Would it not make more sense, since the buyer broker now must have a contract with the buyer spelling out what the buyer will owe them, to have the buyer negotiate for concessions from the seller to pay some or all of the buyer's closing costs, which now would include their buyer broker as well as their lender, title company, and pre-paids, etc., if the buyer needed help paying those costs? It would be no different than what is often done now except there is one more cost for the buyer to cover or negotiate for the seller to cover. What we have now is a half measure, neither fish nor fowl.
Hey Jeff, if you are a Washington REALTORS member, please direct your questions to Annie at our Legal Hotline here: www.warealtor.org/membership/for-members/legal-hotline. Thanks!
I’m in contract and I put 2.5 in a but left the portion b blank. Now the agent is saying if the buyer doesn’t waive financing then the seller will not pay the commission. Is there anything I can do?
Was that already in the contract saying they had the right to do that? I'm assuming option 2. a) was selected on the 21? Has the 'Notice to perform' time expired? Seller would be entitled to ask them to waive financing after that time allotment assuming this option was checked but of course your buyer doesnt have to if their ok walking away from the sale potentially. They can't force the buyer to waive anything and they can't change the compensation terms of an already signed contract without both parties coming to an aggreement first. You can call them on their bluff/threat and not waive finanacing but if the seller doesnt serve you with a notice of termination within 3 days of serving notice to perform then it assumed the sale proceeds. Absolutely confirm this with your managing broker first.
Hi Jen! If you are a Washington REALTORS member, please direct your questions to Annie at our Legal Hotline here: www.warealtor.org/membership/for-members/legal-hotline. Thank you!
Hey there! If you are a Washington REALTORS member, please direct your questions to Annie at our Legal Hotline here: www.warealtor.org/membership/for-members/legal-hotline. Thank you!
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Ok, First person that has the pratical answer as to how this is working. Thank you
Thanks Annie! You are awesome...as always'
THANK YOU FOR YOUR GREAT GUIDANCE, ANNIE!
Thank you Annie!
Thank you!
Amazing as always, Annie!
Would it not make more sense, since the buyer broker now must have a contract with the buyer spelling out what the buyer will owe them, to have the buyer negotiate for concessions from the seller to pay some or all of the buyer's closing costs, which now would include their buyer broker as well as their lender, title company, and pre-paids, etc., if the buyer needed help paying those costs? It would be no different than what is often done now except there is one more cost for the buyer to cover or negotiate for the seller to cover. What we have now is a half measure, neither fish nor fowl.
Hey Jeff, if you are a Washington REALTORS member, please direct your questions to Annie at our Legal Hotline here: www.warealtor.org/membership/for-members/legal-hotline. Thanks!
I’m in contract and I put 2.5 in a but left the portion b blank. Now the agent is saying if the buyer doesn’t waive financing then the seller will not pay the commission. Is there anything I can do?
Was that already in the contract saying they had the right to do that? I'm assuming option 2. a) was selected on the 21? Has the 'Notice to perform' time expired? Seller would be entitled to ask them to waive financing after that time allotment assuming this option was checked but of course your buyer doesnt have to if their ok walking away from the sale potentially. They can't force the buyer to waive anything and they can't change the compensation terms of an already signed contract without both parties coming to an aggreement first. You can call them on their bluff/threat and not waive finanacing but if the seller doesnt serve you with a notice of termination within 3 days of serving notice to perform then it assumed the sale proceeds. Absolutely confirm this with your managing broker first.
Hi Jen! If you are a Washington REALTORS member, please direct your questions to Annie at our Legal Hotline here: www.warealtor.org/membership/for-members/legal-hotline. Thank you!
How or where can a seller offer compensation? I thought that was gone with the new laws.
Hey there! If you are a Washington REALTORS member, please direct your questions to Annie at our Legal Hotline here: www.warealtor.org/membership/for-members/legal-hotline. Thank you!