Sellers attorney /negotiator asking large fee
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
Replies to This Discussion
-
Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
-
Jeff -
Similar for me but a little different, in CA, we have to have Agreement of all parties (Listing and Selling Agents and their BROKERS, plus Buyer and Seller) along with Agency Disclosure to all from the 3rd Party. The fee has to be disclosed to all parties up front. So the Buyer and the Buyer's agent know what the fee is in advance - even though they will never be paying the fee. In addition to the Agency Disclosure I use a two page "3rd Party Negotiator Disclosure and Agreement" which has to be signed by everyone. That Agreement specifies what my fee is and how it is paid (in all cases by the Listing Broker). That Agreement / Demand is delivered to Escrow / Settlement Agent and paid from the Listing Broker side of the commission directly to me - always via wire.
-
Permalink Reply by Smitty on
-
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.
-
Permalink Reply by Jeff Payne on
-
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 :)
-
-
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
-
I would imagine the fee was not disclosed up front either - but it was not stated in the original question.
-
Permalink Reply by Roger on
-
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
-
-
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?
-
-
Yes- I was in the short sale and modification department. I have seen plenty of deals where the attorney tries to jack up his fees and collect all kinds of commissions for everything from being a real estate broker to negotiating the sale like a mod company to title work.
Most of the time there fees will be cut so not a whole lot to worry about- more like be aware that this is happening often- especially in states liek fruit cake California and Arizona, Nevada, etc- the hardest hit states.
Roger C. Fountain
Texas Certified Mediator, Former Bank employee int eh short sale and modeifciation department, paralegal and (inactive- at this time)realtor
- ‹ Previous
- 1
- 2
- Next ›
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons