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Author Topic: 2 days before closing Buyer wants to renegotiate assigment Fee  (Read 2175 times)

Offline Randoskie

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2 days before closing Buyer wants to renegotiate assigment Fee
« on: February 04, 2015, 08:44:51 pm »
I could use some advice on this one. My buyer is a Realtor/Broker, he calls me yesterday and tells me 3 of my 8 or 9 deals in escrow are closing in 2 days. He says he was at the Title company today and was signing the papers and realized I had $50,000 in fees due me and suggested I give him a break on these assignment fees. I asked which houses are closing? 

I told him I have bird dogs and partners I have to pay out of these fees. He then tells me he just did a multi million dollar apartment deal and I was making more money than him and he was in this business to make money. He said I want these deals to keep coming and I will make it up to you on the next ones.

I told him I would mention it to my partner and see what we could do. Of course my partner on one of these deals said he was not interested in donating any of his profits. Especially to a Greedy Realtor Broker that has a big house in town and one at the beach and drives the latest luxury vehicles and were just struggling wholesalers.

This buyer/Realtor flips or wholesales these to the end buyer. He's done 15 deals for me.
I don't want to lose this guy. He buys the houses that nobody else wants.
But on the other hand, I've been paying huge marketing costs, bird dogs, and working my ass off. Shudnt he add his profit on top of the deals b4 he flips them? Or is this just a last minute greed thing? I do have his signature on all assignment agreements.
After paying my bird dogs and partners I am walking out of the Title company with 28 Frikin Thousand Dollars, and with the 12K I got a few days ago, I can somehow see where he is coming from..
What would you do?
Rando

Offline javipa

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Re: 2 days before closing Buyer wants to renegotiate assigment Fee
« Reply #1 on: February 05, 2015, 02:13:25 am »
This is an extremely dishonest and greedy tactic being used on you.

TWO DAYS before closing?  Really?  The deals were OK, until the agent discovered what you were making, and now they're NOT OK?

I could go long here, but absolutely NOT.  You should not be renegotiating your assignment fees.  You should NOT even consider negotiating.

Your income is NONE of the agent's business whatsoever.

And the agent’s suggestion that he doesn’t make that much, so you shouldn’t, is laughable. 

Maybe he should consider going into wholesaling.

And the promise of ‘making it up to you’ if  you take it in the butt this time, is also just laughable. 

Otherwise, this is like Wimpy saying "I'll be happy to pay you Tuesday, for a hamburger today."  Sure, bud.

I would ask, what the agent has risked in the transaction to justify asking for half your income?

Otherwise, the agent can spend years and thousands of his own dollars building a pipeline of deals, instead of trying to ride your coattails, and assume your profits.

Meantime, buyers are a dime a dozen.  Deals are NOT.

Notwithstanding, you've got bills to pay, and the greedy, character-challenged, agent isn't entitled to any of your income.

Finally, PFFFT !

"149 Ways (Plus One) To Find Motivated Sellers..!"  -Free Report-
>>> Click: http://sub2marketdomination.com/how-to-find-motivated-sellers-2/

Offline cruiz

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Re: 2 days before closing Buyer wants to renegotiate assigment Fee
« Reply #2 on: February 06, 2015, 09:45:40 pm »
Javipa couldn't of said it better.

Just a tactic.

I'd tell him you have another buyer ready to pull the trigger if he isn't.

did he put up a non refundable deposit? cause if he did he isn't going anywhere.
The Most Affordable Yellow Letter Service Around >>>YellowLetterHQ<<<

Offline Randoskie

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Re: 2 days before closing Buyer wants to renegotiate assigment Fee
« Reply #3 on: February 07, 2015, 12:26:59 am »
Only one of the deals closed today, it was the big one for 15K And I just waltzed into the Title company and grabbed my check. I never got back to my greedy buyer with an answer, and I suppose that's an answer in itself. I hate to lose this guy, he's the main reason I've made a killing in the last year. I come across these deals that nobody else wants, but he finds a buyer. The deals take longer to close but so far every one has closed, even a few that I thought wud never close. And he's only once negotiated, he takes them at the price I ask.
So I don't want to lose him, and I'm sure he don't want to lose me. The 10K deal and the 5K deal shud close without any interference from him, after all he signed the contract that spelled out exactly how much I'm getting. And there's 5 more in escrow and I'm working on more I'm sure he'll want.
But, I am getting calls from other buyers.
Haha, I'm gonna tell him I'll make it up to him on the next ones.

 




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