Hello family

Here is the situation - I have a listing (foreclosure) and the MLS states that there is a particular feature. Long story short, the feature is not there now, I don't have a picture to prove that it was there at time listing was received, but there used to be one there (as seen in prior MLS photos).

There is now a contract and buyers want the feature. Per my BIC and the Ethics lady for our MLS, I suggested to the buyer's agent that we split the cost and buy the feature for the buyers, being that we are both responsible for verifying information.

The commission is more than worth it, but I won't be getting nearly what the other agent will get. I have even offered to pay for up to 80%, but the agent is adamant that she is not giving up a dime. I'm asking that we give up 2500 each, and she still collects a $30,000 paycheck. Note: the ethics lady said because we have not closed yet, the error sums up to a mistake and the buyers still have the option to walk.

I am looking for other solutions as to what to do. Thanks

You yada yada'ed the best part. What feature is missing and why/when? Do the buyers have a legit beef or not? Was the feature there when the offer was written? Or was the feature there in some older version of the mls? MLS is not a contract between the seller and the buyer, only an occasion to accept offers.

Put up some cheese and I'll offer a couple of crackers.

Call their bluff. If you have a saleable product there will be other buyers. You did nothing wrong and the buyer agent should have noticed the discrepancy.

I bet the other agent will pay for the whole thing rather than lose the whole commission or she will talk her buyers into taking it as is.

Every MLS sheet has this:

"Information herein deemed reliable but not guaranteed."

...and if this "feature" was not in the home at first visit and contract signing, they don't have a leg to stand on IMO.

I didn't mean to yadda yadda the best parts. The feature in question is a boat lift. None of my pictures show the lift, but prior MLS photos do. I personally think the former owners sold it.

I've decided to buy another lift. 1)The listing is overpriced and 2) I want to be able to show the management company that I can sell their listings.

I've made peace with the entire situation and at the end of the day, I know how hard I worked and that I did what was right for both sides.

To where did the previous Boat Lift decide to go ?

And who participated in taking it there ? And when ?

It didn't just float away ? . . . Or did it ?

No way. That boggles my mind the buyers would have the onions to request that based on an old mls sheet. And that they would accept it from you is even more befuddling. I know you said it was a large commission, so I understand the business angle of the decission you are making. But I would think you could have let them go and no fault to you. Yes you would have lost the commission. Who can afford that?

I know this must have been a tough call to make. No one can easily walk away from a 5 figure commission. Especially when things are tough and getting tougher.

Hoping the deal closes for you.

Where I come from the MLS sheet is not a contract. If I was the Buyers agent I would have fought not to pay anything. Once you offered to pay 80% I guess I would have chucked in, no need to loose a 30K commission on principle.

Totally agree. Oops too late!

to answer your question we need more data. (1) Is the feature Real or Personal property?. (2) Did you work up the listing data yourself or did some assistant enter it for you using an old listing for the same proeprty? (3) Any possibility the feature may have been stolen during your listing period? Possible Assumptions: If your listing is the result of copying an old listing and you cannot verify the presence of the feature even though you put it in the listing, I'd make sure your E&O Insurance was current, you may need it real soon. If the feature was present when you took the listing the Buyer's Offer and Seller's acceptance are based upon the Value of the Real Proeprty (including the missing feature) a Seller's Concession or price reduction is in Order. To ask the Buyer's Agent to assume any of the loss is uncalled for and if I were the Buyer's Agent my answer would be a flat no. Also if I were the Buyer's Agent, I would recommend to the Buyer that they ask for the Price Reduction or Concession. If the Seller would not grant the Price Reduction or Concession, I would advise my Buyer to close on the property and then file a claim against your E&O insurance.