Seller Wants to Pay Buyer's Agents What They're Worth
Nothing. That's what they're worth, if not less.
I am in the midst of the never ending transaction. When my client, the owner of a rental property said she was ready to sell, I suggested she ask the tenants if they were interested in buying.
The parents of the tenants pay the rent and they said they wanted to buy the property. Terrific! They said they'd speak with their agents (husband/wife team) for comps, etc. They wrote an offer and after a tiny counter offer, we had a contract.
The seller wanted a 30 day escrow and for all contingencies be removed in 17 days. The buyer's agents said they've always found that to be difficult. Buyers meet those timelines all the time. Why do the buyer's agents think it's so hard?
Incompetence. A total lack of respect for the agreed upon terms of the contract.
- The earnest money deposit arrived on Day 6
- Buyer ignored wire instructions and deposited EMD, bank had to track down the funds
- At Day 17, I was informed the buyer wanted his daughters on the loan
- Lender wanted a new contract, said escrow amendment was not acceptable
- Buyers wanted to extend contingency removal and COE date
- Buyers made it difficult to arrange appraisal and pest inspection
- So much more
The seller and father of the tenants have had a very cordial relationship throughout the tenancy. They worked well together. Because of this, the seller did not want to use the tools available to keep buyers in line or kick them out.
The buyer's agents are just terrible.
The lender, whom I call Kenny the Whisperer because he does not speak loud enough for anyone outside of the Bionic Woman to hear, isn't any better.
The seller decided to let it ride. She doesn't blame the buyers so much as the buyer's agents for not honoring the contract. The buyer's agents have received the message that anything will be tolerated and they've acted accordingly.
Things happen and sometimes delays cannot be prevented. This one appears to be deliberate and I can't figure out the benefit to the buyer's agents. In a way, I feel bad for the buyers because they think they're being properly represented. This is their first purchase in this country and they probably think this is normal.
The seller thinks the buyer's agents don't deserve to be paid, and I don't blame her.