Seller backed out!

Oh, I am so sorry. While it is rare, it sucks when it happens. Maybe they were upside down and just couldn’t find the funds to close it.

Good luck on your search
Yes, very tough getting points for stuff and starting over. Good luck.
 
I don’t disagree there is a difference, But the point is that information needs to be accurate and saying the seller is let off the hook is not accurate.

We shouldn’t just assume that sellers who back out don’t follow through with paying the commission owed. I know I certainly would. And I venture to guess others do too.

Like I said, sellers don’t put up money due to Florida Timeshare laws...unless I have a misunderstanding of the law.
I get the point you are trying make and it is technically accurate by the words written on the paper. It is not accurate in practice. Many people have posted in the past they have had this discussion with different brokers and they do not go after sellers that back out. It’s just not worth it. So if we want to post accurate information, I think it is more helpful to advise people of what is accurate in practice and not what the contract says. The contract gives a false sense of security that both sides have “skin in the game” when that isn’t really true in practice. In reality the broker will likely just move on and not work with that seller again. I have had a seller back out on me and have personally had this conversation myself with a broker. The policy that broker had was they don’t go after sellers in breach, they just won’t work with that seller again. And this was one of the big brokers often discussed around here.

And thinking someone is just going to pay the commission out the goodness of their heart after they have already shown to not honor their commitment is kind of comical to me.

Also, I’m not a Florida Timeshare Attorney (although I am an attorney) but I did quickly peruse timeshare laws (albeit a quick skim) and I didn’t see anything in there about prohibiting a requirement for the seller to put up a deposit, which leads me to believe it is more a business decision made to compete with other resale brokers. But again, since we are worried about being accurate, I only skimmed the law quickly so I can’t say that it is actually allowed.
 
I get the point you are trying make and it is technically accurate by the words written on the paper. It is not accurate in practice. Many people have posted in the past they have had this discussion with different brokers and they do not go after sellers that back out. It’s just not worth it. So if we want to post accurate information, I think it is more helpful to advise people of what is accurate in practice and not what the contract says. The contract gives a false sense of security that both sides have “skin in the game” when that isn’t really true in practice. In reality the broker will likely just move on and not work with that seller again. I have had a seller back out on me and have personally had this conversation myself with a broker. The policy that broker had was they don’t go after sellers in breach, they just won’t work with that seller again. And this was one of the big brokers often discussed around here.

And thinking someone is just going to pay the commission out the goodness of their heart after they have already shown to not honor their commitment is kind of comical to me.

Also, I’m not a Florida Timeshare Attorney (although I am an attorney) but I did quickly peruse timeshare laws (albeit a quick skim) and I didn’t see anything in there about prohibiting a requirement for the seller to put up a deposit, which leads me to believe it is more a business decision made to compete with other resale brokers. But again, since we are worried about being accurate, I only skimmed the law quickly so I can’t say that it is actually allowed.

Why is it so hard to believe there are some sellers who are forced to back out and won’t pay commission?

Not going to derail the thread, but there are plenty of reasons that could have forced the seller to cancel, none which would involve simply changing mind and screwing over the buyer.

My response was about sellers and their responsibilities and offering others information as to what those obligations are when one sells.

If a broker chooses not to hold a seller responsible, that is on the broker
 

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I apologize if I had caused any confusion. The point I was really trying to make is that if the buyer backs out, the seller & broker both get compensated. However, if the seller backs out, only the broker "may" get compensated. Thus, I thought it was really unfair that buyers get nothing as most people would consider time is money.

LAX
 



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