Asked by coffeeshop, San Mateo County, CA • Wed Oct 3, 2012
Hi, I had an offer accepted and I am signing escrow next week. I got the escrow statement summary and had 0.5% incremental commission for my broker (buyer). Tonight he explained that the listings on this property pays only 2.5%, and that he usually gets 3.5%, that the statement should actually have 1% additional instead of 0.5%.
This agent is highly regarded with 30 years experience in the market. He has been very helpful as we have been looking at properties for months. He has actually recommended me making a lower offer on this property than I was planning to, saving me $25k.
So he told me I don't have to pay additional commission, it could be 0%, 0.5% or 1%, but that he would normally get 3.5%. We don't have an agreement on minimum commission and I never thought I would have to pay it. It just hurts me that he is telling me this a couple days before I close escrow.
Not sure what to do. Appreciate advice.
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