Can any share with me the documentation they are using for upfront fees for short sale transactions? Fee range?
I appreciate your help,
Kimberly Sherrod
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Wouldnt Charge an upfront fee, if my life, my licsense (feeding my family!) depended on it
Thanks Harry,
I Believe true here in Florida,as well! I think this may be a "national" ruling as well!
Kimberly, Please consult your broker for advise on this, as this is only our opinion and comments. We are only exchanging our opinions to share and help out our fellow real estate agents, not to provide legal advise! Your Broker is the person responible for giving you direction!
I think maybe we should ask Kimberly why she's considering charging an upfront fee? Are you just looking to make more money? Do you feel that the work you perform should be compensated this way? Have you considered the potential recourse of having sellers go to another agent when they do a little research and find out they can do it for $0??
I'm curious to her your thoughts.
Liane,
I agree wholeheartedly with you. The one issue that I have with short sale transactions is where the listing broker is charging a transaction fee, (which most short selling banks won"t allow), so in order to collect the transaction fee, data storage fee or whatever bogus name it is called, is deducted from the selling agents commission.
Liane. Not all short sales are distressed sales. When I first approached a seller a few years ago and mentioned that I was thinking about charging an upfront fee for handling short sales she was excited about it!! She hired me because of it. She said that she was listed with an agent before who was helping her with her short sale and she felt bad every time she called for an update because she felt her agent was working for free. The fact that she paid me $250 upfront gave her a feeling of being more in control of her situation. She no longer felt like a charity case. And after that I charged upfront fees until the MARs ruling came out. Not once did I have a seller complain about it.
We sometimes have a habit of projecting our thoughts onto others.
When they may not think what we think at all.
Liane Jamason said:
Beyond the issue of legality, it seems ethically and morally wrong to me to charge an upfront fee to a Seller who's in a distress situation! We are hear to help and will make money in the end, why do you want to charge an upfront fee?!
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