee. It is legit and does happen. However, when the buyer is an agent herself, that agent could have fine/disciplinary action by their agency because it is not ethical.
Thats why I had to pay orignal agency their commission even though this will be a private sale. - Wed Sep 26 2007, 18:56
She said inspection waived, but in the sales contract she drew up -it says buyer can have an inspection. full 9 yards.. She then emailed me saying :Also, so you are aware I will conduct a home inspection for my own benefit. I won't be looking for any credits on any small issues. You have taken great care of the place! I'm just doing it so I can sleep knowing there aren't any major issues. "
So what is this????? We agreed on price, no inpection. Now this????
Also - She put if she cant obtain mortgage - she gets full deposit back?????
I think I should atleast keep the deposit because I have lost time. - Wed Sep 26 2007, 16:40
Thanks for your indepth input.
My intentions was to always pay to F agency what is due. However, due to them not answering phones, not returning calls, not making it easy for potential buyers to arrange a viewing, well you get the point--it was always tough.
I reached an agreement with foxtons stating I will pay them 2% commission of sale at time of closing. I will also represent myself as to avoid the commission fee which my buyer would have to pay if foxtons represented me. So, a special contract will be written as this will be a private sale, no mls, foxtons get 2%. So all 3 parties win. Buyer does not have to pay commission. Sellor does not pay the 4%, Foxtons still gets their money.
So, now we are at the contract point. OMG! So, since there are no real estate agents involved, is there a attorney review? - Wed Sep 26 2007, 14:36
Buyer now states since she went through listing being represented by own agency - they will be forced to pay a commission to agency of 2%. They cant get this waived. So buyer is now asking me to call foxtons and tell them to not represent me but still we be paid 2%. This way it does not go in MLS, private sale...Does any of this make sense? - Tue Sep 25 2007, 14:55
I believe that was one of the reasons why buyer waited for expiration to happen - so they can offer a lower price. Now, the buyer asked foxtons for a referral fee. Foxtons said - no - you are representing yourself. Sellor (me) agreed to pay us 2% and thats it. The buyer is the one moving into the place. So, now buyer has to get approval from broker to waive commission. What the heck? I did all that and willing to pay 2% so this deal is clean. I could have not even notified foxtons, sold it privately, and not pay 2% fee myself. Im not the one getting a break - I still have to pay a commission. I dont know. Gotta love the real estate biz...I can always just pay foxtons the 2% and tell them I represent myself if this is going to be an issue. But I cant see why buyer broker will not waive commission. After all, their employee is the one buyting house for themselves. - Tue Sep 25 2007, 13:57
So it does need to be in writing. Thats what I figured..Oh man..Buyer mistakes, My agents mistakes..Well, My agency is Foxtons - they offered 3% at time. But...the day of signing, suprise suprise, I was told oh we just raised it to 4%....So, after signing a billion forms, I was like whatever. Still prob cheaper than rest. So, yes, only reason was commission. Later on I regret it as service is compromised. I did find out my agent was in a bad auto wreck so that can be reason for lack of (or no) communication. But still, someone should have been covering.
So, anyway - foxtons would normally take 2% for themselves and 2% to buyers agent. But since buyer is waiving commission - it would only be 2%. Now, was foxtons still entitled to the entire 4% even if buyer waived commission? Or did I really not negotiate down the rate at all?? - Tue Sep 25 2007, 12:30
Oh, This came up. I explained to F Agency I did not receive counter offers. They said buyer only put in 1 offer in writing. Thats all there was. F Agency said all offers/counter offers must be in writing. So, I then asked buyer if all was in writing. Buyer stated - no, only 1st one was in writing. The rest were verbally told. Buyer stated the follow-ups dont need to be in writing. So buyer was upset about all this and said it was illegal on f agencies part. So, who is right? Writing? Verbal? - Tue Sep 25 2007, 11:47
I called F agency and asked for sales manager. Told them situation. Told them Im willing to negotiate a commision rate (lower than 4%). We agreed on 2%. Buyer is not taking a commission. So, I guess thats better than paying out 4%. Right? So F Agency will represent us and hopefully close the deal. We already orally agreed on price and no inspection. So, everything will be clean. No chance of litigation (I Hope). - Tue Sep 25 2007, 11:43
Hi,
Thanks for all your comments Uti..Very helpful. The listing agreement was for 6 months. It seems I signed 2 seperate documents. The original listings had expiration date of 08/07 (we listed in 03/07). The holding stated 09/07 exp (but the 8 was written over with a 9). It was obvious the original document should have stated 09/07 instead of 08/07. Error by agent. Anyway, I faxed that over to real estate lawyer and I dont think it mattered much.
Yes, my agent was rude and really didnt care much. He actually refused to speak with me during a 2 month frame and only would deal with wife. Again, the F agency - the walmart of agencies. I even tried to cancel after 24 hours of signing but he said I couldnt. Later found out I could..
Anyway, thats old..So, I left off with buyer going to contact F agency tomorrow and see if they will accept a 1% commission. She will talk to main office not agent.
I think I will talk to new lawyers who might have experienced this. Im shocked this is something new...
Thanks again! - Mon Sep 24 2007, 19:28
Thanks so much for your quick replies! I really do think I am doing right and was taken advantage of. When your agent answers the phone, What Now? and even so with potential buyers - that is so bad! This person has 115 listings to himself right now! All about quantity...not service.
Here is the holding clause contract...word for word...
In the event the property, or any part of, described in this agreement is the subject of a written or other agreement by the buyer and seller or their designees or is sold conveyed, leased, or in any way transferred within 120 days after the expiration of this agreement to anyone whom the seller,broker, or hr brokers salesperson or a buyers brokers agent or transaction gent had introduced the property during the terms of this exclusive listing, the compensation as indicated above shall be earned by the broker agent by the seller, unless the seller executes a new exclusive right to sell listing agreement to take effect upon or anytime after the expiration of this agreement.
So, good idea to contact the F Agency to negotiate a lower fee? Should the buyer be relist with own agency? Or should we just sell as FSBO and not worry about any fee? - Mon Sep 24 2007, 18:08
I understand the morals of this. But, Morals, unethical aside, I need to go by what contract states. It clearly states once relisted elswhere, former contract including holding clause is void. Now, our onld agency was the worse of the worse. Not mentioning names but starts with F. Agent did not even tell us the counter offer that was made by this buyer! Can you believe that! Also, contract lists wrong experiation date of August which should be Sept. which the actual listing expired in Sept. We are talking 4% commission, 10K. So, you say to just reach out to F agency and hand them 10K? Or can we re-negotiate commission rate to say a referrel fee? (1%)? And if anyone can recommend a lawyer who knows this in hudson county, nj, let me know.. Also we called F agent today to negotiate in good will and he said contract expired. Nothing to talk about. and hung up. - Mon Sep 24 2007, 16:35
To clarify:
120 Holding clause states - anyone who was shown listing while under contract, then decides to purchase house after listing expired with 120days - full commission is due.. BUT, 120-day hold is nullified if relisted with a different agency.
So, we have a person who did see house while under contract. However, that same person is their own agent with another firm and can relist at 0% commission. Which rule takes over? Already spoke with lawyers and nobody knows. - Mon Sep 24 2007, 15:02
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