So my question is why is it that agents individually, continue to have to defend their paycheck against investor’s efforts to reduce commissions below the customary 6% and the never ending interference with a contract of which they are not a legal party to? Why is there not some sort of class action lawsuit on behalf of many thousands of agents that would have a ligament claim? Why is there not some sort of collective representation for real estate agent?
I would like to know. Recently I had the 6% total real estate fees cut to 5% with the typical ultimatum and threat to comply or the short sale would be denied. This was after 5 months with a prior offer approved in writing with an approval letter and paying the 6%. This was a bank owned short sale with Chase and no outside investors or MIP. All done by Chase and they simple said oops, sorry we made a mistake agreeing to the 6% on the first offer. We are reducing your fee to 5%.
So where is the collective effort by real estate agents to defend themselves?
Seriously can we not do better then this.
Is there any current collective efforts being made by somebody somewhere?