I'm so tired of the greed. Everyone needs to make a living. But charging fees to a client that isn't your own because your client is not paying it, is WRONG.
I have a buyer who's been looking at foreclosures. Today we found one he'd like to make an offer on. When I saw who the listing agent is, I cringed. I've dealt with them before. They're the kind that stipulate in the Broker's Remarks : DO NOT CALL OUR OFFICE TO FIND OUT IF YOUR OFFER WAS RECEIVED. Gee, I thought that's what offices, phones and staff were for; to provide customer service.
Anyway, that's not my beef with them today. When I looked further in the remarks it states that the buyer "must pay a $325 compliance fee for maintaining records and files." The only reason they are charging my buyer this is because their seller won't pay it to them!
My buyer is already agreeing to pay my brokerage firm our administrative charge. Why should he get hit with a double whammy and have to pay the seller's side of the listing office fee because the seller refuses to pay it?
By the way, we've been on the other side of this as well and we do NOT charge buyers of our REO listings our administrative fee even though the seller (bank) is not paying us. We waive it because it's the right thing to do. The seller is sending many listings our way, and we are going to show them our appreciation for those listings by charging our administrative fee to the buyer?! No. That would be wrong.
Maggie Dokic is a licensed real estate broker in the state of Florida selling residential real estate in Miami, Palmetto Bay, Pinecrest, Coral Gables, Gables by the Sea, High Pines and the Redland.
For more information on our local real estate market, or to see or sell a home in Miami, Palmetto Bay, Pinecrest, Coral Gables or the Redland, visit my Miami Real Estate blog or contact me at Maggie (at) TheBlogThatAteMiami (dot) com.
The opinions expressed herein, are those of the author, and not necessarily of EWM Realtors.
Maggie Dokic, SFR is a licensed real estate broker in the state of Florida selling residential real estate in Miami, Palmetto Bay, Pinecrest, Coral Gables, Gables by the Sea, High Pines, the Redland and other select areas of SW Miami-Dade County.
Maggie has earned her SFR certification to be able to better serve the needs of her customers in today's non-traditional real estate market. SFR is a Short Sale, Foreclosure Resource Specialist. Designees have been trained to understand the highly specialized options available to Sellers facing short sales & foreclosures and Buyers looking to buy them.
For more information on our local real estate market, or to see or sell a home in Miami, Palmetto Bay, Pinecrest, Coral Gables or the Redland, visit my Miami Real Estate blog or contact me at Maggie (at) TheBlogThatAteMiami (dot) com.
The opinions expressed herein, are those of the author, and not necessarily of Prudential Florida Realty.
Maggie Darli'-You just hit a nerve with me. I have a problem with this kind of junk fee, too. I've not encountered this particular one ...yet. I guess there's not a thing we can do about it.
Marlene, au contraire, (didn't know I spoke French, didya? lol) I strike it right off the disclosures they make us sign. I refuse to have my buyers pay these fees. Junk indeed!
Greed is horrible. It is the worst capital sin out there and it can only exist in the monetary system.
IGNORE IT.
The mls is not a party to a contract. Neither is a listing company. Write the offer for your buyers and if the sellers counter with that fee, counter it out.
This is just so much nonsense.
Tony - I don't care for it much either. =)
Lenn - that's exactly what I do. What bugs the heck out of me is how many broker offices are doing this! I can imagine that some of the greener agents succumb to this. There's no way I am letting my buyer get slammed with this fee.
I am a residential mortgage lender in Miami, Fl and there are some agents who have market share when it comes to REO's and they are a headache to deal with. I know exactly who the agent you are referring to is. I wonder what agents like this will do when their client is no longer a bank and they need to provide service.....Will they adapt?
Very good point. What happens when their money trains pulls out of the station? I say treat everyone right always and you don't have to be worrying about such nonsense.
It's funny, one of the brokers that's doing this is apparently creating quite a reputation amongst other agents out there. I have had 3 agents complain to me about that office in unrelated incidents. A bad reputation is hard to shake later.
Haven't run into that in my market. Seems silly in a buyers market.
Love the image, she is adorable. Wants all the dolls?
Maggie, I still get so sad over what greed does to people. The Right Thing to Do...there's a phrase I don't hear enough of!
Maggie, WOW talk about attitude "DO NOT CALL OUR OFFICE TO FIND OUT IF YOUR OFFER WAS RECEIVED". I bet his attitude would change real quick if his phone stopped ring all together.
Maggie, our Attorney for MAR, Michigan Association of Realtors finally had to rule on this. He basically said, that the buyers have no committment of fidicuary to the sellers, they DON'T HAVE TO PAY IT.
Now the issue is one of Trust as we have had some REO Realtors send it anyway and some threaten to not present the offer, some holding back for days.
They still publish this fee in the MLS.
When we send over an offer with the ruling attached to it, but it is not well received so we don't know if it is presented 1st, 2nd, etc...
first, I love your dolls!!
we never charge a fee! that is what our commission covers and our buyers and sellers are paying us well for our services. but that is one of the reasons I am my own boss, just too much of a rebel to agree with those things that don't sit right by me ;-)
MAggie - haven't personally run across this but know it exists. I agree with Lenn. Don't see how they can enforce it. Wonder how the buying public feels about agents doing this on top of what they already feel are high fees.
Jeff
Maureen - in any market, it's just wrong. I loved the image too. She looks like a Kewpie herself.
Carole - isn't that sad? Not a good commentary about our society.
George - well said! I'll have to check on his listings in a few years. If he has any left, that is. =)
Missy - I'm glad to hear that other areas have looked into this. I haven't heard anything here yet. And it's prominent. The part that bugs me is that, like you, we're left wondering if the offer is actually presented and if so, in a timely fashion?
Janie - you maverick, you =)
Jeff - it comes down to my fighting it and expecting them to present the offer anyway, the way they are required to by law. I stand ready to fight for my client.
You are doing the right thing! We never charge any client an adminstrative fee. I think GREED is running rampant! It has to stop somewhere... and the banks should be the first to stop this trend.
You would think that the priority would be to get the property sold. I mean, isn't there quite enough going on in the lives of these sellers to get caught up in the "administrative fee" as well? How frustrating that must be. Yet another reason why I'm perfectly happy to stay a Virtual Assistant and NOT get my real estate license, much as I love working in real estate!
~Renae
Renae - absolutely right! The priority should be getting the home sold. I am thinking the extra fee to the buyers may even discourage some from making offers. These listing agents are doing their clients a disservice.
Joan - somehow I missed your comment. Sorry! The problem is that the banks have stated they are not paying the fee, yet the listing agent decides to pass it on to the buyer anyway. The buyers agents have to stand firm on this and fight for their clients. I'm stricking it from all uploaded contracts which state it. This won't happen on my turf! =)