Zlovsky, Home Buyer in 90025

Agent representing buyer and seller in short sale whats commissions from the buyer

Asked by Zlovsky, 90025 Thu Jul 22, 2010

I an trying to buy short sale property. Agent representing the seller had our offer accepted by the seller and represents us and the seller. We promised verbally to compensate the agent at 1% commissions. After 4 month of waiting she said that she has verbal approval with slightly higher price and the seller and us signed counter offer with new price. At the same time the agent called me back requesting 3% commissions because the bank reduced her commissions to 3% and she got us a great deal. She wants us to give it to her via escrow and if we would not agree she will increase the price of the property, would not negotiate for us or find a better buyer or just destroy the whole transaction. What should we do and what can she do???

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Dorene Slavi…, Agent, Torrance, CA
Sat Aug 14, 2010
Dear Zlovsky,
The owner of the short sale has already arranged payment to all Agents at the time they signed the listing agreement. There is no need to pay her at all. Banks often reduce the amounts they are willing to pay agents, but 3% is pretty good on a short sale.
If you havea signed and accepted offer, there is nothing the agent can do "legally" but it's starting to sound strange to me..particularly some of these demands. I would call the department of real estate their website is http://www.dre.gov and/or speak to an attorney on this one.
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Laurie Manny, , Long Beach, CA
Fri Jul 23, 2010
You should speak to a real estate attorney. Agents are not allowed to discuss commissions and are certainly not allowed to discuss the commissions in a deal they are not involved in.

If you haven't removed your contingencies you can cancel the transaction and get your deposit back.

I will say that you would be in a better position if you had separate representation. While dual agency is legal in California it is rarely practiced well.

I hope this works out for you.
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