The Texan wrote: We had our agent add a 1% cash bonus to the selling agent. This makes it based on the sales price and an incentive for the selling agent to get the best offer he feels the buyer will make. However, ours didn't sell due to an extremely high inventory of both new and used homes in our county, so we have taken it off the market for awhile. Will put it back on, probably after the 1st of the year, if the market starts to improve, as we do not have to sell and we won't give it away.
Whoa, isn't that illegal?
I would not be happy if I were a buyer and I found out that the seller was bribing someone who by contract was supposed to be looking out for my best interest (I believe it's called fiduciary responsibility).
Nope, perfectly legal, as long as it is in the open and part of the listing.
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Also, as long as it is disclosed to the buyer / client by their agt. If the buyer is getting a deal they are happy with, they won't see it as a problem.
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sfprop wrote: Also, as long as it is disclosed to the buyer / client by their agt. If the buyer is getting a deal they are happy with, they won't see it as a problem.
Don't know about all states but here you are under no legal obligation to verbally upfront disclose the commissions when showing a home to the buyer.
And actually if more buyers paid attention commissions and cash bonus' are listed right in full view in the listing for all to see.
And if one is a savy buyer and/or seller the commission figures can be reduced to close a deal.
And to the poster that called it a cash bonue a 'bribe'
Commissions are paid on all real estate deals the seller is paying the commissions and bonus'. It has nothing to do with the buyer's finances.
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We have officially CLOSED ESCROW and my bank account has a boat load of money in it. It took a loooooong time to sell along with a 3 month escrow due to an incompetent buyers agent, but I am so happy it is SOLD.
We are way too young to go fulltiming, but it gives us such financial freedom to do anything we want. Now we have to wait to see what happens with my husbands interview next week. Wish him luck because that means we are out of LA.
Jcghill wrote: We have officially CLOSED ESCROW and my bank account has a boat load of money in it. It took a loooooong time to sell along with a 3 month escrow due to an incompetent buyers agent, but I am so happy it is SOLD.
We are way too young to go fulltiming, but it gives us such financial freedom to do anything we want. Now we have to wait to see what happens with my husbands interview next week. Wish him luck because that means we are out of LA.
Congratulations!! May I ask how long it was on the market?
Good Luck on the interview!
Shirley
Ron & Shirley
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The Texan wrote: We had our agent add a 1% cash bonus to the selling agent. This makes it based on the sales price and an incentive for the selling agent to get the best offer he feels the buyer will make. However, ours didn't sell due to an extremely high inventory of both new and used homes in our county, so we have taken it off the market for awhile. Will put it back on, probably after the 1st of the year, if the market starts to improve, as we do not have to sell and we won't give it away.
Whoa, isn't that illegal?
I would not be happy if I were a buyer and I found out that the seller was bribing someone who by contract was supposed to be looking out for my best interest (I believe it's called fiduciary responsibility).
Nope, perfectly legal, as long as it is in the open and part of the listing.
The Texas real estate commission doesnt regulate commissions. The listing broker collects the commission according to the listing agreement and there is a paragraph in the sales contract that specifies the amount of any commission, usually a %, that is to be dispersed to the co-broker. This paragraph informs a buyer what the buyer's broker is going to earn at contract signing, and then at closing, it appears on the settlement statement as actually being paid to the buyer's broker.
I have seen listings where the listing broker was charging a 6% commission, and giving the buyer's broker 4%, so its not necessarily the seller doing the incentive. The buyer should be concentrating on the net selling price and the other factors in the transaction, rather than how much commission is being paid by the seller.
* This post was
edited 08/29/08 08:56pm by Rick & Cheryl *
Jcghill wrote: We have officially CLOSED ESCROW and my bank account has a boat load of money in it. It took a loooooong time to sell along with a 3 month escrow due to an incompetent buyers agent, but I am so happy it is SOLD.
We are way too young to go fulltiming, but it gives us such financial freedom to do anything we want. Now we have to wait to see what happens with my husbands interview next week. Wish him luck because that means we are out of LA.
Good luck to your hubby and Congrats on the sale!
Woodstick and Queen of the North
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Patsy does all the posting.
Lets bump this back up to the top.
Anyone having any action on the selling of the house?
We have had 3 calls and one showing in 55 days. The "showing" really doesn't count as they stopped by for a flyer.. didn't know the price... and I drug them out of the car and through the house.
Well almost.
I am just so anxious to "get this show on the road".
Anyone have any good news to share?? As in a contract or even showings??
BTW I will be burying the Saint in the yard in a couple of days.
Yes, as of today ours is going into escrow We took a loss, but you know what? we will be out from under it
We bought this house for MIL to live in so she would not be homeless. We certainly would never live in it...ever.... so now some other kindly old lady will have a nice house to call home.
It showed only once in 6 weeks and this is the lady who wants it No saint was involved unless you call our REA a saint, which I am willing to do
Dianne
Donnelly, ID
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No saint was involved 
