Listing agent changed commission rate after signed contract (buyer's agent, Realtors, agreement)
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Before executed contract, commission to buyer agent was 3% in MLS. After executed contract, commission changed to 2.5%. Wondering why the listing agent doing this??
I'm assuming you are the selling agent. Do you have a printout or anything to prove it was 3% at the time you presented the offer? Otherwise, they might be trying to get away with paying you only 2.5%, stating that is what is offered in MLS. In my MLS, there is a "history" screen that can be printed out for a listing that shows exactly when a change took place, so we could see that the "commission to coop broker" was changed (although not what the change was) on November 1st at 3:42 PM, for example. If you don't have that option, maybe your MLS could pull it up and give you something stating when the change was made.
It could be innocent, that they are just stating that any future offers will be at 2.5%,
If it were me, I'd probably start by sending an email to the agent making sure you are all on the same page, as when you made the offer, the MLS stated a 3% commission.
From my experience as a FL Realtor, the commission is set when originally listed and any reduction of commission would require approval from both the seller's and buyer's agents. I would check with you broker first as all Florida Realtors work under a broker's license/office.
I'm assuming you are the selling agent. Do you have a printout or anything to prove it was 3% at the time you presented the offer? Otherwise, they might be trying to get away with paying you only 2.5%, stating that is what is offered in MLS. In my MLS, there is a "history" screen that can be printed out for a listing that shows exactly when a change took place, so we could see that the "commission to coop broker" was changed (although not what the change was) on November 1st at 3:42 PM, for example. If you don't have that option, maybe your MLS could pull it up and give you something stating when the change was made.
It could be innocent, that they are just stating that any future offers will be at 2.5%,
If it were me, I'd probably start by sending an email to the agent making sure you are all on the same page, as when you made the offer, the MLS stated a 3% commission.
I agree with this response. I will also add that ALWAYS have a copy of the Plano before you submit any offer (our broker requires a copy as part of the contract file) and always send a copy of the Plano to the title company.
Before executed contract, commission to buyer agent was 3% in MLS. After executed contract, commission changed to 2.5%. Wondering why the listing agent doing this??
The other possibility is that the listing agreement only calls for a 5% commission instead of a 6% commission, with half to go to the selling agent -- the listing agent may have negotiated a lower commission than is typical for some reason (handling the buying and the selling for the same client, etc.) If there was a mistake entering it into the system (i.e., an assistant or office worker didn't catch that it was 2.5 instead of the usual 3.0), then they may have simply tried to correct it.
Everything will be much simpler if you have a copy of the MLS listing before it was changed.
What does the commission agreement say? In our state, we have a separate commission agreement that details commission splits, who's paying for what, etc.
I had this exact thing happen to me. The listing agent told me when I called her on it that she had a signed change from the seller reducing the commission but she hadn't gotten around to changing it in the MLS until after I presented my offer. I hung up, called her broker and, Voila, I was paid the original rate. Listing agent had to eat the difference.
Our MLS rules are strictly enforced. If the CA (Cooperating Agent) shows [u]X[u]% then that is what the listing broker must pay the CA. No questions. Even if the listing agreement was 2% and the CA says 3% the listing broker must make certain the CA gets 3%. Just da-fax mam!
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