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My Sales Rep should get credit when I flip! Hiow? - Posted by able learner
Posted by able learner on August 09, 2004 at 15:49:51:
When I assign or double close a property, my sales rep (the buyer’s broker) should get the credit for their part of the eventual end sale. I don’t understand how this works. Does my broker then represent my asignee? Will this be accepted by the eventual seller’s broker.
Thanks again in advance.
Able Learner
Re: My Sales Rep should get credit - Posted by Kristine-CA
Posted by Kristine-CA on August 09, 2004 at 19:44:34:
Able Learner: your contract stays the same. If you agreed to pay the broker then your assignee will be doing that. If you are talking about the split commission that the seller customarily pays, then at the time of closing your escrow agent/lawyer will prepare funds for both the selling agent and the buying agent.
Good question about the buyer’s representing the assignee. I honestly do not know the answer to that question. I assigned a property once but had used only the seller’s agent. She then went on to represent both the seller and my assignee in a dual representation.
Regardless, it seems to me that if you used an agent to make the offer, you don’t really have to worry that the agent will get paid. They know how to get paid. Some of them know how to get paid far better than they know how to list and sell properties.
Kristine
Re: My Sales Rep should get credit?? But . . . - Posted by able learner
Posted by able learner on August 11, 2004 at 13:43:17:
Do you mean that there will not be an equal an opposite force from the seller’s sales rep/broker to grab the entire commission?
There’s another factor. It seems that it is more likely that local RE salespeople would be more likely to volunteer to wrestle any given large tropical reptile than make a slight diversion from the absolute status quo.
Able
Re: My Sales Rep should get credit?? But . . . - Posted by Kristine-CA
Posted by Kristine-CA on August 11, 2004 at 13:48:53:
Able Learner: I’m sorry but I don’t understand your question. A typical agent listing includes an mls listing. In the case of such a listing, the seller’s broker only gets the entire commission if they bring the buyer to the deal (hence dual representation–agent for both seller and buyer). If another agent (a buyer’s agent) brings the buyer to the deal, the commission is split. There is no wrestling because it’s contractual. The commissions are typically paid out of escrow and the escrow agent has all the documentation in order to ascertain who gets paid what.
Does this help? Kristine
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