Typical fees for 3rd Party Negotiators
I was wondering if any of you are using 3rd party negotiators for your listings? What are your typical fees being paid. Are you letting go of some percentage of your apples? Or is a buyer paying for some apples?
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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The first thing you need to do Jonathan is check with your State's laws. In most States you can't pay an unlicensed person a real estate commission so that takes the commission right out of the equation. In some States the person negotiating the short sale has to be either an attorney, real estate licensee or a licensed mortgage broker. The State where the property is has the laws that apply.
Assuming you have answered all of these questions satisfactory then the buyer, seller or agents can pay. It will need to be fully disclosed on the HUD and approved by the lender (s).
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Permalink Reply by Jonathan D Rexford on
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Well, like you I am in Florida and I do know that we can't pay unlicensed individuals apples. I also under our state law that Mortgage Brokers & Attorneys are the only ones allowed to charge a fee from my recent research. Thanks for the info!
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Permalink Reply by Deborah McKnight on
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Licensee negotiators are only as good as their enthusiasm and expertise...if you don't have the time they can do the work...and they charge a fee that is taken from your commission.
Jonathan D Rexford said:Well, like you I am in Florida and I do know that we can't pay unlicensed individuals apples. I also under our state law that Mortgage Brokers & Attorneys are the only ones allowed to charge a fee from my recent research. Thanks for the info!
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Permalink Reply by linda uribe on
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I'm a buyer in a shorsale transaction in California. The seller agent hired a 3rd party to do the short sale. They are charging a 1% commission. The sales price $209k. The 3rd party does not have the expertise and experience and is very frustrated. My agent is the one given up the 1% to do the short sale.
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Permalink Reply by Eric Mieles on
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Linda,
Im wondering why your agent is giving up the 1%??
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That's what I'm saying. My agent didn't tell me, until the contracts were signed. She knew, I really wanted this house and didn't tell me. I use to work for citi as a Asset manager 2 years ago for 5 years, Things have definitely change since Equator was presented for the agents and the banks. The sad part is that 3rd party they hired are not doing the job properly and is sooo frustrated. I'm the on the phone constantly, with them.
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Understood. Well your not affected to much by them taking your agents commission I just was wondering why she would agree to just have her 1% taken.
Keep on them and be persistent. Good luck, hope you get the home!
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the 1% they are giving up is for the 3rd party negotiator to get paid....from the selling agent's commiss.
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oops...I mean from the listing agent's commission...double end it and they'll probably get in that pocket as well.
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linda uribe said:That's what I'm saying. My agent didn't tell me, until the contracts were signed. She knew, I really wanted this house and didn't tell me. I use to work for citi as a Asset manager 2 years ago for 5 years, Things have definitely change since Equator was presented for the agents and the banks. The sad part is that 3rd party they hired are not doing the job properly and is sooo frustrated. I'm the on the phone constantly, with them.
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was your agent the short sale listing agent?
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No, My agent represents me and the sellers agent is the one that hired the 3rd company to negotiate the short sale with BOFA.
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