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Just Kate | My Realtor is robbing me, what do I do?? |
I singed a contract with a shady realtor a month ago and I want out. He won't let me out unless I pay him his commission of at least $8000. He has not shown the home at all and has not advertised it anywhere. It is a mobile home so I went through a mobile home realtor. He looked lagit and said he would get it sold right away because I priced it so low. I priced it really low ($30,000) to get some fast cash and get it out of my hair because I'm not living there and still paying rent for the land. Then I found out that he is advertiseing it for $12,000 over what I was asking. I asked him if I get more if he sells it for that price? He said "no, you still get what you asked for and I (the broker) get the $12,000 in commission". I have a friend willing to give me a little less then what I was asking for in cash tomorrow without the realtor. This contract pretty much covers him to treat me this way, without wording it in a threatining manner. What do I do??
Additional Details
This guy is the broker. The contract says his commission is AT LEAST 15%. So basicly he could sell it for $50, pocket $20 and we are only intitled to $30. This takes place in California. |
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Dawni Do Right
 |
~ Net Listing ~ Listing in which the broker's commission is the excess of the sale price over an agreed-upon (net) price to the seller; illegal in some states because it may place the broker in an unethical situation. (In California, it is not illegal)
I don't believe there is ANY agent in this world that does enough work that entitles them to a 26 - 29% commission!!! Typical would be 6 - 10% max.
First, when following the steps below, do not even mention the fact that you have a friend interested. It's mute at this point & has no bearing on this agent's unethical behavior. It only muddies the water. Keep to the facts.
Also, if he is this unethical about the type of listing & commission he is charging you, I shutter to think what he will pull if you tell him you have a buyer of your own. He could record the listing agreement against your property & it will put a cloud on your title in the event you try to sell to your buyer after you get this listing released. He'll perue any unethical means possible, whether he's entitled or not.
If this sleaze ball has a broker & by law he should, contact him first immediately. Demand to have your listing released for unethical practices from this creep & use the term "net listing". He is charging you 26% ($8,000) commission to release your listing. He is charging 28.57% ($12,000) in the hopes of securing a buyer.
If this yields nothing, call the local MLS, explain your situation & attempts to resolve this at the broker level. You may have to provide a written statement of the facts. They will sometimes release a listing, depending on the circumstances & then start disciplinary actions.
I would not bother with the Board Of Realtors unless you know that this office belongs to them. Check & see if the Realtor logo is on his business card & print ads. It is an optional membership & members subscribe to a higher standard ethics. I doubt this agent has any ethics. Note: not all real estate agents are "Realtors". This is an exclusive title you can use ONLY if you are member & agree to their code of ethics.
Top rung of the real estate food chain would be your state's Department of Real Estate Licensing. Again, stick to the facts & be prepared to back it up with written documentation.
Be swift now Grass Hopper before this crook comes up with a buyer. He has no grounds to sue for a commission until he does.
PS: In a net listing situation, he does not have your best interest at heart, only his wallet, which severly compromises his agency duties to you. http://books.google.com/books?id=qrmsoRD0eLAC&pg=PA58&lpg=PA58&dq=California+%22Net+Listing%22&source=web&ots=Ns0TJ-Mpgf&sig=x0-b43z8I-2COyocbrxVKUuGv40&hl=en |
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Real Estate Guy
|
If everything you are saying is correct, run don't walk with the states board of license and the local realtor board.
What this agent/broker is doing is called a net listing and it's against the law. |
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carol_meekins
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Contact your local real estate board and file a complaint. He can't advertise his own price. Is there a listing price on the contract you signed?
I don't know any agent that gets a 47% comission. |
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zornundox
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you need a lawyer |
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Bekar
|
i agree you need a lawyer |
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whatevit
 |
First some body is lying: The sale of the property has to
have a stated price. The Realtor is paid a percentage of
the sale. Read the contract again and see what the
percentage is.
The Realtor is in breach of contract if they are not selling the
property. If you get a buyer, and the Realtor's actions cause
a no sale - you can counter suite for breach of contract with
damages.
It is in the interest of the Sales professional to list a price that
is high enough to get the price the seller is willing to sell for.
Unless you sell it directly to the realtor, the price paid is
paid to you. It is worth the time to read the fine print.
If all goes wrong, you should take the property off the market
and rent it or move into it. |
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VegasRealtor
|
Wow! I don't like hearing stories like this. There are so many honest and ethical Realtors out there, and people like the agent you described make it that much more difficult to earn the public's trust.
1st read your contract carefully. If the agent is doing anything other than what the contract specifies, you'll want to file several complaints.
Look at the agents business card...does it say "Realtor" on it? If so, you'll want to contact your local board of Realtors to begin the complaint process.
Also, look at your paperwork. Make sure he has given you a form called "duties owed". If he has not given you this form, be sure to include that fact in your complaint.
You can also file a complaint with your states licensing division.
Lastly, talking with the agent about these complaints you plan on filing may change his mind about how he treats you.
...I feel like I also have mention: If in fact after reading the contract you realize the agent is following the contract, you should simply have an honest conversation with him. Suggest paying the "listing" side of the commission and allowing you to save the "buyers broker" commission since you've found the buyer. |
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Waqar
|
Contact the DRE, as a Realtor I can tell you that this is unethical. |
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chatsplas
 |
READ your listing contract carefully. SEND realtor written notice, short, businesslike, cancelling your listing agreement. Tell him his services have been unsatisfactory and not what you agreed upon. Don't go into detail. If he has broker, send cc to broker. Send it to him, certified mail, and first class mail, and copy the local board of realtors. See how he reacts to this before you do anything else. |
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!!!
|
If you want out of the deal then talk to the realtor's broker and explain everything to him and that you want out.
Remember you signed a Listing Agreement with the realtor which legal and binding on both parties but it can be terminated. You have to lean on the realtor's broker. |
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jjdriskel
 |
Find a real estate attorney have have them go over your listing agreement. Most will give you a free one hour consult. or they may charge you a small fee, but it honestly sounds like it would be worth the cost.
Also, find out through your state if this guy is a true licensed BROKER. If he's not, but only has his sales associates license, then you need to go to his broker and tell him what is going on. If the guy is a truely a broker, then you may want to contact the board of Realtors in your area and file a complaint.
This guy is giving those of us who follow our code of ethics to a T, a very bad name. If you want, e-mail me his info, including what state and county your in and I can see if I can help you do some digging. driskelrealtor@yahoo.com
Good luck! |
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brandon m
 |
what he is doing is super illegal.I believe its called a net listing. The wording of laws does very greatly from state to state but to the best i believe this practice is outlawed in all fifty states, and even in areas where its not specifically stated to be illegal it is still most certaintly unethical. And if you request that he not do that he is required to follow your instruction. otherwise he is in breach of contract. and as far as your friend goes, they can buy it. the contract should only state that he is the only realtor* who can. You keep the right to sell it on your own as a for sale by owner |
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IN_Houston
 |
Did you think he was actually working for you...i know, you hired him to work for you and hes helping you pay the max amount for your home. I'm going through the same thing... realtors work for commission. Texas has a real estate commission. I would search the internet for the real estate commission in your state and file a complaint. You may not get anything from it, but he could lose his license depending on your states laws. Um, 12k in commission on a 30k home. No, it does not work that way. He can only get what is required by law, in Texas the sellers realtor gets 6% and half that goes to the buyers agent. You need to tell him you are reporting him to the real estate commission for the state and that he should consider himself fired! You (depending on the laws of your state) can fire him, you probably signed a paper stating you would promise to use him until whatever date but if he is breaking the law ask the commission if that entitles you to void the contract and use someone else. Either way contact your states governing body over real estate agents and talk to them. they will help! Print off the advertised listing, keep all emails, note all calls and what is said (use email as much as possible) get the contract together and file your complaint. Don't feel bad about it, for every one person who files a complaint there are probably thousands more that don't know they can, don't know how and are mad as hell but don't know they have options. If you have been wronged by a realtor, report them, if not for you then for the thousands of others who wanted to but didn't know they could.
I just found this web site, it's worth looking at.
http://www.usdoj.gov/atr/public/real_estate/states.htm |
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kckid2
|
I think you better read the words of your contract. If the "realtor" as you call him is trying to sell it for $12,000, well, he can only do that if the contract permits.
I agree it sound pretty shady. But, I don't what you agreed to, and that tells so much about whether you have a complaint.
It sure sounds like you should buy some face time with an attorney |
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