It's been 7 months, we have a verbal approval from Chase, written approval is coming in the next couple of days, the extraordinary HOA fees have been negotiated, everything is set to go and then today the seller left her listing agent over an argument and went to an entirely different agency. They sent us a whole new offer we have to sign. Does anyone know if we have to start over completely? This is so discouraging. We are almost 30 days from closing. What can we do?
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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!!
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.
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.
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.
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.