Submitted by Puzzleheaded-Bug7189 t3_y420ls in news
Weak-Rip-8650 t1_isdvh8y wrote
Reply to comment by [deleted] in Real Estate Agents Caught on Camera Facilitating Mortgage Fraud for a Fee by Puzzleheaded-Bug7189
Yeah I think the "agreement" you thought you had is totally different from the one he thought you had. You keep saying that he "agreed" to something, but yet can't even specify what was agreed. Now you're saying he "tricked" you into signing something, lol.
Im pretty sure I can guess what he told you, you saw that his commission was 6% and you asked "so then what about the buyers agents commission" and he told you that the 6% was split between the buyer and seller's agent. You in your infinite wisdom thought that meant that if the buyer didn't have an agent, there was no buyers agent commission, even though your agreement that you signed specifically said the commission was 6%.
This is not deceptive, what he does is forfeit 3% of his commission to the buyers agent in exchange for them bringing a buyer. If you want altered commission rates based on whether he's a dual agent or whether the buyer doesn't have an agent, it's on you to negotiate different rates. I can tell you that making sure a deal closes when the buyer in particular does not have an agent is NOT an easy task. There are so many things with financing that can get fucked up, and so many times a buyer will get cold feet after an inspection without an agent to tell them that an inspection saying that 50 year old hardwood floors "need refinishing" is entirely common and nothing to be alarmed about, that you definitely want a dual agency as opposed to none.
Also, if your agent is a dual agent, their sole goal is making sure the deal gets done, which is exactly what you want. So many agents will tell the buyer sweet nothings all day to get a dual agency deal done where buyers agents might tell them it's time to back out. Dual agency is almost always better for the SELLER not the buyer.
You are the scumbag. Sorry to break it to you.
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