New post on my blog: www.seattleshortsaleblog.com
I have read through the comments on Short sale superstars and compiled a post on my blog. I would love your opinion on this matter. Please feel free to comment on my blog. Thanks
*Email received from staff in the Bureau of Consumer Protection:
The FTC’s stay means that the mars rule does not prohibit real estate professionals who assist consumers in obtaining short sales from charging advance fees. However, the mars rule does not preempt state law. This, in turn, means that if a state law bars such advance fees, real estate professionals who operate in that state continue to be prohibited from charging them.
The basic premises of the debate amongst Realtors are:
Is it wrong for them to charge a small upfront fee for their legitimate services? Some realtors claim that they had sellers who were excited for the upfront fees and hired them because of it. The upfront fee establishes a commitment in a transaction that is a prolonged process and requires many hours of effort dealing with banks/servicers, sellers, and buyers.
What is your opinion on this matter? Do you believe upfront fees are justified and even beneficial for the short sale or is it unethical for Realtors to charge prior to closing a short sale because of the detriment it may have on the homeowner in case of failure. Homeowner’s opinions are greatly encouraged.
Peter
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Hi Beverly. Thanks for the kind words!! This network is on the NING platform. Unfortunatley they do not have spell check available to add. However, you can download the google tool bar and activate spell check on that. Then you always have spell check no matter what site you are on. You can do the same with IE, Chrome and firefox. Just google free spell check.
I always forget when I write responses that I'm the broker!! Brokers are the ones who need to approve any kind of creative payment structures.
Discount brokers are finding it difficult to stay in business in this market because of all the distressed sales. Of course the other side of that is that due to lenders limiting the commission to 6% in most cased they have forced some of us to become discount brokers. 6% is a discount from what I normally charge. That's why I charge transaction fees on the buyer side and take a larger chunk on the listing side. I love helping folk. But I'm a for PROFIT corporation. And I know how to get paid. Maybe I would feel differently if my average sales price wasn't less than $100,000.
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