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Started By
Message
How much to pay realtor if deal falls through?
Posted on 4/14/15 at 7:50 am
Posted on 4/14/15 at 7:50 am
I need to know how much we should pay our realtor in this scenario.
Signed contract to purchase a lot. Our realtor represented us during this process. However, the seller essentially broke the contract, and we are now having our earnest money refunded. We have also decided not to buy, but to remodel our current home instead. My question is, how much should we pay our realtor?
We didn't sign a contract with him, but it was clear upfront that he would represent us in buying the lot (getting 3% of a low six figure sales price) and then selling our current home (similar price).
Throughout the process to date, he has
1. Met with us initially to get the ball rolling.
2. Met us at two model homes.
3. Accompanied us to a meeting with the seller of the lot where we expressed the terms violated in the contract.
4. Recommended a real estate attorney and accompanied us to the meeting.
5. Corresponded with us through calls, emails, and texts throughout the process.
Overall time has been 4-5 months.
We are not legally bound to compensate him but he has spent time with us.
Signed contract to purchase a lot. Our realtor represented us during this process. However, the seller essentially broke the contract, and we are now having our earnest money refunded. We have also decided not to buy, but to remodel our current home instead. My question is, how much should we pay our realtor?
We didn't sign a contract with him, but it was clear upfront that he would represent us in buying the lot (getting 3% of a low six figure sales price) and then selling our current home (similar price).
Throughout the process to date, he has
1. Met with us initially to get the ball rolling.
2. Met us at two model homes.
3. Accompanied us to a meeting with the seller of the lot where we expressed the terms violated in the contract.
4. Recommended a real estate attorney and accompanied us to the meeting.
5. Corresponded with us through calls, emails, and texts throughout the process.
Overall time has been 4-5 months.
We are not legally bound to compensate him but he has spent time with us.
11
Posted on 4/14/15 at 7:51 am to Sigma
don't pay him anything if you're not legally bound to him
Posted on 4/14/15 at 7:58 am to dillpickleLSU
quote:
don't pay him anything if you're not legally bound to him
I agree with this, BUT if you must do something get him a gift card to a nice restaurant or something.
Posted on 4/14/15 at 8:05 am to Sigma
Would he/she have given you a discount on the commission if it would have been a very quick easy deal which lasted only a day or 2?
Agents are paid on closed deals, you have no legal, moral, or ethical obligation.
A gift card is a nice idea, but if they're professionals, they don't expect anything.
Agents are paid on closed deals, you have no legal, moral, or ethical obligation.
A gift card is a nice idea, but if they're professionals, they don't expect anything.
Posted on 4/14/15 at 8:16 am to Sigma
Don't support that scam industry if you don't have to. What a joke of a career...
Makes me sick everytime I buy a house and they get over $1,000 for literally putting some paperwork in front of my face.
Makes me sick everytime I buy a house and they get over $1,000 for literally putting some paperwork in front of my face.
Posted on 4/14/15 at 8:18 am to I Love Bama
quote:
$1,000 for literally putting some paperwork in front of my face
that's why I bought my house without a realtor. useless expense IMO
Posted on 4/14/15 at 8:24 am to Sigma
$0
That's part of the reason they are so overpriced.
Comissions need to be paid by each individual client IMO. It shouldn't go all on the seller. But then again, would a buyer actually write a check for the service the realtor provided? Hell no. It's just a legal racket. Like everything, there is a time and place for them, but there is absolutely no reason a realtor should be "needed" for the majority of transactions.
That's part of the reason they are so overpriced.
Comissions need to be paid by each individual client IMO. It shouldn't go all on the seller. But then again, would a buyer actually write a check for the service the realtor provided? Hell no. It's just a legal racket. Like everything, there is a time and place for them, but there is absolutely no reason a realtor should be "needed" for the majority of transactions.
Posted on 4/14/15 at 8:52 am to Sigma
I vote $0.
Posted on 4/14/15 at 8:54 am to iknowmorethanyou
I have to say that I agree with the 0%. If it's a continuing relationship, then send 'em a nice bottle of wine or booze and a thank you note.
Posted on 4/14/15 at 9:09 am to I Love Bama
quote:
Don't support that scam industry if you don't have to. What a joke of a career...
Tell us how you really feel.
You date a Realtor or something that cheated on you?
Posted on 4/14/15 at 9:15 am to Sigma
I like the idea of a giftcard to a nice restaurant, but in no way would I pay them $$$. Just part of their job.
Posted on 4/14/15 at 9:30 am to hungryone
quote:
If it's a continuing relationship, then send 'em a nice bottle of wine or booze and a thank you note.
I think that's the way to go, and refer friends to them if you got good service.
Posted on 4/14/15 at 9:43 am to GaryMyMan
He is not expecting anything. That's the way the business works.
Tell him you are likely to use him in the future and will recommend him to your friends.
That's all.
Tell him you are likely to use him in the future and will recommend him to your friends.
That's all.
Posted on 4/14/15 at 10:02 am to ItzMe1972
quote:
Tell him you are likely to use him in the future and will recommend him to your friends.
This. Buy him wine/liquor/gift certificate as a show of appreciation if you feel so inclined.
Posted on 4/14/15 at 10:32 am to I Love Bama
quote:
Don't support that scam industry if you don't have to. What a joke of a career...
Makes me sick everytime I buy a house and they get over $1,000 for literally putting some paperwork in front of my face.
If you choose to do the work yourself thats understandable. But I'll disagree with you that it's a joke of a career. My good friend is a realtor and the dude is constantly working. I'd argue he's the hardest working person I know. A lot of people dont have the time to scan the mls looking for the perfect home, or just need guidance through the whole process. It's much more work than just putting paperwork in front of someone.
Posted on 4/14/15 at 10:36 am to Delacroix
quote:
A lot of people dont have the time to scan the mls looking for the perfect home,
My wife is a lawyer and we already bought a house. She still has PLENTY of time to do this
Posted on 4/14/15 at 10:53 am to Sigma
quote:
I need to know how much we should pay our realtor
$0
If you hired a lawyer on contingency and lost the case, would you still cut him a check? Nope. It's part of the deal. Some deals don't close, even ones you've put a lot of time into.
If you wanted to write him a personal note thanking him for his work and assuring him that you are his first call (and first recommendation), I'd bet that would be appreciated, even without any monetary gift.
Posted on 4/14/15 at 11:28 am to Putty
Not to mention there are so many other deals that just fall in their collective laps. It all evens out in the long run for the good realtors. The bad ones need to go work at Home Depot.
Posted on 4/14/15 at 11:37 am to Sigma
Honestly don't pay him anything.
In commercial insurance I have had a deal "done" only to get rolled. I put in tons of time and at the end of the day, you eat what you kill, not what you try to kill
In commercial insurance I have had a deal "done" only to get rolled. I put in tons of time and at the end of the day, you eat what you kill, not what you try to kill
Posted on 4/14/15 at 12:13 pm to iknowmorethanyou
quote:
Not to mention there are so many other deals that just fall in their collective laps.
Yea, I'm a little ticked at how much I forked over to my agent on the sale of my house and purchase of another. Especially since I set the sales price on the sale of my house and only had her contact the contractor on the other...
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