It seems that at the end of every Real Estate Agent's career he/she could honestly write a novel. I've been in this crazy business for over 8 years now and I am still, constantly surprised by other agents, my clients, brokers, you name it! This past month has held a lot of firsts for me and it's just to the point you have to just laugh, handle it and move on. So in one of my recent blogs I said that I had 2 agents send me offers from their clients, the seller. Well, I only explained one outcome and didn't touch on the other because trust me, it deserves a blog of its own.
I showed a beautiful custom home in North Plano a couple of months ago that's priced at $1,000,000 - about $150,000 overpriced. Long story short, my clients made an offer based on the comps (the facts) and, well, the seller is completely unrealistic and it didn't work out.
Last week the listing agent emailed me with a subject line of, "COUNTER CONTRACT: $875,000." I was out showing and saw this come through my Blackberry and, as I'm sure you can imagine, I was ecstatic! As soon as I finished with my clients I went back to the office to look over the contract and, to my disbelief, the seller gave my clients everything they wanted; she even replaced a few windows, installed sconces in the formal dining room, and offered to pay for the Title Policy and Survey. I couldn't believe it until I reached the last page where it reads "Listing Broker to pay Selling Broker ZERO percent." WHAT!??? You have GOT to be kidding me!! If the saying "if it's too good to be true, it usually is" was ever appropriately stated, it's here!
I could not believe an agent actually had the nerve to ask me, the buyer's agent, to not take a commission. Not only can she not do this, my clients would NEVER agree to these terms. They are long-time friends of the lead agent on my team and we have been working with them for over 2 years.
I reminded this agent that my clients only like the home but don't love it and they only want to move but don't have to. I spoke to my clients and they said absolutely not; they would never do that to us. But here's the kicker, legally the seller cannot negotiate commissions with the buyer. Commissions are never to be negotiated in the contract to sell, they are negotiated between the seller and the listing agent at the time of listing and they agreed on 6% commission with 3% to be paid to the buyer's agent. My contract is not with the seller, it's with the MLS and in MLS, the listing agent listed 3%. So, in actuality, if the commission is dropped to 3% instead of 6, it is the listing agent who will not get paid.
I can honestly say this industry never ceases to amaze me. I come across something astonishing and new almost every single day but it's what makes this business interesting. So all you can do is take it as it comes and roll with it; otherwise you'll stress out and have a heart attack.