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Old 05-07-2013, 06:50 PM
 
Location: Garden City, MI
695 posts, read 2,967,073 times
Reputation: 148

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Quote:
Originally Posted by TexasHorseLady View Post
1insider, in some states buyer's rep agreements are required or the agent is automatically and legally representing the seller's interests even if they are working with the buyer. In all states, a contract is protection for both parties as it spells out clearly who has agreed to do what - it's amazing what people on both sides of any contract, real estate or otherwise, later on down the road will think the other party has agreed to and what they themselves haven't agreed to; having it in writing helps prevent that because the agreement is available to be referred to if it does come up.

The OP has stated at least twice, maybe more, that she was informed about the fee at the time that she signed the buyer's rep agreement. It doesn't sound like any effort to hide it from her was made, or that she's dissatisfied with the service given by the agent, just that now that she's faced with paying what she agreed to pay up front (she says she just made an offer on a house), she's having buyer's remorse.
Exactly right. I think this has become a regional thing in terms of charging fees. I can't even think of a broker around here that does not charge a fee, yet some people on here never charge a fee in their area.
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Old 01-17-2014, 10:51 AM
 
7 posts, read 15,502 times
Reputation: 11
Yeah, I just got suckered into signing an agreement to pay a $500 fee at closing. There is not one doubt in my mind that this is a extortive junk fee taking advantage of the client. Aside from that, when going over the agreement, she did not make it clear that this fee was to be paid by me, the buyer out of my pocket, she made it seem like the seller would pay it along with the commission. Needless to say, this was highly unethical and I'm going to everything I can to legally prosecute this.
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Old 01-17-2014, 10:57 AM
 
7 posts, read 15,502 times
Reputation: 11
There are PLENTY of agents in EVERY city who are ethical and who do not charge any kind of fees to the buyer. Some who even give cash back bonuses to the buyer. If you are reading this, DO NOT sign an agreement and if you do, make sure there are no fees to you, the buyer, and be very clear on the terms of the commission. Do t listen to the realtors here trying to justify their fees of course they will say anything to get your money.
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Old 01-21-2014, 09:04 AM
 
Location: Sugarland
11,834 posts, read 10,055,970 times
Reputation: 12379
Quote:
Originally Posted by Almamater View Post
There are PLENTY of agents in EVERY city who are ethical and who do not charge any kind of fees to the buyer. Some who even give cash back bonuses to the buyer. If you are reading this, DO NOT sign an agreement and if you do, make sure there are no fees to you, the buyer, and be very clear on the terms of the commission. Do t listen to the realtors here trying to justify their fees of course they will say anything to get your money.
I'm in the process of getting a new realtor and I'll definitely try to negotiate away any fees that are to be paid out of my pocket. I'm just wondering how likely the realtor will be to agree to this.
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Old 01-22-2014, 09:53 AM
 
5,993 posts, read 6,280,467 times
Reputation: 10039
Quote:
Originally Posted by Sweet Like Sugar View Post
I'm in the process of getting a new realtor and I'll definitely try to negotiate away any fees that are to be paid out of my pocket. I'm just wondering how likely the realtor will be to agree to this.
If they want your business, most will agree. If they don't agree, walk away and find another agent to work with. If enough people would do that these junk fees would disappear.
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Old 01-22-2014, 10:00 AM
 
5,993 posts, read 6,280,467 times
Reputation: 10039
Quote:
Originally Posted by Almamater View Post
Yeah, I just got suckered into signing an agreement to pay a $500 fee at closing. There is not one doubt in my mind that this is a extortive junk fee taking advantage of the client. Aside from that, when going over the agreement, she did not make it clear that this fee was to be paid by me, the buyer out of my pocket, she made it seem like the seller would pay it along with the commission. Needless to say, this was highly unethical and I'm going to everything I can to legally prosecute this.
You don't need to waste your time with a law suit. Besides, you would almost certainly lose as you voluntarily signed the contract. Best thing to do is raise a stink about the extra fee. If they are business-minded they may just drop it. If they don't, and if you can't get out of your deal, publicize the heck out of their underhanded fees. They probably won't like bad publicity...and maybe they'll change. Sometimes consumers can have more power than they think.
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Old 01-25-2014, 01:13 PM
 
Location: Sugarland
11,834 posts, read 10,055,970 times
Reputation: 12379
Quote:
Originally Posted by Sweet Like Sugar View Post
I foolishly signed an exclusive buyer agent agreement which states that I have to pay the agent 3% of the sale plus $400.
Ok, I met up with a new agent today and she showed me a copy of her contract. It states that the buyer should pay her a $395 "buyer fee" plus whatever the seller is offering as commission. So, she's doing slightly better than my ex-agent since she's not demanding 3% commission no matter what, but before I sign the contract, I will ask her about waiving the $395 "buyer fee."
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Old 01-25-2014, 01:49 PM
 
Location: Los Angeles
187 posts, read 229,913 times
Reputation: 84
Sugar, why deal with buyer fees when you can use an agent that will offer you a commission rebate? Redfin would be a great place to start. Remember agents are competing for your business
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Old 01-25-2014, 03:05 PM
 
Location: Sugarland
11,834 posts, read 10,055,970 times
Reputation: 12379
Quote:
Originally Posted by calbear629 View Post
Sugar, why deal with buyer fees when you can use an agent that will offer you a commission rebate? Redfin would be a great place to start. Remember agents are competing for your business
I've looked at the Redfin website, but I figured there was some kind of catch there as well.
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Old 01-25-2014, 05:10 PM
 
Location: Los Angeles
187 posts, read 229,913 times
Reputation: 84
I'd suggest you avoid signing any exclusive agreement and visit open houses on your own. Always disclose that you are working with a realtor (even if you haven't decided on one yet) and once you're ready to make an offer, connect with a realtor who offers commission rebate incentives. If they don't, negotiate for it.

good luck
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