Len (and others). Go back and read the original post that started this whole thread. That is what we are discussing... not standard MLS regulations. This agent understood from the getgo what the story was on the bonus situation and it was made clear to them at the first offer.

MLS regulations are not law folks.. they are guidelines. Just like the code of ethics are just guidelines.

A little knowledge in this profession is a dangerous thing and not everything is cut and dried as some people here may seem to think. If I had access to every mls in the country I'm sure I could find dozens if not hundreds of improperly worded bonus offerings as well as agents who don't get an additional commission forms signed when their sellers state they'll pay a bonus. That is the reality of this business.

I get it and suggest that anyone who doesn't get it sit down with their broker-in-charge and give them ALL the facts on this particular case and get their opinion on the realities of the situation.

^^ MLS regulations and the Code of Ethics are not Law, but Realtors® are sworn to uphold the ethics. Being a member of the MLS (in my area) requires us to uphold the Ethics and follow the guidelines as well. Break the code, and the agent is subject to santions, suspension, fines, etc.

In my MLS, by virtue of entering a listing, its a contract between my broker and everyother member broker offering compensation if they bring a buyer. I would imaagine its the same with every MLS.

Exactly!

The other guy (hp) in this thread thinks that we can just offer compensation to cooperating brokers, then say "oops I was misleading you" and just get away with it. That money would come straight out of the listing broker's pocket.

I agree with what someone said earlier, I think commissions should never be mentioned in the contract period. But also unless there are specific terms about the bouns then you should be intitled to it. I see this a lot in our MLS, the way most sellers or "builders" get around it is buy offering a bonus and then it say with a reasonable offer. Well, who decideds if its reasonable... I think what most folks are saying is that if they get a straight up offer at full price they'll offer a bonus...the whole things stupid if you ask me. If you'd take a 10K loss then let my buyer realize it in the price, but law this is who I am looking out for anyway not me.

Bottomline is offer the bonus unconditionally to draw buyer agents in and price it right. If it's priced well enough and marketed correctly you won't need to offer a bonus.

We used to have builders offer bonuses all the time but you had to close by a certain date,have a full price offer,yada,yada,yada. So it was a bait and switch and rarely anyone would get the bonus. The builder straight up down the street offering a 4 percent co-op was outselling that development 3 to 1.

When you try to screw people word spreads quickly and it will bite you in the as$.It also says when you are doing bait and switch you can expect that seller or builder to try and screw you out of other things as well if they believe it is OK to use these tactics.

In a joint listing, my colleague and I just made an error by copying the previously expired listing; in the new listing the seller took out the microwave. Guess who will be buying a microwave? This was a careless mistake on our parts.
This is was really the question. We all make legitimate or careless mistakes that sometimes cost us!

Advertising a 10K bonus to the selling agent was not a careless mistake, it was a deliberate offer.

Well, in my area, this probably wouldn't happen. This is where the statement printed on the MLS would come into play that says "GLVAR DEEMS INFORMATION RELIABLE BUT NOT GUARANTEED". For example, you are talking about a microwave that is listed in the MLS. The MLS is not a contract between the buyer and seller, so the buyer cannot hold the seller liable for anything entered in the MLS. It is only a promise to compensate a broker a certain amount of money, not a promise of what comes with the property. At least this is how it is in my area. There are some agents here that try to hold the listing agent to an item printed in the MLS, but they usually fail.

a bonus on another mls sheet reads contracts received after xxx and before xxx with escrow closed on or before xxx. Download the attached coupon and submit with offer. Now that makes sense!

Good Grief, sounds like very few brokers here. Len hit the nail on the head.

I would like to see a copy of the listing agreement as it currently stands and as a broker I would tell this seller, former agent or not, that he should know any agreements between me and his broker, are between me and his broker.

His involvement is confined to the listing agreement, period. That's why commission info is always below the sellers signature line on the purchase agreement form.

The listing agent would be brought up on charges by me for unethical practices, basically fraud to induce offers, and I wouldn't let it go. After the first offer the listing agent knew what the seller's game plan was and yet he kept things as they were on the MLS and what was going to happen the next time.

I'm always happy to help agents that play games become ex-agent's, too many agents let crap go by because they don't want to make waves with other agents, but that type of agent just keeps crapping things up and we need as few as possible of them in the business.

That agent set the terms when he put it on the MLS and my office would get it even if the listing office had to pay the difference if the total commission didn't cover it all. When that agent put the co-op terms on the MLS and I accepted, he will pay off his bet, I don't like welchers.

What I would likely do is have a talk with my buyers, make an offer at $15k less, with normal commission, tell this is our final and best offer, and start showing other properties, this seller feels in control and last time I checked this was still a really good buyers market, let the seller keep his home and play games with the next buyers agent.

The deal is set to close next week. Luckily only a three week close. I haven't mentioned the bonus since the second offer ( which he scratched) I've watched the listing, the bonus is still in the MLS. Once it closes I plan on turning everything over to my broker. Of course I have already spoken to him about it but in no way did I want to put my deal in jeapardy. Even my buyer said we'll need to watch this guy every second if he won't pay the bonus he advertised for you, how do we know if he'll complete every thing we've asked him too.! Kind of a shame, the bonus was so large and something he obviously never intended to pay. It reflects poorly on our professionalism.

Hopefully your broker is on board to fight it? If not make him fight. I agree with your buyer client, keep an eye on the agent.

Every profession has bad agents. Sounds like you ar protecting Your client. Close the deal then fight like hell to get your bonus. Even if you gotta settle with the fool and get partial payment, it's bonus money. Bet he won't be making foolish offers in the future.

Please let us know the outcome of this. That little saying that goes "information deemed accurate but not guaranteed" goes both ways and may be used as an out. My take is you won't get anything but I'd be happy to be wrong.

I think it is a good way to get showings on your listings and then hopefully offers. I reccommend it to clients when we are having a hard time selling their property.

You are joking right???

I have no problem with any bonus that is legitimately offered. I just read one the other day on a property I showed. It said print the bonus coupon from the attachments. Bonus of 1000K for offer accepted contract before June 1 and closing by Aug1.
That kind of makes sense.
The bonus in this case just said 10K to selling agent.
That's a total come on and from my perspective with a 90% offer and a closing in 3 weeks, immediately scatched from the contract and yet the contract was immediately signed is a just a bunch of cr^p.
Again I can't even imagine someone being able to pay a 10K bonus on a 350K house, so it never really seemed believable but who is this guy ( also a realtor seller) to put it in the MLS and not have to back it up with anything.

Good news deal closes this week will keep you updated now it's between the brokers!