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The bank is most likely the one who is paying the $3200 fee, not you, unless there's more to the story. And if you're not working in a realtor capacity then how is it you're giving up a commission? And why sign an addendum stating that you were?
LAURIE: i am paying the fee. not the bank. i signed an addendum as part of the p&s contract stating that: "Buyer agrees to pay x to [vague company name, llc] for shortsale processsing services.
i signed it b/c i was mislead. the listing agent explained this fee is what the title company charges to process the shortsale.
the title company did INDEED do all the short sale work. but they don't charge for it.
this agent intentionally set out to defraud me.
to answer your other question: this realtor was the listing agent. i contacted him about his listing to purchase for MYSELF. i could have very well represented myself as the buyer's agent (or had my brother who is licensed represent me in the sale if the bank would not have allowed it.) but i know how much time-intensive work is involved and i willingly gave up my 3% to show good faith and compensate him for his time. i only mentioned commission to show how greedy and unethical this agent is that on top of me giving him my side of the commission he'd also stick a fake charge in there.
My state would have required a disclosure before you agreed. I don't know the laws in Florida regarding disclosure of affiliations. That's where I would start.
My state would have required a disclosure before you agreed. I don't know the laws in Florida regarding disclosure of affiliations. That's where I would start.
Agree. The listing agent would have had to put in writing that they were a member of the LLC. They would likely get suspended or lose their license out here if they didn't. They take that really seriously out here.
My state would have required a disclosure before you agreed. I don't know the laws in Florida regarding disclosure of affiliations. That's where I would start.
thank you.. i'm going to try the free legal hotline today and ask this very question.
After living in Florida for almost 4 years I have learned to put my guard up on almost any business transactions.
Sorry to say this. But any business I deal with I immediately look them up on Sunbiz to find who the managers are to see if there is a conflict.
i would agree that there is rampant fraud in florida. this is ground zero for where the feds are investigating mortgage fraud among other things. its such a shame because there are so many hard-working honest realtors here and ppl like this guy cast a dirty shadow on the whole profession.
I honestly can't recall the details but I remember the state saying that agents were not permitted to charge a fee along with a commission for a neotiated short sale. We (my broker) always involve an attorney (and attornies here often have an addendum that states that the buyer will pay the $2-2.5K fee if the bank refuses to pay it) but I think the state said a few years ago that, other than an attorney, onlya licensed mortgage broker could receive a fee for negotiating a short sale. I don't know why they think that license qualifies someone to handle a short sale but, even if your agent got around the agent not charging a separate fee for the short sale, he may not be covered by the mortgage broker license aspect. I'd talk with Florida Association of Realtors.
Is there going to be a loan on the property?
RESPA covers unearned fees pretty clearly, if this is some sort of shell-company owned by a broker that does nothing, I'd suspect a violation.
Is there going to be a loan on the property?
RESPA covers unearned fees pretty clearly, if this is some sort of shell-company owned by a broker that does nothing, I'd suspect a violation.
Violation or not. The legal costs to recoup this $3200 is simply not worth pursuing in the courts to most both in your own time and money.
I suspect this guy has had several business ventures in his lifetime and if he's caught he will just move onto another industry.
Is there going to be a loan on the property?
RESPA covers unearned fees pretty clearly, if this is some sort of shell-company owned by a broker that does nothing, I'd suspect a violation.
yes, i'm the buyer and i'm getting a loan.
he sells himself as a shortsale expert to the public at large...and perhaps he is. the problem here is he LIED and misrepresented who that fee was for and its intent.
but can i prove it? i looked through all my emails and he was too smart to ever put anything in writing to implicate himself.
the only thing that exists is the addendum that i signed stating that: "buyer agrees to pay x to [vague company name] for shortsale processing services."
does anyone know if in florida the agent has a duty to disclose his relationship or affliliations with a company - outside of his brokerage - that is trying to collect a fee in a real estate transaction?
i called the realtors legal hotline and they werent much help...
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