Does an agent in a florida real estate transaction have a DUTY TO DISCLOSE his affiliations or relationship with a 3rd party company seeking to to be compensated in a shortsale transaction ? or any real estate transaction?
ex: realtor is trying to get paid a fee through his LLC but never disclosed to buyer (who is being charged this fee) that he owns the company.
what say you?
p.s. there are other issues. realtor intentionally defrauded me..but i already have a thread on that. now i'm just trying to figure out the above question.
Yes, if he is being compensated I believe he has to disclose his affiliation with a 3rd party. Are you sure that he owns this company? You can search SunBiz.org to see if he has registered his company.
I read your other post and agree that something isn't right. A few things to consider, I know that he is asking for extra money for the negotiation. In the big picture, is the deal still a great deal even after paying his fee?
Do you have an actual approval letter from the lender? If you do, this person can not kill the deal and can not hold this sale hostage, get with the title company and get this deal closed.
I would recommend to stop focusing your attention on the problem of the shady realtor and start focusing attention on solutions.
hey jeff, thanks.. yes, i looked up his company on sunbiz and he most definitely is the owner. but he never disclosed this...and in fact mislead me about it.
it is a great deal even after paying his fee but there's this little thing called honesty and principles that sometimes hangs me up. especially that i gave him my side of the 3% already and he still tries to sneak in a fake fee. how greedy can a person be?
I have a bank approval letter from the lender for the price and terms of the deal. this is what you are asking right? we still havent gotten to the point where the bank has signed off on the final hud. closing is about 3 weeks away and i'm getting all my ducks in a row. are you saying he can't screw up the deal if i have that initial bank approval letter? i am handling all communication through the title company now.
yes, yes, you are right i need to start focusing on solutions. it's hard when you are so angry.. i'm trying to keep my eye on the prize.
He can not screw up the deal, you have an approval letter. Communicate with title and only title
" read your other post and agree that something isn't right. A few things to consider, I know that he is asking for extra money for the negotiation. In the big picture, is the deal still a great deal even after paying his fee? "
God knows I am one to talk about getting compensated for conducting a short sale, but it is the principal. Although I get paid very well for doing a short sale, sometimes 2 to 3 times I would on a regular sale, all my fees are properly disclosed to the seller and buyer. I want both of them to know how much I am making so there are no hard feelings like what you see in this situation.
I would hold my ground and get this $3200 removed.
Turn the realtor into the Real estate commission for yoru state! Simple!
He is trying to do something shady and negotiating is part of his job already- no need to try and steal more money from either the lender or the buyer. It always amazes me about the tricks that some realtors will try and pull because they are desperate for money.
Deal drectly with the title company like the other post states and hopefully your deal will still close. Do not agree to pay the $3200 fee under any circumstance. I would also contact the realtors' broker and threaten him/her with a complaint to the REC. That should shake a few things up and get something done quick.
Former Loss Mitigation Employee for Fortune 500 Company in Plano, TX
Pitbull Consumer Advocates
ROGER: thanks for your feedback. after threats and much back and forth the realtor finally agreed to drop the bogus charges. i'm waiting for the deal to close and then i will take care of that SOB.
No problem whatsoever. I am GLAD to hear your response- more people like you need to stick up for themselves with these IDIOT REALTORS and USELESS THIRD PARTY NEGOTIATORS!
Good luck Arod3. I think you definately need to pursue.
Pitbull Consumer Advocates