Investor has control over buyer side fees?

I am trying to get a hud approved for closing tomorrow. The closer has stated that the 2 admin fees the buyer is paying have to be removed (there is one fee to my brokerage another to the selling agents). There is no way an investor has control over what fees a buyer has agreed to pay. Of course I have called and emailed supervisors but there is the "allow 48 hours" to deal with.

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Permalink Reply by Bryant Tutas on October 30, 2012 at 9:48am

Jim. I don't work with buyers any more but when I did I would charge a fee or retainer upfront as part of my buyer's broker agreement. Of course check with your broker and your legal department on how to handle this.

Permalink Reply by Ben Benita on October 30, 2012 at 9:06am

EVERYONE should take note of what Bryant wrote, not just in short sales, but life in general:

WE DICTATE OUR COMPENSATION AND LEVEL OF SUCCESS!!!!!

Permalink Reply by Smitty on October 30, 2012 at 12:19pm

Buyers pay my fee, but if the selling lender wants it OFF the HUD, I take it off.  I still have a contract with the buyer and if it's paid outside of the HUD I DOCUMENT the crap out of it, meaning, it was ON the HUD, and I can show emails, etc. it was on the hud and I was asked to take it off.

 

I'm still paid either way, but if anything came back to me legally I can prove I was forced to take it off the HUD.  I'm not sure exactly WHY selling lenders care what buyers pay but apparently they can now dictate the fees on the buyer's side. It's nuts.

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