My responsibility to a fomer broker........
Started by damier212
over 15 years ago
Posts: 124
Member since: Aug 2009
Discussion about
Merry Xmas all....you will see several postings from me as I am about to put my place back on the market and don't want to make some of the same mistakes I made the first time around. The first realization is that I abosolutely do NOT need a buyers broker in my case (not saying for all, but in my case), thru your help on these postings. Long story short, my broker to sell was/is a personal friend... [more]
Merry Xmas all....you will see several postings from me as I am about to put my place back on the market and don't want to make some of the same mistakes I made the first time around. The first realization is that I abosolutely do NOT need a buyers broker in my case (not saying for all, but in my case), thru your help on these postings. Long story short, my broker to sell was/is a personal friend (first mistake, never engage a friend in this type of transaction it got heated many times and is in a difficult spot right now.) Anway, I never promised that he would be showing me apartments to buy as I knew I could do that on my own. It wasn't talked about or written, he just assumed it . So when I found a place on my own, and told the broker (from a smallish agency) that I was looking at it "without a broker" he was more than willing to get me a discount as he said almost everything he sells he has to split the commmsission with an outside broker...(Meanwhile this was about 10 months ago). When I told my broker at the time I found this apartment and went to look at it, he WENT BALLISTIC on me saying "how dare I", he must be a listed broker on ther unit, etc. etc. and brought up our friendship of over 20 years. This is when I really started to see the "broker shark" come in, and realized he wasn't looking at my best interests, only I was! So I listed him against my better judgement with the sellers broker on that until. Subsequently, we never reached a suitable bid, the apartment is still on the market 10 months later, and I want to see it again. I am not under any contract to my former broker/friend, so do I have any legal obligation to include him in the deal?? Plus, my broker friend NEVER EVEN BOTHERED TO SEE THE APARTMENT I AM DISCUSSING HERE!!!! It's clearly obvious why my broker wanted to be involved. I am a lot less naive as I was then. Your comments are most welcome, along with any questions you may have. Again I will be posting a series of topics as I have found alot of your feedback very helpful from buyers, sellers, and brokers that truly have their clients interests at heart. Many thanks for reading. [less]
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You have the right to go back to the apartment by yourself or with another broker. You, as the buyer, can decide who you want to represent you, but it's a good idea to have a broker looking after your best interest. If you don't want to work with your friend (broker), it's probably best to explain that to him. If he was so concerned, he should have gone to see the apartment with you in the first place. Good luck!
dcourtright, that reminds me of a favorite Seinfeld episode
http://www.youtube.com/watch?v=E1OvVKAga2k
thanks for your comments dcouright....i see my best interests are not being represented by my broker other than what he can put in his pocket....It's time to start looking for a new broker.........