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Charly
LOVE!
Member since 5/05 12578 total posts
Name:
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WWYD regarding Real Estate Broker situation
This summer I put my house on the market and decided to use the same broker that found us this house 5 years ago since we really liked working with her and have kept in touch over the years. She offered us a reduced commission because we gave her referrals over the years (4.5%.)
Well over the summer, we found out that there were some "issues" with the house. According to the town our finished basement was finished without a permit, we only had 2 baths (we actually have 2.5) and we have no fireplaces (we actually have 2.)
So we let our listing expire and I had to apply for permit to legalize my finished basement, extra bath and demolish my 2 fireplaces. The cost to do this was over $1K, plus we lose "value" in the house with 2 less fireplaces and I lost several hours/days at work trying to take care of all the paperwork and nonsense on my own. OH and let's not forget the frustration and aggravation of dealing with a building inspector on a power trip. I have a reinspection next week and will hopefully have the CO and be able to go back on the market.
Anyway, everyone tells us we are CRAZY to use the same broker after they missed all of this when we bought the house. The title company said there were no violations, hence why they didn't catch it. My broker said she went to town and checked my file - well she missed the fact that the bathroom & fireplace count was wrong and the basement said finsihed no permit.
So here are my questions:
1) Would you change brokers?
or
2) Would you keep broker and negotiate a reduced commission (0.5% decrease)
or
3) or just forget it - everything is good now.
ETA: it's not a LI broker or vendor on here (I live in Putnam County )
Message edited 1/22/2011 8:45:56 AM.
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Posted 1/21/11 10:30 PM  |
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THUMPER
LIF Adolescent
Member since 5/05 509 total posts
Name:
Laurie
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Re: WWYD regarding Real Estate Broker situation
I would change brokers, she really cost you money in the long run.
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| Posted 1/21/11 11:00 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: WWYD regarding Real Estate Broker situation
I would change brokers or make the one you have now give you a 2.5% commission. She cost you money because of her mistake. I would tell her that you want to use her and would recommend her but because of her mistakes she needs to help you out. See what she says. If she skirts the issues, then I would tell her that you are not renewing with her. Frankly, I keep hearing that 3% commission is the new 4% - that is why I would demand less.
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| Posted 1/22/11 10:04 AM |
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SecretTTCer
LIF Adult
Member since 6/08 2284 total posts
Name:
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Re: WWYD regarding Real Estate Broker situation
I don't think it is your realtor's fault. Isn't it your lawyer's fault?
Message edited 1/22/2011 10:11:54 AM.
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| Posted 1/22/11 10:11 AM |
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
Name:
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Re: WWYD regarding Real Estate Broker situation
Posted by SecretTTCer
I don't think it is your realtor's fault. Isn't it your lawyer's fault?
That's what I was thinking.
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| Posted 1/22/11 2:31 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: WWYD regarding Real Estate Broker situation
Posted by Shroggie
Posted by SecretTTCer
I don't think it is your realtor's fault. Isn't it your lawyer's fault?
That's what I was thinking.
There's no lawyer at this point. however, did you purchase the house without the COs? I am assuming not, because if you did, your atty when buying the house would have totaly F'd up.
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| Posted 1/22/11 3:05 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: WWYD regarding Real Estate Broker situation
Posted by rkoenke
Posted by Shroggie
Posted by SecretTTCer
I don't think it is your realtor's fault. Isn't it your lawyer's fault?
That's what I was thinking.
There's no lawyer at this point. however, did you purchase the house without the COs? I am assuming not, because if you did, your atty when buying the house would have totaly F'd up.
I agree; it was our lawyer who caught that there was no CO for our deck (and who forced the sellers to pay for an expedited CO so we could close on time). Our realtor had no clue. I would think it's the lawyer's fault.
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| Posted 1/22/11 3:17 PM |
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Charly
LOVE!
Member since 5/05 12578 total posts
Name:
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Re: WWYD regarding Real Estate Broker situation
Posted by nov04libride
Posted by rkoenke
Posted by Shroggie
Posted by SecretTTCer
I don't think it is your realtor's fault. Isn't it your lawyer's fault?
That's what I was thinking.
There's no lawyer at this point. however, did you purchase the house without the COs? I am assuming not, because if you did, your atty when buying the house would have totaly F'd up.
I agree; it was our lawyer who caught that there was no CO for our deck (and who forced the sellers to pay for an expedited CO so we could close on time). Our realtor had no clue. I would think it's the lawyer's fault.
I bought the house without CO's, because I did NOT know I needed them. I bought what the listing said "3 bedrooms, 2.5 bath, finished basement, 2 fireplaces, etc." I trusted my broker and attorney to worry about that stuff.
When I went to sell it we found out we have a house with "3 bedrooms, 2 baths, unfinished basement with no fireplaces."
So I had to get the permit and CO's - which required we demolish the fireplaces becuase they were put in without a permit.
Message edited 1/22/2011 3:27:27 PM.
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| Posted 1/22/11 3:26 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: WWYD regarding Real Estate Broker situation
Posted by Charly
Posted by nov04libride
Posted by rkoenke
Posted by Shroggie
Posted by SecretTTCer
I don't think it is your realtor's fault. Isn't it your lawyer's fault?
That's what I was thinking.
There's no lawyer at this point. however, did you purchase the house without the COs? I am assuming not, because if you did, your atty when buying the house would have totaly F'd up.
I agree; it was our lawyer who caught that there was no CO for our deck (and who forced the sellers to pay for an expedited CO so we could close on time). Our realtor had no clue. I would think it's the lawyer's fault.
I bought the house without CO's, because I did NOT know I needed them. I bought what the listing said "3 bedrooms, 2.5 bath, finished basement, 2 fireplaces, etc." I trusted my broker and attorney to worry about that stuff.
When I went to sell it we found out we have a house with "3 bedrooms, 2 baths, unfinished basement with no fireplaces."
So I had to get the permit and CO's - which required we demolish the fireplaces becuase they were put in without a permit.
I know what you mean, but to me it's the real estate attorney who should have advised you about the issues you would have when selling without COs (even if he assumed they were legal, he should have asked for proof, KWIM?).
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| Posted 1/22/11 4:50 PM |
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jana
LIF Adult
Member since 3/06 1134 total posts
Name:
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Re: WWYD regarding Real Estate Broker situation
Get a new broker & a fresh start. Co's or not...she's ripping you off. 3% IS the new 4% and my broker, which also sold my old house & has had referrals from us throughout the years is charging us 2.5%.
Good Luck.
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| Posted 1/22/11 8:42 PM |
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SecretTTCer
LIF Adult
Member since 6/08 2284 total posts
Name:
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Re: WWYD regarding Real Estate Broker situation
I agree that 4.5% is high. I think 4% is standard for LI.
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| Posted 1/22/11 10:50 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: WWYD regarding Real Estate Broker situation
the attorney, mortgage company and the title agent were at fault
I rely on them to confirm there are c/os
mostly the attorney IMO
also the sellers agent- they are responsible for making sure the house is what they represent it as
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| Posted 1/23/11 1:36 AM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: WWYD regarding Real Estate Broker situation
honestly, even if she was the nicest person and there weren't any issue, she didn't sell your house in that time period. If you get a new agent - they will have more excitement to sell (this has been our experience)
I also think 4.5% is high.
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| Posted 1/23/11 12:07 PM |
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Charly
LOVE!
Member since 5/05 12578 total posts
Name:
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Re: WWYD regarding Real Estate Broker situation
Posted by Erica
honestly, even if she was the nicest person and there weren't any issue, she didn't sell your house in that time period.
While I normally would agree with you, I can NOT blame the agent for not selling my house. I overpriced it against their recommendations. That was my bad decision. We are underwater and couldn't go to the recommended price (and we don't want to short sale) - our situation has changed and we have more flexibility with price now.
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| Posted 1/23/11 12:11 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: WWYD regarding Real Estate Broker situation
Posted by Charly
Posted by Erica
honestly, even if she was the nicest person and there weren't any issue, she didn't sell your house in that time period.
While I normally would agree with you, I can NOT blame the agent for not selling my house. I overpriced it against their recommendations. That was my bad decision. We are underwater and couldn't go to the recommended price (and we don't want to short sale) - our situation has changed and we have more flexibility with price now.
I hear you, but we resigned once with the same REA and there was a lack of that "new to her listings" energy KWIM? Much different than when we signed with a new agent. It was like we were still in the last month of the contract, when another REA would have a little more umpf.
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| Posted 1/24/11 3:51 PM |
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mommybear
LIF Infant
Member since 1/11 296 total posts
Name:
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Re: WWYD regarding Real Estate Broker situation
As Beth said, I don't think your broker was at fault necessarily. The seller's agent and your attorney sure did not do they job though.
The seller's agent misrepresented the property. He should have checked what is clients were listing as being correct.
Your broker went along based on information given to her when she found the house. She could have "catch" the issues... maybe! But that's really not her job.
If you feel she did you wrong and did not sell your house and you have really good faith in her, then yes, change broker. Resentment will impair your trust in her and will question anything she will do. Justified or not!
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| Posted 1/24/11 4:33 PM |
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