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Thread: What is wrong with my broker?

  1. #1

    Default What is wrong with my broker?

    Almost 2 years ago, I put a deposit down on a new construction condo. Its not complete and my contract will expire at the end of November, enabling me to get my money back.

    My broker keeps telling me that the apartment is still a good deal and that I should wait, or telling me to purchase a larger unit in the building (some units have opened up now that other buyers have canceled their contracts).

    I have told her multiple times that I do not want to be in that apartment. In addition to the fact that it is 2 years late, its too small (I am pregnant and have had 1 kid in the time that we have been waiting) and in my opinion, no longer a good deal in today's market. I also do not trust the developer and I think they are doing a poor job on the construction.

    Can anyone explain to me why my broker (a buyer's agent) is being so insistent on me keeping it? I thought it might be about her commission, but if we get out, we can work with her again and buy something else and she would still get a commission. Is there something else going on??

  2. #2
    Crabby airline hostess - stache's Avatar
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    There's no guarantee that you would stick with the same broker, that is her big fear.

  3. #3
    Senior Swanky Peteynyc1's Avatar
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    Nobody in sales wants to lose a deal. The money is probably already spent, at least in his/her mind. Being in sales, I know the deal. Starting a new month -1 is never a good way to start. Its easier to try to save a deal u already have then find another, esp in this crappy market.

  4. #4
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    Maybe she truly believes that that is the best apartment for you -- or maybe it's a commission percentage question? many new buildings offer a 4% commission to buyer's brokers, whereas an older resale might only offer 2.5%.

    Generally buyers who like new developments tend to stick with them as a category, but maybe she figures that your eyes will now turn to a lower-commission resale unit?

    ali r.
    {downtown broker}

  5. #5

    Default

    Of course she wants your commission and she's afraid any change could compromise it. Seller's brokers dont have your interest in mind. Get out of that deal and negotiate for another apt (especially if it's still not done after 2 years!!!) ....prices are going dooowwwnnn......

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