Has anyone been in a situation. Where you were managing a property that was occupied by a tenant. The property was forclosed and the tenant was interested in purchasing the property. I had previously submitted an offer for the tenant and the bank rejected that offer. Well the tenant has bank accounts with the bank that owns the property. So the tenant decided to go to the local bank and pursure the purchase of the property thru the local bank. So I got a call yesterday from the Asset Manager stating that the bank has decided to accept an offer from the tenant for $35000 more than my original offer from back in April and for me to go ahead and submit that offer and that I would only receive 1% commission. Where originally if I presented a buyer I would have gotten the full 5%. Does anyone have any advice on what to do inthis situation?

I have never seen it but it does not surprise me. We have one customer who can take off 1% from the sale side if we double side it. They do not always do it but they can.

Do you have anything signed and in writing saying that the seller will pay you that commission?