I accepted a transaction 100 days ago on a new construction home.Upon speaking with the builder we agreed to accept 5% under what was our anticipated sales price,because we were told by the selling agent that the purchaser needed and would close quickly. The house was ready and should have closed by the end of 2007.60 days later and 2 additional mortgage extensions I finally received a commitment. I am now contending with a seller wanting to renegotiate our fee. He expressed that he incurred 2 additional months of carrying charges and that each side should trim their commission.The selling agent has been very laxed and I have done the work for both sides .How would you handle the cooperating office?
Prudential Patterson Realtors - Florissant, MO
GRI
Ron,
It always amazes me when sellers want us to trim the commission due to things that are outside of our control. We get paid based on the agreed sale price at closing. The seller didn't have to agree to extensions. If they agreed to the extension, you should still get paid the same. If the situation had been reversed and the home was not ready on schedule, would he have paid you more? If the deal falls through and he pays no commission, how much more expense will he incur waiting for the next buyer that might not be willing to pay even 5% under anticipated sale price?
Feb 13, 2008 07:26 AM
American Homes of S.I. - Staten Island, NY
Thank you for your input Mike. I agree ,we work hard for each and every customer and client.Unfortunately they don't always appreciate our efforts and expertise.
Feb 13, 2008 08:10 AM
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA
Ron you did your job and you should get paid for it. Renegotiating the fee in this case is the seller's way of making up for his loss. You shouldn't be penalized for something beyond your control. Hold your ground. Good luck.
Feb 13, 2008 11:48 AM
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