Replies to This Discussion

Permalink Reply by Lauren Michaels on February 22, 2012 at 9:19am

I should also note, she changed brokers as well. An entirely new broker, this close to closing. We have no idea what to do or what's going on or if we just lost the house. 

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Permalink Reply by Teresa Simon on February 22, 2012 at 6:42pm

In Washington when a broker has committed certain crimes or in the event of death etc, it can be changed.  Otherwise the listing itself stays with the originating broker even if the agent leaves and continues to work the listing.  Do you know if there has been some sort of legal issue that created this?

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Permalink Reply by Lauren Michaels on February 23, 2012 at 1:50pm

They had a "falling out", that's all the seller would tell us.  The broker/agent agreed to give up the listing, they signed all the legal documents necessary. The escrow and title companies have been alerted. They now have a new broker (a smaller company) and we have to resubmit all the paper work. Just submitted our first offer (that we made in July) all over again, waiting for the counter which is the offer we all (including the bank) agreed on. Our written approval is (or was) literally supposed to be sent any moment. If anyone has any insight on whether or not this is a 2 day, 2 week or 2 month delay it would be greatly appreciated. We are beyond disappointed. We were so close to closing this up right around the 9th month mark. Not sure we can handle any more length of time. Also, has anyone have heard of a  seller firing their broker and agent this close to closing?? It's unbelievable to me. 

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Permalink Reply by Beverly Cibulsky on February 24, 2012 at 4:02pm

Very simple, is the seller still occupying the property? Emotionally, and perhaps there was another motive involved, once the approval happened, the seller needed a reason to further delay actually going through with the short sale! Thus the "falling out". (not what they anticipated). There have been other posts with similar situations. Sounds like the original agent did a great job! (which the seller didnt expect!) It's kinda a mess! I would think, if the new broker has the "authorization" they can just step in and close. It sound like the original broker release the seller? Did second broker verify that they can now list it? Are both old and new brokers on good terms, so they may be able to both salvage something out of the transaction? Wow, alot of of questions to be answered on this one. Most important, what prompted the seller to fire the broker?

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Permalink Reply by SE Davis on February 26, 2012 at 4:37am

Get the written approval from the first contract in your posession as soon as possible without discussing new terms.

Then simply naviagate the changes to that first written approval to reflect the new closing contract terms, conditions and  consequences.

 

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Permalink Reply by Debra Savittieri on February 26, 2012 at 6:11am

Wow! What does your listing agreement state? What does the Brokers say? What is written into the 'almost' accepted purchase offer as far as which Broker does represent the seller? Seller's can and will  hold us Brokers & Realtor's accountable to be  loyal to them  and OBEY (insane)  them, and do what the heck they wish within reason. If they don't like us at any time they can throw us to the wolves sadly as it is. That's why I do not discuss 'most of what is going on' with  my short sale transaction with  the negotiation. They just don't understand and accept the fact that  sellers are not liked by the Banks--- short sellers are ALWAY pissy because their upset at themselves and the situation- therefore they will all be ready to fight anyone who will fight with them, especially those who are not HAFA or Co-op sellers and put the money they stole from the Banks in thier IRA accounts, and now want the Banks to bail them out and forgive their thievery. (my bad?) . We Realtors always have to walk on egg shells when dealing with short sellers. The worst thing that can happen 'happened to you'- you allowed the seller to throw you away after all your hard work by getting in a pissing match with them.  Your question does not really concern commission questions but...It seems like the NEW Broker has exposure to a possible arbitration of commission and if they choose to pick up where you left off- they certainly will be  headed for full responsibility of  representing the seller with no commission going to be paid to them- if they take the listing at this point of the game, in which an offer is already being negotiated- by your Brokerage. If you already negotiated the sale, then it would seem (without knowing the entire ordeal that transpired between First Broker/agent and the seller) to me that the  procuring cause for the sale and a commission would be YOU- if it goes thru  with the  terms you negotiated or with the same  buyer that made the original offer and is purchasing.. I would personally have a 3 way face to face  meeting (pow wow) with the new Listing Broker- the agent , your Broker, and the home owner, to get things resolved...then go back to the drawing table with the offer once you know who is NOW representing the interest of the Seller. YOU don't HAVE to sign anything and I wouldn't. If I no longer was appreciated by my seller, I would NOT sign a damn thing and  YOU Personally should verbally in in writing let the NEW listing Broker know you are not happy and encourage the new Broker  to HELP you continue with the work you have already done and NOT let another Realtor pick up an almost done deal. Good Luck. 

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Permalink Reply by Meli Van Natta on February 27, 2012 at 6:11am

If Chase's negotiator doesn't have a issue with it, then it can go forward from here.  However, since the terms were negotiated with the original listing agent - that agent is entitled to the commission!  Unless the split was mutual, the original listing agent could go to Arbitration over this and easily recover the commission on the sale from the new listing broker.  My recommendation for you is to go forward with whatever will get the transaction closed for your buyer, your client, and let the listing agents slug it out after closing.    

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Permalink Reply by Lauren Michaels on March 7, 2012 at 2:23pm

Thanks everyone for your help and advice on this! After 7 1/2 months we got the approval letter last night and we close in 21 days! So exciting!!! All broker fees have been negotiated and worked out due to the change. We can't believe it's finally happened. It was a bumpy, bumpy road, but we got it!! 

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