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Charging the Buyer a Fee to Process the Short Sale Listing
Started this discussion. Last reply by Angela Alfe Apr 27. 93 Replies 1 Like
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…Continue
PNC as second
Started this discussion. Last reply by Ute Ferdig Mar 25. 6 Replies 0 Likes
I've recently taken two listings with PNC as the second. I've never worked with them before. Does anyone have a recent experience they can share? Tips are always appreciated as well!Continue
Wells HELOC - ex-hubby on 1st and title, wife primary on 2nd never been on title
Started this discussion. Last reply by Tracie Norman Feb 20. 2 Replies 0 Likes
Message to my attorney: I would appreciate your input. I got a call from Wells Fargo yesterday - they are the second lien. My client (seller) is divorced. He's the only one on the first mortgage, but…Continue
Wells HELOC - huband on title, husband and ex-wife on lien - she was NEVER on title
Started Feb 20 0 Replies 0 Likes
Message to my attorney: I would appreciate your input. I got a call from Wells Fargo yesterday - they are the second lien. My client (seller) is divorced. He's the only one on the first mortgage,…Continue
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Angela Alfe replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing
Debra Savittieri replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing"I LOve this Realtor's idea! Why not charge the Buyers? After all- when negotiating the short sales you really are doing a lot of work for the BUYERs. The only thing is, as a Lister-you are not representing the BUYERS (usually) so how can you…"
Satar Naghshineh replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing"Yes (i think) haha As a listing agent, you shouldn't charge a separate negotiation fee. Instead you should charge your commission. For example, if you normally charge x% for a listing, add 1-2% or whatever more for the short…"
Helen Law replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing"Hi Alexa,
We are in Idaho. Would you mind sharing the language and addendum you use to for the buyer fee? WE are compedlled to start charging the buyer a transaction processing fee. I would really appreaciate it!
Thanks,
Helen"
Mike Linkenauger replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing"Good "ole Tracy, opening up a can of worms!"
Sheila Vardakis replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing"our buyers agency agreements allow for putting in a minimum commission so if the agreements staes a minimum of 3% and the buyer buys a listing that is 2.5% then the agent can rightfully charge the .5 percent to their client due to their…"
Satar Naghshineh replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing"" I also can't charge an administrative fee to the seller and I get charged one on every deal I sell. "
I don't understand that statement.
"The buyers agent can charge their client this fee no problem. Now as for…"
Sheila Vardakis replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing"See I disagree with you on that Fred. As already stated, listing agents do much more than just take the listing and present contracts. There is a lot to learn on how to do short sales and a lot to keep abreast of the changing rules and…"
"It is not a RESPA violation as long as it is put oin the HUD"
Satar Naghshineh replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing"I would team up local investors and have them pay your brokerage a fee to offset the compensation paid by the foreclosing lender. Too many agents think like agents and confine themselves to a standard number.
Personally if there were 10k listings in…"
Satar Naghshineh replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing"First off, what I am about to state regarding commissions is in no way an indication as to how much my brokerage charges nor is it construed as best practices for other brokerages in setting real estate commissions. The number reflected here is for…"
Marty Macisso replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing"Not in Maine, need to be a licensed debt negotiator or an attorney to charge upfront fees...check with your state first"
Bill Black replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing"Thanks Cheryl,
You saved me the need to quote the Washington State law. This is a state by state issue with Washington being ahead of the game following Arizona's guidelines. I do Business Development for Law firms and the footprint is a 1% fee…"
Sheila Vardakis replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing"I would love to hear what other agents do in markets where you get a listing that is as low as 10K and the seller wants help? I get a lot of under $30K deals and can not find it to turn them down. By the time I get paid out of the deal…"
Kenneth Kulpa replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing"Marcilina,
Very well put, I negotiate short sales in California too and could not agree with you more.
This should NOT be an issue if it is disclosed, and the buyers agent that tells their client to pass on this transaction is…"
Sheila Vardakis replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing"Not heard of this in our market Tracy....................I do a split of 3.5/2.5 as I am unable to charge a seller transaction fee. Buyers agent can charge their fee and ask for the difference of .5. I do this because we work…"
Profile Information
- Occupation
- Realtor
- Areas You Service (be VERY specific specific and include ALL counties, cities, states, and towns you service!)
- Atlanta, Cobb, Paulding, Cherokee, Bartow, Fulton, Douglas, Carroll, Acworth, Kennesaw, Marietta, Powder Springs, Austell, Dallas, Hiram, Emerson, Cartersville, Euharlee, Douglasville, Villa Rica, Carrollton, Woodstock, Canton, LIthia Springs
- Short Sale Designations and/or Special Training
- SFR (Short Sales and Foreclosures Resource), CDPE (Certified Distressed Property Expert), CSSS (Certified Short Sale Specialist), Equator Certified
- Website
- http://www.TracieNorman.com
- Short Sale Transactions Completed
- 10-25
- Do you have any experience in Commercial Real Estate? If so, do you have the CCIM or any commercial designations? How many commercial transactions and dollar volume have you CLOSED?
- no
- About Me/Profile of yourself: - Please add your Brokerage Company name also!
- RE/MAX UNLIMITED
Experience
Participated in over 370 home sales!
Sold over $18,000,000 worth of real estate!
Selling homes for ten years!!
Accolades
Cobb Association Of Realtors Top Achiever, 2009
RE/MAX Unlimited Skyrocket Award 2009
Cobb Association Of Realtors Top Achiever, 2007
Active Life Member, Million Dollar Club
RE/MAX Unlimited Skyrocket Award 2005
RE/MAX 100% Club 2006 and 2007
Education
Salesperson Pre-license Course
Coldwell Banker School of Real Estate, June 2000
Bachelor of Science in Education
Major: Social Studies Education, Grades 7-12
University of Georgia, March 1998
Bachelor of Arts
Major: Political Science
University of Georgia, June 1997
Personal
I am a lifelong resident of Georgia. Originally from Toccoa, located in the northeast Georgia mountains, I moved to Cobb County in 1997. In 2000, I decided to pursue my passion for helping people with my love of homes by becoming a licensed Realtor. Since that time, I have sold over 350 homes. I specialize in Cobb, Paulding, Bartow, Douglas, and Cherokee counties. In my spare time I enjoy volunteering with the Cherokee County Humane Society. I'm also excited about my new Partner in Education relationships with Barber Middle School and Allatoona High School Band.
- Put in todays date! This is to help stop spammers!
- June 3, 2011
- PLEASE READ THIS!!! - This site is primarily for Realtors, REAL buyers or sellers with questions are welcome to ask, anyone here for other purposes may be banned. 1. Because this site is primarily for agents agents, Any soliciting is pointless and is not allowed. Please do not sell or promote products or services in any way, directly or indirectly. Do not link or sneak in links promoting your services on comments, posts, discussions or blogs. You may have links on your profile pages to your websites as long as your are not selling things other than real estate! Again, absolutely no outgoing links to your websites, blogs or listings 2. Do not speak disparagingly about members on this site. This community is meant to be helpful, and we are here to help each other. 3. We reserve the right to delete content and/or ban members that violate these rules. 4. Member Name (Full Name Field) format must be FIRST NAME, then LAST NAME! Please no company names, DESIGNATIONS, or website in the name field! Please read the terms of service under the "home" tab! IF YOU AGREE TO THESE TERMS, PLEASE TYPE "I AGREE" IN THE BOX BELOW!! Thanks for your cooperation, and welcome to the Network!
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Comment Wall (2 comments)
- At 3:06pm on March 16, 2012, Paul Kelly said…
Tracy
Re: PNC as second. Good luck you will need it. I have as a buyer's agent one right now with BofA first PNC as second and they will delay and delay in order to get more. Offer on 12/8 2011 no answer yet. I think the advise you got regarding your seller trying to negotiate release independantly might be as good as any. The only thing that keeps my deal alive is the fact that the buyers are investors and willing to wait. Have flexible tenant lined up to rent whenever!. The latest Bof A countered to extend closing so they can try and get relaese from PNC. As an aside I also used to live in Pittsburgh years ago and banked with them. They were awful to deal with. Here in Columbus they bought National City and have been sucessful in chasing half the Nat City customers away.
- At 11:46am on September 30, 2011, Mike Linkenauger gave Tracie Norman a gift…
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