My broker just came to me with a question and I didn't know the answer, so I'm looking for some guidance. We have an agent in the office who is charging the BUYER of her short sale properties a flat fee at the closing to process the short sale. This fee is disclosed in the contract as well as the HUD. Is this OK? Legally speaking? Does anyone else do anything like this?
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Can we put a fork in this conversation and call it DONE?
LOL, I guess everyone wants to have the say they are entitled to. Have a great day Patti :-)
lol Tracey...true but we are starting to cover the same ground. I'm also shocked that members are posting this stuff if what one FL member said is true about all the govie agencies investigating buyer fees for negotiating. Why take the chance? Unless SS are just a hobby and you are financially set for life.
Hi, I didn't want to put in a comment as I was hoping to move on and read something more in tune with what we are supposed to be doing. But, I guess that cannot happen. I just came back from the first vacation in forever. While I was away I was hit with almost spam from all these messages on my Droid. So, what I wanted to say was "I thought we as Professional Realtors and members of the Short Sale Specialist Network were not supposed to be ever charging fees to sellers or buyers?" I hope this doesn't start the conversation on this subject.
lol...fat chance :) Everyone has an opinion on this one.
the DEPARTMENT OF JUSTICE has just posted an official ruling on the subject:
the only thing that qualifies someone to be a 'licensed negotiator' is.. to be a parent of small children.
the 'advanced' negotiator certification requires you to be a single parent of a teenage girl. :)
Mike - can you please close this thread to any further comments? :)
agree most heartily!!
Well Said! But, this means I need a tutor.
As a 3rd Party Negoitator who has taken the CDPE course and have closed over 3500 short sales in 7 years with my staff of professionals, we have been getting paid by the buyer for 7 years. It is only fair, we are not lawyers just and administrative assistant to the realtor. Getting your assistant paid is important and the buyer paying is standard nationwide. If anyone needs help on how to get their assistant paid or if you want us to help my email address ncurcio@ShortSaleAssistanceProgram.org
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Sure it's fine. It's just a cost of the transaction. Image a water bill that has to be paid on a vacant short sale to close and the seller has no money. If the buyer is willing to pay it for a good deal on a good home then so be it.
There are FAR FAR worst things than a licensed or unlicensed assistant charging a fee to the buyer. 3rd party negotiators have NO restrictions on what they can charge. I just saw a MLS listing where the home was listed for $40000 and the agent was collecting the ususal 6% fee BUT the 3rd party negotiator was getting a $4800 fee from buyer! People that's over 10% and the board and the state allow this??? Laws need to be changed and negotiators need to be regulated just like lenders and real estate agents and lawyers and even hairdressers and dozens of other professions
I totally understand why SSSN does NOT allow 3rd party negot. on their leads,it's not that all negotiators are bad people but in our market the LOWEST fees are the lawyers!!? Something is wrong with that!