When you don't go with the broker in the end

amother

Fri, May 23 2014, 10:15 am

JewishMommyNYC wrote:

Again, that broker was not working for you. You, as a person who isn't an expert in the real estate industry, would assume that if the seller has a broker then the broker who is showing you homes works for you- but that's wrong! There are actually laws against this and about this. That's why I mentioned the legal document called an Agency Disclosure. Brokers are very often misleading buyers into thinking they work for them. By the time you get to closing you probably figured out that the broker didn't have your best interest at hand. Many brokers have been sued because of this misrepresentation and the Agency Disclosure form was introduced in NY to help correct this problem. The latest issue is many brokers don't get this document signed by sellers and buyers. If you signed the agency disclosure, assuming you purchased in NY, then you would have discovered that the broker works for the seller- EVEN THOUGH THE SELLER HAS THEIR OWN REPRESENTATION. even if you have been looking at homes with this broker for 6 months, going to lunch together and spending hours every month together- they still work for the seller unless it's otherwise disclosed, even of the home they sell you is another brokers listing. Confusing, I know.

Next time you are buying you should hire a buyers broker!

This is how it works. Basically- every broker works for the seller unless you hire them as a BUYERS BROKER. there Is a special contract involved and if you do not have this then the broker is not working for you.

We did hire her as a buyers broker and signed the special contract. She didn't care about anything but her commission. But thanks for the explanation.

OOTBubby

Fri, May 23 2014, 10:16 am

We recently sold out home by owner. We had never listed it with an agent, but the neighborhood agents knew it and showed it to people as we had an understanding with them that if they sold it it would go through them and they'd get the commission. One agent in particular worked very hard to sell it and invested money in having photographs done, etc.

Once our by owner sale was final, we gave that broker a very substantial cash gift.

amother

Fri, May 23 2014, 10:23 am

I'm a RE Broker. Things like the OP described happen. It's part of the business. I would not expect anything under these circumstances, and I do not feel it is stealing.

Broker's do not work for the seller. How told you that? I work for a lot of buyers. True, the buyer does not pay me (usually), but I still like to find buyer's homes, even if it is not one that I have listed. Most of the times the seller's broker will co-broke and give me some commission as well.

I do work more with commercial deals than residential ones, but I want to make everyone happy: sellers, buyers, and brokers. I truly try my best to do.

Giving the broker something is extremely nice. I'm sure he/she will be very appreciative no matter what it is.

amother

Fri, May 23 2014, 2:19 pm

MY husband and I once used a female real estate agent and she invested alot of times in us but we did not end up buying through her .So we decided to giver her a present a few hundred dollars thank you present .She emailed us saying that she spoke to her professor from real estate school ...and said that according to her professor she thinks she deserves more money ....................

amother

Fri, May 23 2014, 2:39 pm

jewish mommy, im the anon amother who wrote that I hate my realtor and shes pushing us to up our offer.

She is not working for the seller but I believe shes being pushy bec a)the higher the bid the more likely we'll get the house and therefore she gets her commission and b)the more we pay for the house, the higher her commission.

I really cant stand her. every time we like a house she keeps telling us about all the other people interested in the house so we better hurry, and why this house is so great blah blah blah.
Im in ny btw.

doctorima

Fri, May 23 2014, 5:47 pm

amother wrote:

How bizarre and chutzpadik! I hope you didn't give her any more!

forever21

Fri, May 23 2014, 6:17 pm

wow that is rude!
being a realtor is like any other job thats commission based only. Someone who owns a business might not sell anything that day despite working all day. If a realtor chooses this kind of job then they have to realize that thats the way the job goes.
Effort doesnt not always equal a salary and the sooner a realtor learns this the better off theyll be! (and the less bitter!) This sense of entitilement on the realtors part is ridiculous!