florida shortsale - help! 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 traditional home sales. 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, florida and we recently got the bank acceptance letter after 8-month wait. 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. |
Replies to This Discussion
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Permalink Reply by Satar Naghshineh on
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It looks like I am right and that Florida has the same law as California. Look, the fee this guy is charging for the negotiation must be a part of his commission. The commission must be disclosed in the listing contract between the seller and broker. I'll look into this some more for you, but here is a website I found that leads to a contact info for a title company that is lawyer owned and specializes in short sales in your state:
http://www.articlesbase.com/national-state-local-articles/realtors-...
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Permalink Reply by Jeff Payne on
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Good advice Satar, I do believe you are correct. The bigger issue here is that this agent can not hold this closing hostage, especially if they already have an approval letter. I would ask the title company to put in writing WHO the fee is being paid to because it will be on the HUD.
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Permalink Reply by arod on
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Satar, that would be great.. b/c i can latch onto that law to force him to drop the charges before closing... i'm going to look into it some more.. great article, thank you!
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update: i wrote the agent again today a much calmer "tactful" letter (thanks Satar).
interestingly he won't respond in writing but he did call me twice today and left pleasant vm's to call him back. i didnt pick up because i didnt trust myself to speak to him (still too angry and dont want to jeopardize my deal) and because i suspect he is calling to 'negotiate' his fee. otherwise why wouldnt he just instruct title to remove it. this guy has C.O. Jones!
he's also very smart because he's trying to get away from putting anything in writing....
what say you?
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Yes, he is smart. He wants nothing in writing.
Can you record someone without disclosing it to them in your state? In California, we cannot do so. If you can, maybe record your conversation with him. You are also correct that he is trying to negotiate his way into the $3200.
Keep calm and be polite at all times. If no resolution by Saturday, then call the broker on Monday.
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i wish i could record him satar but we have the same laws in florida.. cannot record unless we get consent.
yes, i'm positive that he's calling me to state his case and all the work he has done on the shortsale, etc..and why his fees were earned.
i think its better that i do not pick up his calls b/c i want to keep a paper trail.
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Pick up the phone and say, "for quality assurance, this call is being recorded" and see what he says. You can record him as long as you tell him first.
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I looked at the Florida laws but couldn't come up with anything. However, the title company that article references probably can help you out.
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update: good news! after I didnt answer his calls again yesterday he finally responded in writing to my email saying: there was "confusion" and "a misunderstanding" about the $3200 charge. that's about as much as he would admit in writing.
then he writes: "in the interest of customer satisfaction I will agree to remove the fee, though many of the services have already been rendered, as a courtesy to you, if you agree to close as otherwise agreed and without objection."
this was my goal and objective and i couldnt have done it without the help of these boards.. and especially help from Satar Naghshineh who helped me draft my letter to him. THANK YOU!
i'm thinking of responding to his email with something like: "Once the fee is removed, we can move forward and I will agree to close as agreed and without objection. Also, to avoid any issues in the future I ask that all communication from this point forward be made through email or text."
what say you??
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Wow, this guy is a great negotiator. Even when he surrenders he is trying to negotiate the ending of the transaction! Good job on winning!
Just reply with a short and simple "thank you for your understanding in resolving this matter". That way you acknowledge his acceptance and you don't promise anything in return. Then forward his e-mail to title and have them remove the charge on the HUD.
No need to have all communication in e-mail statement. You only use that when you are about to get a lawyer involved.
Once this is closed and you have keys in your hand, then you can do whatever you want. Just be patient and do not reveal any of your aces that you have in your back pocket.
Congrats again. His e-mail tells me that he knew he was in the wrong and could get in trouble.
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Permalink Reply by Debra Savittieri on
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STOP! Enough said already. over 100 comments on this story is insane!
YOU are a Realtor/Buyer involved in some shadey stuff here- which points a finger at you as well dear Arod.
You give your commission away allowing the Listing Brokerage to obtain 6%-who YOU willingly allow to Represent YOU in a dual agency...and say you did it because YOU don't understand short sales. Umm- come on Arod....You don't have to understand short sales to be a buyer of one- you are not the one negotiating the sale...The Lister does. Had you asked for the 3% commission in the FIRST place to the lister (if you were an active Realtor) there would be no issue with receiving those funds.
There are missing pieces to this story here that you are not disclosing.
The Designated Broker is YOUR Rep in which YOU never spoke with in 8 months? (shake/cock head here) point finger at Arod. YOU were told by the Lister that the DB would now be YOUR Buyers Rep and YOU NEVER spoke with her once in 8 months. ( ghasp)
Seller was told by YOUR designated Realtor Seller would get a( kick back) compensated of $3K...for whatever -is still a kick back.
I personally do not think you are for real. (appology if I'm rude- but umm, come on Arod !)
If this is a fact that You have been represented as a BUYER by THE Designated Broker on this transaction, and what you have stated in all these responces to 100 posts are true. YOU ALL are in deep s%$t. You staying away from communication with YOUR own Rep- the DB states alot! The fact the the DB never communicated with you on HER transaction is ( caugh-choke) a huge violation of statutes.
I would do one of 2 things:
(1.) Walk into the DB's office and ask HER how she is going to get her ass out of hot water and make this close...... ( open purse baby and deal the cash out DB!) .or..
(2.) Cancel the deal and head straight to the Florida Dept of Real Estate to file numerous violations of statutes.
Hire a RE Lawyer to get compensated from the Brokerage who represented you so badly and ILLEGALLY!
One has to still wonder- 'what' you are hiding here by not speaking with the DB....in 8 months who is representing YOU.
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Believe it or not, this scenario is very common. In fact, everything the listing agent is doing I would do, except I would do it in a different way so not to cause so many problems.
I think the key aspect of Arod's issue that you are missing is that she is acting as a principal in this matter as her expertise and her own broker's expertise are not in residential resales nor are they in short sales. I bet she thought she could secure the transaction (as she did) if she approached the listing agent directly. The listing agent used his own broker as the buyer's agent so that he can maximize the commission allocated by the foreclosing lender.
Like many other people who fall prey to a short sale listing agent who acts in dual capacity, she is left with no one she can trust or has a vested interest in this matter to guide her.
Her goal is to get the property without being a door mat and to protect her own interests.
If anything, the listing agent owes shortsalesuperstars.com a paycheck!
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