Real Estate Buyer Fee? (flat fee, sales, condo)

[mandmrossi]

Hi, I am interested in making an investment in the area and I have noticed that some real estate agencies have a 399.00 buyer fee that I would have to pay in the event I purchased real estate.

Is this a state mandate fee as the agent told me? OR Is this something the state allows agencies to charge at their own discretion?

Thanks
Mike

[fauve]

I've never heard of this fee. Find another realtor. It shouldn't cost you anything as a buyer.

[mandmrossi]

Thanks I just did do that. Much appreciate the response.

Mike

[rkumar3]

I am a Realtor and it is not a state mandated/regulated fee. However practically every single company charge some sort of 'processing fee' (typically around $350 or so) to their clients. Ours is $195..... of course you can negotiate it with your Realtor. I have paid it myself for a couple of my clients in the past Good luck on the search...

[fauve]

^^^ $195 to a BUYER's agent??? Is this in lieu of the 3% fee you collect from the seller??

I thought not.

A realtor wouldn't dare pull this bullcrap with an established resident. There'd be no discussion about "waiving" it either. In this market, realtors are just happy they're still earning enough to afford practicing their profession. If anything, they should be offering to refund a portion of their fee toward the sale in order to attract buyers. That's how few sales there are.

OP, you're a valuable commodity to a realtor. Don't let them make you feel like they're doing you a favor.

[mandmrossi]

Folks, thanks for the posts.. Think your right, its the common law of supply and demand. I do believe that it may be in the best interest to be extremely competitive, however, it does seem like there are business folks in real estate that still take advantage of the "sucker" and that they think all are that come thru the door.

Again, certainly appreciate the information and post.

Regards,
Mike

[trekker954]

i was told that it was a florida regulation, new a couple of years. I did pay for it, however, my company would not pay it. I even quoted some state regulation that my realtor gave me. oh well. They would only pay the realtor fee on the sale of my condo where I left.

[fauve]

This sort of thing makes me so angry! I'm glad boards like this exist so the word gets out. Buyers should never under ANY circumstance pay a realtor fee in Florida.

[Rhodeislander]

I wonder how many of you would go to work and hope that you would get paid?
I you did not, then you would just work harder the next day?

The real estate business is full of people just kicking tires. The real estate agents still must show them around and take time with them. They may in the end not buy anything. Its very common to charge a fee to be the buyers agent. You pre agree to this fee up front for exclusive access to the agent. If you want quality in any field, you must pay.

If you dont want to pay, I'm sure you can find an agent willing to help you for the hope of getting paid later.

Real estate commisions are not regulated, and are alway negotiable. If you want more information, contact your local realtor board. They will give you access to all the laws and consumer rights in your area.

[fauve]

^^ A buyer's fee does nothing to stop tire kickers.

Going through flat fee MLS services results in better deals for both buyers and sellers.

I'm sorry if this is your profession. This is just my opinion.