-
12-25-2009, 07:18 PM #1
Renter
- Join Date
- Nov 2009
- Posts
- 2
Should I offer to pay agent even though deal fell through?
Hello,
I was in the market for a house, but was very clear that it must close before Dec. 31. This was a requirement because I was using part of the money for my down payment toward my tax bill for 2010 (I was self employed for 8 months of 2009 all of which was not taxed) and the $8000 tax credit would offset some of the money I was using. Anyway, it's Christmas Day and there is no chance for this to clear by Dec. 31.
Here's why it won't go through:
- The house is a short sale, listing agent claimed in listing that he had bank approval in hand, turns out agent did not have approval.
- The house needed a single compression valve reinstalled for plumbing to work; however, listing agent never had this repaired.
Here's what I've done:
- Paid for appraisal ($425)
- Paid for inspection ($430)
- Provided all paperwork/financing paperwork to the point where agent and loan officer said there was nothing else I could do except wait to hear more.
My agent has been very quick at moving things forward and regularly applying pressure to ensure things were done as needed. We had seen about 15 houses prior to signing a contract on this one. She provided regular updates and in a couple cases kept pressure on me to ensure home inspections were setup/done on time and even called around for an appointment with a company on short notice. Overall, I was happy with the service I received and could not complain one bit.
While I really like the house, there is no way I can afford my upcoming tax bill and get the house after Dec. 31 because I need the 8000 credit for my 2009 tax year bill.
Finally, the question I have is: should I pay the agent for their services or should I not since they're usually paid on commission?
Edit: I won't be paying the full commission, just a few hundred to cover costs if I was to pay anything.
-
12-28-2009, 08:12 PM #2
Fixer Upper
- Join Date
- Oct 2009
- Location
- Grand Rapids, MI
- Posts
- 18
Personally, I wouldn't pay unless the transaction went through. If you're looking to thank the agent for their hard work, you could just keep them in mind the next time you want to buy or sell a property. The agent should understand, and if they expect to get paid for a transaction that DIDN'T go through, then that's a character issue.
We sell land for pennies on the dollar! Check out our listings at www.landmarkhq.com/property
-
12-29-2009, 01:19 PM #3
Moderator
- Join Date
- Sep 2007
- Location
- Outer Banks
- Posts
- 1,281
Your agent should not have let you pay for an appraisal or a home inspection until you had the bank approval in hand.
They never should have put pressure on you to perform these tasks especially seeing as you had a deadline to meet. Short sales are always a gamble and most of them never go through let alone in a timely manner.
Not only should you not pay this agent you need to find another agent.Your Outer Banks real estate agent. Learn how to buy Outer Banks foreclosures.
-
12-29-2009, 01:42 PM #4
Renter
- Join Date
- Dec 2009
- Posts
- 7
If the transaction did not go through then do not pay the agent. Keep aside all the circumstances surrounding your personal situation. Forget any of that ever happened. It's much easier to move on to other properties without baggage.
1. Drop the agent
2. Forget about paying them b/c no property was purchased
-
12-29-2009, 05:52 PM #5
Condominium
- Join Date
- Nov 2009
- Location
- Mission Viejo California
- Posts
- 147
good points Greg, I have never had a buyer of mine conduct an inspection or appraisal until bank approval is in and escrow is opened.
With this aside, I wouldn't pay the agent but if he did a good job you can try to refer him a prospective clientKevin Aaronson
The Aaronson Group
Keller Williams Realty
949-388-5194
Orange County Short Sale Information
View Orange County Bank Foreclosures
Orange County Short Sale Agent



LinkBack URL
About LinkBacks






Reply With Quote
Bookmarks