Where is my 20%?
Hello all! I have an interesting situation and would like some input on this issue.
I just recently had some very close friends move here to Colorado. They were looking to purchase some Real Estate, but it was out of my MLS and Market area. I told them they should try to meet with a Realtor from the area first, and if that didn’t work I would make the drive to help them out. I didn't even look for a referral fee! They met a realtor from the area who spent about an hour with them showing them around 5 properties. Out of those properties only one stood out, but they wanted to continue to search the market. They called me with some concerns about the Realtor they had seen the previous properties with. I asked them if they had signed anything with the other broker yet, which they responded "definitely not". At this point I searched the area and made the long journey to show them many more properties. After all the looking they fell back on the house that stood out previously. We made and offer and got the place under contract.
Throughout this deal we went through trials and tribulations. From water problems to financing problems the listing broker and I had to work very hard. After all this, we finally made it to the closing table and got the deal done. Two days after we closed I received a call from the Broker who previously showed them properties. She said that she showed them the property first and she deserves 20% for a procuring cause. At this point I said you may be entitled to this 20% but I would have to discuss it with my on staff lawyer. When I said this she became a little skittish and we ended the conversation. I asked her to send me her contact information, which she never did. Later that day, I received a call from the listing broker who is now the one being pursued for the 20%. Unfortunately, her managing broker said that they will pay her the 20% to keep a good standing relationship with the other company. I feel very bad for the listing broker who worked diligently to get this deal closed. I do not feel this first broker is really entitled to anything and is scrambling to make a little off whoever she can. Any thoughts or advice??
The Mountain Top Realtor