Zillow Advice: Buying Process - Agent commission w/ no sale?

The REA is more than likely ...

Sat, 20 Jun 2009 02:34:00 GMT

The REA is more than likely hoping that the client will pay or at least settle this just to have it over with. He can write off any client referrals from this guy, that ship saled the moment he sent the letter.

I agree with Sunny, call the REA and find out what he wants to have this go away or seek legal advice with a copy of your contract. It might be cheaper to have an attorney tell you "This dude is on crack" or he might tell you "Yeah, you're boned!"

My money is one the REA is looking for a quick settlement. My two cents is to offer him a grand to walk away but talk to him first to find out what he is attempting to get. I am not a lawyer, so take it with a grain of salt. Seek out a real estate attorney advice.

Keep us posted as to the ending of this story

actually, "executed contract" ...

Sat, 20 Jun 2009 02:33:00 GMT

actually, "executed contract" is one that both parties have performed, and the contract is finished. ie the house sold, the buyer bought it.

Realtors constantly misuse this term; what they should be saying is "executable contract" which is one that is valid and has force.

Any REA who holds a buyer ...

Sat, 20 Jun 2009 02:02:00 GMT

Any REA who holds a buyer to paying a 3% commission on a house they did not buy is an REA who will not be attracting too many new clients in the future. Regardless of what the buyer/broker contract says, that is poison for their career if pursued.

"an executed contract is ...

Sat, 20 Jun 2009 00:30:00 GMT

"an executed contract is one which has been accepted by both parties and all contingencies have been removed"

"Executed" means nothing if services/goods were not performed/delivered. Has transfer occurred ? As always seek a lawyer in your state.

Honestly, nobody knows what ...

Sat, 20 Jun 2009 00:27:00 GMT

Honestly, nobody knows what agreement this poster signed, not even the poster himself. I tend agree that if it is a buyer's broker agreement that he would be responsible, but it really depends on the contract. I think the poster needs to be reasonable and talk to his agent. The contract binds them and a lawsuit will only fill the attorneys pockets. Sit down and work it out.

You ARE getting some very ...

Sat, 20 Jun 2009 00:22:00 GMT

You ARE getting some very bad advice on this thread. Mr. "Ha ha, the seller is the one who pays" clearly missed the fact that you apparently signed a buyer-broker agreement. In this type of agreement, it states the commission the agent is to receive is "X", say, 3%. Buyer further agrees to pay the difference if the seller on a given property only offers 2%. Since the agent brought a buyer and seller together and this resulted in a fully executed contract, the agent is owed the commish. For those who are bandying about the "uneducated" comments, an executed contract is one which has been accepted by both parties and all contingencies have been removed. This was the case here; the agent earned his commission, and the court will uphold this.

OK...my post was a little ...

Fri, 19 Jun 2009 21:42:00 GMT

OK...my post was a little shady...good call azrob.

Hello, the only best way ...

Fri, 19 Jun 2009 20:38:00 GMT

Hello, the only best way not to get hit with any recourse, is that you would have to receive a denial letter from your lender, I hope I helped, please rate me , it would be greatly appreciated.

My bad, family friend, be ...

Fri, 19 Jun 2009 20:17:00 GMT

My bad, family friend, be prepared for that relationship to flounder.....if you are okay with loosing the friend then work with them, you have no idea what their abilities are or lack thereof are until you use them in that capacity.

I have heard of realtors ...

Fri, 19 Jun 2009 20:16:00 GMT

I have heard of realtors asking for compensation for any work/funds they put out while they were under contract with you, but mostly it applies to listing agents since they pay to list the property. Perhaps this guy thought he could scare tactic you, so tell him if he pushes the issue then you will make sure he isn't a very successful REA.

Now, with regards to you using a family member, think twice, never mix biz and family and if something goes wrong you will have soured a family relationship and holidays may never be pleasant again. An agent of no relation is easy to cast aside, family not so much.