DeposIt Douchebaggery
I recently got a letter from a reader who is seeking to buy a place in Queens. She was very frustrated because Queens is a different animal than Manhattan and as she pointed out most of the real estate information that is about New York focuses on the Manhattan market.
So basically any information I had was uselss. However one thing really pissed me off. The reader stated that she was interested in putting in an offer for an apartment but the exclusive broker stated a $1000 good faith non-refundable deposit was needed to prove that she was serious buyer.
LISTEN TO ME VERY CLOSELY PEOPLE! THE BROKER GETS PAID BY THE SELLER AND ONLY AFTER THE DEAL HAS CLOSED. OF COURSE THERE ARE EXCEPTIONS BUT THIS IS THE STANDARD OPERATION PROCEDURE. ANY BROKER WHO STATES THERE IS A DEPOSIT IS A FULL OF S**T. AND IF THEY REFUSE TO PRESENT YOUR OFFER TO THE SELLER WITHOUT THAT DEPOSIT THEN REMIND THEM THEY HAVE A FIDUCIARY DUTY TO PRESENT ANY AND ALL OFFERS TO THE SELLER.
So basically any information I had was uselss. However one thing really pissed me off. The reader stated that she was interested in putting in an offer for an apartment but the exclusive broker stated a $1000 good faith non-refundable deposit was needed to prove that she was serious buyer.
LISTEN TO ME VERY CLOSELY PEOPLE! THE BROKER GETS PAID BY THE SELLER AND ONLY AFTER THE DEAL HAS CLOSED. OF COURSE THERE ARE EXCEPTIONS BUT THIS IS THE STANDARD OPERATION PROCEDURE. ANY BROKER WHO STATES THERE IS A DEPOSIT IS A FULL OF S**T. AND IF THEY REFUSE TO PRESENT YOUR OFFER TO THE SELLER WITHOUT THAT DEPOSIT THEN REMIND THEM THEY HAVE A FIDUCIARY DUTY TO PRESENT ANY AND ALL OFFERS TO THE SELLER.
posted by Grunt at
9:34 PM
