Co-broke with Builders!

By
Real Estate Agent with CENTURY 21 Sundance Realty

I want to share my recent experience with a new home builder in the Port Orange area.  I am working with a buyer with a pre-qualified letter from a pricate lender. The builder was not offering a co-broke fee. Their model center said no way! After spending weekend after weekend with my buyer looking for homes I found some of the builder homes in the MLS. I called the agent and I was told that if we wanted to see the homes we would have to deal with her which she was with the corporate office and we would only get a co-broke fee if we dealt with her. To write a contract it would be with the Builder's contract and under their terms. I asked the realtor to send me their contract so we can review it and she refused  to send it because the buyer had to fill out another form if they were interested.  In the meantime the home the buyer was interested in, another buyer put an offer on it and it was off the market! 

So I had wasted 3 days in all this communication and we continued looking for homes every weekend. 2 weeks later I called the  model center and I was told that as of 1 week earlier they are now offering a co-broke fee. The homes are not in the MLS but they are inventory homes. Now my buyer was happy that we could go back to the subdivision that she liked and look for homes. We found out they only had 2 left.

The buyer fell in Love with one and now comes the fun part.  I am now dealing directly with builder and the model center. They do not take the FARBAR contracts. After putting down a non refundable deposit they wanted the buyer to go with their lender. Reason being thay were offering 2% closings costs to the buyer. I had adviced the builder that my buyer was already pre-approved with her lender and wanted to go with them. The agent  in the model center said they prefer their lender and the price was non-negotiable if we used an outside lender.  The price was a good deal to begin with but I figured he cannot be the only person giving us the bottom price. I asked if we could contact  the Corporate office and if I could send them a letter with the buyers terms. He was kind enough to comply but he was not too happy.  I wrote the letter, e-mailed it and I received a response the next day. They agreed to the buyers terms of using her lender, $9,000 off their asking price AND ALSO PAID MY BROKER FEE.  She did not get the closing costs incentive but she was not interested in that. She got the home she wanted.

The bottom line of this deal is I kept on finding a way to get my buyer her dream home and also for me to get paid for my services.  The Corporate office made a great choice of selling the home and not keeping it in inventory waiting for the next buyer to come along. We all know how the market is right now. The agent in the model home was thinking of only his pocket and not the bottom line. " A SALE" .  It doesn't hurt to try other options. We have not closed on this deal yet. We will close at the end of the month.  I will let you know what happens.....

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Rainer
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Todd Hueffed
Champions Real Estate Services - Everett, WA

Check out my blog on builders and my feelings......

http://activerain.com/blogsview/256948/BUILDERS-DO-YOU-HATE

Todd Hueffed

www.ThatHomeZone.com in partnership with Keller Williams North Seattle

Nov 26, 2007 05:04 AM #1
Rainer
131,907
Lysa Napolitano
Daytona Beach, FL
Joe, Well done! Can't wait for that closing to come thru for you :)
Nov 26, 2007 05:11 AM #2
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Renée Burrows
Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate - Las Vegas, NV
Las Vegas Real Estate Broker - www.urLVhome.com
I love new construction :)  They can be worse than sellers but it is better to have a "sure" contract than work on something like a short sale or foreclosure.
Nov 26, 2007 05:23 AM #3
Rainer
144,459
Gary J. Rocks
Juba Team Realty - Jefferson Township, NJ

Joe

Sounds like to me that the Realtor at the building site is shady, once your deal closes escrow and you get paid I would call the board of Realtors and the Real Estate Commission on them.

Nov 30, 2007 11:37 AM #4
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Rainer
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Joseph Endara

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