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Old 04-14-2012, 01:11 AM
 
70 posts, read 179,215 times
Reputation: 23

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as if the 8-month wait for this shortsale wasnt hassle enough, now i find out the realtor is trying to pull a fast one. >___<

let me begin by saying "I" too am a licensed realtor but i don't specialize in shortsales or work this area. i respect the profession and ppl who behave professionally. which is why it BURNS ME that this idiot did this!!

i am the 'buyer' on a shortsale prop in weston and we recently got the bank acceptance letter. the title company prepares a prelim-HUD for me and i see several fees which look questionable. turns out the realtor snuck in a $3200 fee to HIMSELF under a vague company name when all along he said this fee was charged by the Title Company to compensate them for the shortsale processing.

title company says nope that they do not charge a fee to do all the work (continually calling the banks, submitting everything through equator, negotiating, etc).

bottom line: realtor never disclosed fee was for him or his company. but i signed an addendum agreeing to it (thinking it was for title company.)

p.s. did i also mention i gave up my 3% commission to compensate him for the time-intensive nature of shortsales? he didn't want the bank to reduce the 6% so he listed another agent in his office as buyer's agent on the contract and the bank approved his full 6% commission. but he is still so greedy he tries to stick it to me for an extra $3200?

so realtors what say you? i obviously don't want to pay it and emailed him a letter letting him have it. he has not replied yet.

i want to NAIL HIM TO THE WALL on sheer principle alone. what do you think? what legal recourse do i have? file complaint against him with FREC and governing agency of mortgage brokers? (he has both licenses). is this a legal issue? an ethics violation? a criminal matter? any help would be appreciated.

Last edited by lookingfordreamhome; 04-14-2012 at 01:46 AM..
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Old 04-14-2012, 04:51 AM
 
Location: Florida
198 posts, read 425,392 times
Reputation: 179
There is a great real estate section here under US forums. Just scroll down past all of the states and you will find it. There seem to be some very knowledgable realtors there.
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Old 04-14-2012, 12:02 PM
 
70 posts, read 179,215 times
Reputation: 23
Quote:
Originally Posted by vtallison View Post
There is a great real estate section here under US forums. Just scroll down past all of the states and you will find it. There seem to be some very knowledgable realtors there.
ok thank you!
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Old 04-14-2012, 12:03 PM
 
70 posts, read 179,215 times
Reputation: 23
i was hoping all my weston realtors would chime in with any helpful advice...
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Old 04-15-2012, 09:57 AM
 
Location: Broward County, Florida
99 posts, read 285,453 times
Reputation: 41
Have you dealt with the broker for the agent? They are as responsible for the action of their agents as the agents themselves. I would arrange a meeting with the broker, show the information you have and have them settle the issue as they will. ALL information in a real estate transaction must be transparent and presented to all sides... interesting that he would try to get you to pay for the processing fee of $3200... I have seen these fees reportedly charged to the bank. If your realtor is not open and clear in the transaction, then that agent is probably violating some ethic rule or even crossing the line when it comes to FREC. Go the broker route, and their is toll free legal hotline you can call to discuss this with your chosen Realtor association.
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Old 04-15-2012, 10:01 AM
 
Location: Broward County, Florida
99 posts, read 285,453 times
Reputation: 41
By the way, the hardest part of any short sale is the waiting... I suggest taking on short sales yourself because the paperwork is very little from the buyer's side, the seller's side requires paper work by the seller themselves and some paperwork by the agent... but not much. The fee charged by your agent is a low brow tactic for easy money that is all part of a short sale training course, where they teach the agent how to add to their income for the so-called "paper work" behind short sales.
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Old 04-17-2012, 11:58 AM
 
70 posts, read 179,215 times
Reputation: 23
Quote:
Originally Posted by AttilaLaczko View Post
Have you dealt with the broker for the agent? They are as responsible for the action of their agents as the agents themselves. I would arrange a meeting with the broker, show the information you have and have them settle the issue as they will. ALL information in a real estate transaction must be transparent and presented to all sides... interesting that he would try to get you to pay for the processing fee of $3200... I have seen these fees reportedly charged to the bank. If your realtor is not open and clear in the transaction, then that agent is probably violating some ethic rule or even crossing the line when it comes to FREC. Go the broker route, and their is toll free legal hotline you can call to discuss this with your chosen Realtor association.
attila, i've devised a more tactful approach to this problem (rather than going for the jugular i'm trying to the diplomat route first.. if all else fails i will NAIL HIM!!) and one of the things i'm going to do is contact this agent's broker. first though i'm calling the legal hotline. thanks for your help and feedback.
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Old 04-17-2012, 12:00 PM
 
70 posts, read 179,215 times
Reputation: 23
Quote:
Originally Posted by AttilaLaczko View Post
The fee charged by your agent is a low brow tactic for easy money that is all part of a short sale training course, where they teach the agent how to add to their income for the so-called "paper work" behind short sales.
incredible. and yet not.
over 7-8 months i developed a rapport and business relationship with this agent and it really blows my mind that he would be so dirty. in the end, greed got the best of him.
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Old 04-19-2012, 09:53 PM
 
70 posts, read 179,215 times
Reputation: 23
hi just wanted to post an update: GREAT NEWS! the slimy realtor decided to drop the fake fee! let's see if i can get this thing closed now..once and for all!
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Old 04-24-2012, 02:31 PM
 
1,652 posts, read 3,069,428 times
Reputation: 507
Unless he provided you with a list of the affiliated companies that were involved in the deal, I do believe that this is fraud.


Quote:
Originally Posted by lookingfordreamhome View Post
as if the 8-month wait for this shortsale wasnt hassle enough, now i find out the realtor is trying to pull a fast one. >___<

let me begin by saying "I" too am a licensed realtor but i don't specialize in shortsales or work this area. i respect the profession and ppl who behave professionally. which is why it BURNS ME that this idiot did this!!

i am the 'buyer' on a shortsale prop in weston and we recently got the bank acceptance letter. the title company prepares a prelim-HUD for me and i see several fees which look questionable. turns out the realtor snuck in a $3200 fee to HIMSELF under a vague company name when all along he said this fee was charged by the Title Company to compensate them for the shortsale processing.

title company says nope that they do not charge a fee to do all the work (continually calling the banks, submitting everything through equator, negotiating, etc).

bottom line: realtor never disclosed fee was for him or his company. but i signed an addendum agreeing to it (thinking it was for title company.)

p.s. did i also mention i gave up my 3% commission to compensate him for the time-intensive nature of shortsales? he didn't want the bank to reduce the 6% so he listed another agent in his office as buyer's agent on the contract and the bank approved his full 6% commission. but he is still so greedy he tries to stick it to me for an extra $3200?

so realtors what say you? i obviously don't want to pay it and emailed him a letter letting him have it. he has not replied yet.

i want to NAIL HIM TO THE WALL on sheer principle alone. what do you think? what legal recourse do i have? file complaint against him with FREC and governing agency of mortgage brokers? (he has both licenses). is this a legal issue? an ethics violation? a criminal matter? any help would be appreciated.
Rate this post positively Reply With Quote Quick reply to this message
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