[toiletfix]

Unless you signed it into the original offer--DO NOT PAY!

[olecapt]

Originally Posted by FloridaDawn

I've read through the posts ..our closing date is coming up Oct 2. our transaction fee is listed as payable to the agents office. Is this ever SOP? Our agent actually picked the title company and this is the first time I've had a look at fees. We got an early copy of the HUD 1 because we are paying cash. I'm inclined to refuse to pay it as its not part of any contract we have signed. Can I do that? I'm in FL

If you are talking about a Las Vegas transaction it is in the contract. Read it. If the clause is not in the contract you don't owe it. If it is not in LV you are on your own.

[Swigchow]

I brought it up per this discussion and our realtor is waiving the transaction fee. Now I feel guilty if she has to pay it. I dont think I should feel guilty since she is making a chunk on our transaction. Such conflicted emotions.

[olecapt]

Originally Posted by Swigchow

I brought it up per this discussion and our realtor is waiving the transaction fee. Now I feel guilty if she has to pay it. I dont think I should feel guilty since she is making a chunk on our transaction. Such conflicted emotions.

Where it hurts Swigchow is on little deals. I generally have one small deal going all the time. I think all competent RE Agents should...particularly at this point in time. Guys trying to buy $40K houses should be able to get competent RE Agents.

If I am pulling down $10,000 or $15,000 gross I don't much care. But when I am pulling down $1200 and have 100 hours in it is a pain. And of course it is exactly that case where it comes up and I eat it...and the $125 I spent on keepiing the utilities on so all the plants would not be dead if and when they got the house.

Well I do understand why never more than one low end client. The Admiral wants none...

[eklein]

I am working with a Las Vegas Realtor who indicated that a $595 fee was required for me to buy a $70k Bank-owned condo for cash. I refused and spoke to the Broker who indicated that it would come out of the realtor commission if I didn't pay it. I told the realtor to fax me the contract he has with the broker to prove it to me because I couldn't believe it ... and it is TRUE. I'm shocked. Here is the snippet from what looks like a totally legit contract: "A Two Hundred ninety five dollars ($295.00) document warehouse fee and three hundred dollar ($300.00) Broker Administration Fee, if not paid by the client, shall be taken directly from the commission check after the franchise fee on any commission paid to the SALES AGENT on all transactions and paid to the BROKER." I'm not crazy about this realtor but he's put in a lot of hours with me already and I can be a pretty demanding SOB sometimes. But $595 to buy a property?? This broker sucks and the realtor is probably just a victim.

[olecapt]

Originally Posted by eklein

I am working with a Las Vegas Realtor who indicated that a $595 fee was required for me to buy a $70k Bank-owned condo for cash. I refused and spoke to the Broker who indicated that it would come out of the realtor commission if I didn't pay it. I told the realtor to fax me the contract he has with the broker to prove it to me because I couldn't believe it ... and it is TRUE. I'm shocked. Here is the snippet from what looks like a totally legit contract: "A Two Hundred ninety five dollars ($295.00) document warehouse fee and three hundred dollar ($300.00) Broker Administration Fee, if not paid by the client, shall be taken directly from the commission check after the franchise fee on any commission paid to the SALES AGENT on all transactions and paid to the BROKER." I'm not crazy about this realtor but he's put in a lot of hours with me already and I can be a pretty demanding SOB sometimes. But $595 to buy a property?? This broker sucks and the realtor is probably just a victim.

Let's do the numbers...70,000 X .025 is a gross commission of $1750. If he has not been around a while (likely not or he would not be in this position) He gets 60% or $1050. Less the 595 he gets...$455.

For that level of stuff I either do it "pro bono" cause I think the buyer deserves a break or I get an advanced agreement that I make so many dollars.

[TheKartenGroupdotcom]

I totally understand the frustration of being charged a transaction fee, whether you're the buyer or seller. This is a real fee that the brokerage charges, but it should be paid by the agent, period. As the head of a group of agents, this is one of the foundations of how we serve our client. We never charge a transaction fee, ever. It's the cost of doing business, nothing more. It shows you that you must question everything in the transaction, and if your agent gets defensive, look for different representation.