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Not removed from the contract as I know that can't happen very easily after e certain point. However, if my borrower located the property and the realtor simply opened the door and is claiming rights to the 3% realtor points, I'm sure you know there are ways to send that realtor packing!
They can take a $300.00 fee for their time and turn the deal over to the buyer's new realtor or the buyer simply moves on to another property and they get a goose egg.
Because NONE of you have ever deal with a Mortgage Broker entering the deal to get his or her borrower the best over all deal using the power of REALTOR REBATES savings, you have no idea how effective this knowledge can be, especially when the Seller, Buyer, Title Agent, Listing Agent and Buyer's Agent are all copied on the request that the Listing Agent and Buyer's Agent BOTH come off of the mountain of bananas they are sitting on (i.e. Equity in realtor commission points)
You send them info on REALTOR REBATES and you know what hits the freakin fan!
If the OP is so successful fleecing realtors out of their rightfully earned commissions, shouldn't the title of this thread be "Consumers Save Millions through Realtor Rebates""?
Our buyers' agent has shown us probably thirty houses over a three month period. Her gas, her systems, her phone bill, etc. A couple of Sundays ago we drove out to an area we hadn't seriously considered, so she had never shown us and looked at a house that was well below our stated price range - just to get a feel for that area. We had no idea we'd like the house or the town, and had no intention of making an offer, so we didn't even tell our realtor we were going to the open house. We did, however, tell the realtor who was hosting the open house that we were working with another agent.
We got home, called her, and made an offer the next day.
Does the OP think it's ethical and perfectly fine for us to ask her to reduce her fee? Let's break it down - the house is $198,000 (hence our rush to make an offer on it). About $4000 will end up in her pocket. She is an excellent realtor and has given us terrific advice all along the way - in fact, she saved us $3000 by convincing us to ask for that in closing costs (I was fine with the deal without that and felt like the house was so far below market price already that I didn't want to ask for much off the price), and she also negotiated a longer option period due to my husband's work schedule, as well as a close date further out than usual because I am recovering from surgery and I need more time to recover before undertaking a move. I feel like she has more than earned that money.
I'd feel like a jerk asking her to reduce her fees so I could buy some light fixtures or some landscaping. After all, she's got a family too. And not only that, she did a great job for us - and is still doing it (we haven't closed yet).
I'd feel like a jerk asking her to reduce her fees so I could buy some light fixtures or some landscaping. After all, she's got a family too. And not only that, she did a great job for us - and is still doing it (we haven't closed yet).
Katheryn, you're a very level headed consumer. Would you take your business to a Mortgage Broker like OP ?
Someone who tries to interfere with your trusting relationship ?
Katheryn, you're a very level headed consumer. Would you take your business to a Mortgage Broker like OP ?
Someone who tries to interfere with your trusting relationship ?
Nope.
I am working with a rock solid bank that I've had a relationship with for decades. I would be very put off by any mortgage lender who had the gall to interfere with my business relationship with my agent(s). I would be APPALLED by any "professional" involved in the process who recommended that another professional in the situation cut THEIR pay. I would absolutely take my business elsewhere - I'd feel like I had suddenly gotten tangled up somehow with someone shady.
Here's how I feel about real estate, vehicle repairs, computer repairs, getting my satellite TV hooked up, plumbing, electrical work, medical issues, divorces, kitchen remodeling, wills and estates, and many other scenarios that life can throw us - I do my research, check references, set my budget, and then step back and let the professionals do their job. What I may run across once or twice in my life, or think is something far out of the ordinary, they run across and handle efficiently on a daily basis. I don't begrudge them their expertise or their pay.
My mother is always complaining about the costs of medical care. I recently had surgery on my ankle. I told her, "Look, all I can tell you is that you couldn't pay me ENOUGH to cut into someone's flesh and repair their Achilles tendon. I want it fixed. He fixed it. Everyone's happy."
Funny how its called shady when a Mortgage Broker is aware of the massive savings available to consumers thru REALTOR REBATES and refers Consumers to realtors offering this saving.
Yet, when a realtor refers consumers to their "Preferred" Mortgage Broker for the lowest costs and rates, then that is completely okay right?
Funny how its called shady when a Mortgage Broker is aware of the massive savings available to consumers thru REALTOR REBATES and refers Consumers to realtors offering this saving.
Yet, when a realtor refers consumers to their "Preferred" Mortgage Broker for the lowest costs and rates, then that is completely okay right?
The degree of hypocrisy is nauseating!
I can only speak for myself, but I would only refer customers to a mortgage lender because I knew he/she was ethical, dependable, and could gitterdone. The goal, after all, is a smooth closing on a fairly priced home and everyone goes home from the closing table happy and better off.
At least that was always my goal. And when you have ethical people involved (and you should know that long before you get to the closing table) then that's a very likely outcome.
Funny how its called shady when a Mortgage Broker is aware of the massive savings available to consumers thru REALTOR REBATES and refers Consumers to realtors offering this saving.
Yet, when a realtor refers consumers to their "Preferred" Mortgage Broker for the lowest costs and rates, then that is completely okay right?
The degree of hypocrisy is nauseating!
Having worked hard as a Mortgage Banker for a long time, I am proud that my Realtor PARTNERS refer business to me not because I am the cheapest lender around, but because I do a good job.
The Realtor is not pocketing all 3%, just like I am not pocketing the 250 bps packed into my rate sheet. They are both challenging careers that require immense patience and complex work.
Can we tap the brakes with all the Rebate and 1% commission threads? It's getting a little obvious.
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