Sellers attorney /negotiator asking large fee

Hi
We are buyer and received the number from our lender but the sellers attorney is asking for about 9% in fee in addition to lenders amount. Is this normal? My understanding was that lender amount will include all of these cose

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Permalink Reply by Smitty on December 19, 2011 at 2:52pm

We do the same Thom, only we are paid by the buyer. Jeff, the way Thom is describing it is the safest way to ensure proper disclosure AND get paid.

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Permalink Reply by Jeff Payne on December 20, 2011 at 9:52am

Smitty, the more I thought about it, I guess it is no different than the listing agreement with the agent and seller. The seller could get sneaky and try to circumvent the listing agreement and the listing agent would then have recourse. You always have a way of making me look at things differently :)

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Permalink Reply by Smitty on December 21, 2011 at 9:26am

Good. I like people to see all sides of things. I think unfortunately there are a LOT of narrow minded people in this industry and just because we've been TOLD something by someone we THINK is in authority, doesn't mean it's always true. I'm a digger of truth. For the record, I don't think you're narrowminded at all, but I would say the vast majority of people I've worked with JUMP before they explore the water.

Permalink Reply by David Tang on December 19, 2011 at 12:13pm

I would imagine the fee was not disclosed up front either - but it was not stated in the original question.

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Permalink Reply by Roger on December 20, 2011 at 11:43pm

9% in fees is VERY HIGH. My experience working at a bank would tell me not to pay the fees, but negotiate them down. Simple as that. If the "I'm God's gift to the world" attorney doesn't like it, too damn bad!

Roger Fountain

Pitbull Consumer Advocates

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Permalink Reply by Jeff Payne on December 21, 2011 at 9:16am

roger at this point we don't have any idea what the fee is for. Would love to hear more about your experience with working at a bank. Were you in a short sale department?

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Permalink Reply by Glenn G on January 8, 2012 at 5:17pm

Jeff,

BEWARE! You do not want to be taking advice from Roger Fountain!

He regularly trolls sites like this and pretends to be a mediator, lawyer, fortune 500 bank employee & real estate agent and is NOTORIOUS for giving legal advise he is not qualified to give. He is none of these things. None.

Roger Fountain has a lengthy criminal history and is currently awaiting trial in Dallas Co. for numerous violent assaults. He was arrested in June, 2011 for terroristic threat in a public place when he went bananas on a "client" of his. His even featured in Busted.com. Click here to see his mugshot.