Terrace Sotheby's International Realty

Review: An agent at [redacted] Realty accepted an offer reducing the sale price of the home without my consent. When this was brought to my attention in an email from the buyers I immediately contacted the agent to dispute the unauthorized deduction.

The agent attempted to convince me that the initial offer was lower than I believed, but ultimately admitted that I was right.the agent became unresponsive so I contacted the [redacted] who assured me he would investigate . I left numerous messages and sent several emails, but he was unresponsive .The agent finally sent me an email explaining her side of the situation. I replied that I was not satisfied with the explanation and requested an appointment with [redacted] Realty. The [redacted] and agent have remained unresponsive to my request to meet and further discuss the situation.Desired Settlement: Additional $ 5,000 commission reduction bringing total commission owed to $14,200.

Business

Response:

RE: Complaint ID#[redacted]

Please see below what we consider to be an accurate, well documented explanation of the circumstances relating to the complaint filed in December 2013 against our office by [redacted].

On Sept *, 2013 [redacted] signed a listing agreement with our company, [redacted]’s International Realty to market her property at [redacted]. The commission amount stipulated in the agreement that was signed by [redacted] was 3% in the event that we brought about a sale of the property. A commission rate of 3% is well below an average commission rate for the sale of a property, but was granted as a courtesy because of a long standing relationship between our office and the family of the property owner.

On Oct **, 2013 we received an offer of $890,000 on the property belonging to [redacted]. This offer was presented as subject to an engineering inspection of the home. On Oct **, 2013 following receipt of the engineering report, our sales agent, [redacted], received an email from the prospective purchaser reducing their offer to 870,000 as a result of engineering issues raised in the report as well as because of a certificate of occupancy problem regarding the garage and despite our attempts in numerous phone conversations and in over 25 emails during this period to bring the parties together at a mutually satisfactory price, the prospective buyer was unwilling to raise their offer above the $870,000 figure. Despite the fact that we had already offered a reduced commission rate when we accepted the listing, in order to expedite the sale we agreed to a further $7500 adjustment off the 3% commission leaving the commission for the sale at approximately 2.44%, half w hat might be considered a reasonable commission rate in the area. In doing so this effectively raised the sale price [redacted] would receive to $877,500. All details of the offer including the sale price of $870,000 were clearly spelled out in the Sale Data Sheet which we sent to the attorney for the seller and which the attorney assumedly reviewed with his client. In consultation with her lawyer, on Dec. *, 2013 [redacted] signed the contract that reflected a sale price of $870,000. In no way was she legally or otherwise forced to sign that contract either by circumstances or by any pressure from us.

Much time was spent both by the sales agent handling the sale and by [redacted], as [redacted] and broker, throughout the listing and in final stages before the signing of the contract consulting with [redacted]. [redacted], particularly because of his relationship with [redacted]’s family, personally devoted a great deal of time in long telephone conversations discussing details of the listing, as well as the circumstances of the final offers as they were made. The sales agent, [redacted] also was very attentive in her communications with the seller. However, after numerous phone conversations between [redacted] and both [redacted] and [redacted], it became apparent that, despite our agreement to reduce our commission $7,500 below the 3% price stipulated in the signed listing agreement, [redacted]’s only satisfaction would be an additional $5,000 reduction which would result in an effective commission rate of 1.6%. We consider this expectation unreason able and given the costs of brokering the sale, impossible to satisfy.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

The response from [redacted]'s International Realty does not accurately address my complaint regarding the unauthorized price reduction nor does it accurately reflect the timeline of events that transpired between the business, the prospective buyers and me the seller. As a matter of fact the author includes inaccurate information in paragraph 3 regarding the events of October **, 2013 which I specifically detail in the below timeline.

The rebuttal provided by the business focuses on commission issues not pertinent to my original complaint, I did confer with [redacted] during the sales process, however he was completely unresponsive following our telephone conversation on 12/*/13 regarding my dispute of 11/**013

I have accurate records of communications in this matter which will be provided upon request.

TIMELINE OF EVENTS

10/**/13 - A verbal offer of $890.000 was delivered by [redacted] from the buyers and verbally accepted by me, the seller.

10/**/13 - [redacted] communicated to me that the buyers requested another showing of the home and access was granted 10/**/13.

10/**/13 - Home Inspection

10/**/13 - [redacted] emails prospective buyers inquiring about the engineering report. They respond that they are in receipt and require a few days to review.

10/**/13 - Prospective buyers email to [redacted] a list of demands ( not soley based on the engineers report) and a revised offer of $870.000. Via telephone I declined the offer. [redacted] proposed and I agreed that she bring her contractor to our home to review buyer concerns and offer an estimate for work to be completed.

>This event was inaccurately reported by [redacted] Realty in paragraph 3 as having occurred on 10/**/13 and simultaneously with events occurring between 11/*-11/**/13.

10/** - 11/*/13 - A proposal of repairs to be completed by a licensed contractor and paid by me in the amount of $2,500 is presented to the prospective buyers by [redacted], via email.

They decline and I don't offer further concessions.

11/*/13 - [redacted] via telephone proposes to me that I reduce my sale profit by $5,000 and [redacted] reduces their commission by the same giving the prospective buyer a $10,000 price reduction. I agree and she communicates with the prospective buyers .

11/*/13 - I was unaware of what transpired on this date until 12/*/13 when emails were provided to me by the prospective buyers.

*The buyer at 9:15 rejects the above 11/** proposal and makes an offer of $775.00.

*At 3:09 pm [redacted] without my knowledge or consent responds via email, " You have the deal", hence bringing the sales price to $875.000. All negotiations to follow are now based on $880.000 sale price to my knowledge and $775.000 price to the knowledge of the prospective buyers.

11/* - 11/**/13 - The prospective buyers ask for further price reductions questioning the origin of a sun-deck and backyard including existing backyard / basement entrance improvements.

I independently seek and pay to obtain an original home survey documenting the existence of a sun-deck in the original house plan. The buyers accept the original survey report, but continue to dispute the afore mentioned requesting a price reduction. [redacted] suggests that I take a $2,500 profit reduction and [redacted] a Realty a $2,500 commission reduction totaling $5,000 to the benefit of the prospective buyer. All parties agree and move toward a contract.

>These events were inaccurately reported by [redacted] Realty to have occurred on 10/**/13.

12/*/13 - [redacted] informs me that she is going to the office of the buyer's attorney to pick up the signed contract then bringing it to my attorney. I asked the price listed by the buyers attorney on the contract, she responds $870,000 and this is where the price discrepancy is revealed. [redacted] states the agreed upon reductions based upon an incorrect $875.000 starting offer. She concedes and sends an email to the prospective buyers stating that there has been a price discrepancy sparking off a series of emails from the buyer to [redacted]. Their response to her is detailed providing a timeline of events including the email dated 11/*/13 where the agent without my authorization accepted the offer of $875,000. The buyers emailed me directly and included afore mentioned correspondences.

[redacted] Outreach Attempts To:

> 12/*/13 - [redacted] via email, no response.

> 12/*/13 - [redacted] via email, no response

> 12/*/13 - [redacted] via telephone. Contact established and dispute reported. He stated that he would investigate and get back to me later that day. He did not.

> 12/*/13 - [redacted] via email, no response.

> 12/*/13 - [redacted] via email, [redacted] responds.

> 12/*/13 - [redacted] via email request for a meeting, no response.

Additional telephone outreach attempts were made to both ** and [redacted], between

12/**/13 -12/**/13 requesting assistance in this matter.

In conclusion I waited patiently to hear back from [redacted]'s, but I did not, so on 12/**/13 I reported my dispute to the [redacted]. I have made every effort in my account to be precise and to detail only events that are accurate and that can be verified.

In order for the Revdex.com to appropriately process your response, you MUST answer the question above.

Sincerely,

Consumer

Response:

Please be advised that the above complaint was resolved in late February of 2014. Following the resolution I called the the Revdex.com and informed a representative that the matter was resolved to my satisfaction, however I was just alerted that the complaint continues to appear as open.

Could a representative of the Revdex.com be so kind as to update the system to indicate that the matter was resolved ? Please feel free to contact me if you require any additional information.