Well, I have learned a big lesson in getting frustrated with an asset manager, whom will remain nameless!I had a condo that I had been hired to "Set for specific open house dates and times" for an auction about four months ago. I did the required three weekend sitting and answering all questions and getting the HOA information together, along with the utlities. Auction came, they sold it, I thought it was over and my 1% would soon be coming. About two days before closing I am told that the unit would not be closing and it would be going back on the market and I was awarded the listing.During this process an HOA assessment as unearthed as being past due. Work was needed on all the buildings and the 8,000 was in addition to the regular monthly dues. It was to be paid back over 2 years. I went ahead and made those notations in the MLS and then finally "quite awhile later" - YAY, I got a contract, almost full price with the seller to pay the HOA assessment and make sure there was a clear marketable title. The offer was signed, became an executed contract, everything goes to the lawyers for final closing instructions and title searches. Yes in SC we have to use lawyers!Two weeks later my asset manager calls me and tells me the bank has changed their mind, they are not willing to pay the assessment and for me to go back to the buyer and see if they still want the property without that being paid. )(@!#*)(!@*# To me, it is a legal and binding contract, but I do as I am instructed ( NEVER ARGUE WITH YOUR ASSET MANAGER) and I go to the buyer's agent and let them know about this small item and his buyer decides not to pursue the deal, seller gives them back the earnest money and all is happy (I am gritting my teeth, but hey, I do my job).THEN about two weeks later, the asset manager again contacts me and says the seller has changed their mind and they are willing to pay the assessment, and wants me to go back to the buyer and see if he still wants it under the initial terms. By that time the buyer has found another property and says no. I let the AM know and three days later I get another offer 2,000 under asking price again asking for the assessment to be paid. I get the contract Saturday morning, BUT on FRIDAY NIGHT I had received an email from the AM telling me they were pulling the listing immediately as I wasn't performing well and I needed to cooperate with the new listing agent and give them everything I had on the property and keep the utilities on in my name until they were able to get the switch done the following week.I tried to submit the offer on Saturday morning but the property was gone from the que and when I was able to get hold of the AM on Monday I was told that I would have to give that offer to the new listing agent. Well, I wasn't the buyer's agent on this one so I had to tell the other agent that I no longer had the listing and she would need to contact the new listing agent and present it to them. They got it that same day, and the unit was in pending within 2 days.I had told my AM on the day I spoke to him that I thought had a legal right to my commission as I had brought them a qualified buyer on the previous contract, they had accepted the terms and signed the paperwork. The AM told me I was wrong and that since there was never a closing with deed transfer, I was entitled to nothing and I am now on this companies bad list. He told me I needed to get the new offer to the new listing agent and see if they would work with me on a split of the commission. DUH! Do you think they did? Nope! Plus now I understand they are now bragging that they were able to sell this unit within one day using their marketing system!!!So, I guess out of my frustration I just want to forewarn all of you, PLEASE BEWARE what you say, how you say it, keep your cool, don't lose your temper and document everything no matter what company or person you are working with!! And keep getting yourself educated at least by gaining knowledge of what is going on in our industry. It is changing quickly and we all need to stay on top of it to do a Better Than Great Job!Green River will hopefully put me back in their good graces, but all I can do is continue to ask for the work but so far nothing and it has been over a month.Thanks for listening!
Sounds Like you did a good Job and you are setting back and taking it. Well I will not I have just about had it with Asset companies all together. What agent should do is unit and stop excepting there listings and stick these banks with them since they feel Realtors do not do our Jobs, Not that we have our own continuing education classes, E&O Insurance and have extra cost's and fee's running out our ears. I am finding I could make more money Slinging burgers at McDonalds then being a Realtor. and I see a lot. But as is goes there are alway's What I call these bottom feeder agents to take our place. and about the Commision you clearly where robbed with. Can Realtors when they have a signed executed contract as you did and clearly earned your commision. and know fault of you or the buyer. Could you not but what we call a builders lean on the property for the comission you earned. I am not sure but you said a excepted contract on both sides you did earn a commision. I would get it one way. Latley I have also seen several realtors in our area getting these listing's doing all the pre-marketing work out repairs, then getting listings taken giving them to other agents then not getting reimbursed. Maybe that is a way to line these banks out. STOP PAYING FOR THERE JUNK LEAVE THE BANKS HOLDING THE BAG. Without us fronting cash they are stuck.
Beth, what a frustrating dragged out situation. You handled everything the best you could and great job keeping your cool. FYI- I would have shared the commission with you.
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