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mommy2B3
2 boys 2 girls!!!!
Member since 7/08 3324 total posts
Name:
M
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Commission for buyers agent?
We closed last year, but I just looked at my HUD 1 because I wanted to look at how our taxes have changed. Anyways I saw that our real estate agent charged us a commission fee of $395? I was under the impression that the sellers paid the agents in full, I do see the sellers paid them obviously a lot more than us, but I'm curious if we should have been charged this fee. She is very nice and we have recommended her, but now I'm confused if this is normal or not? I would like to make sure if I should continue recommending her.
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Posted 7/22/15 5:33 PM  |
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Long Island Weddings
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Paramount
Sweet!
Member since 7/12 4287 total posts
Name:
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Commission for buyers agent?
I think you should call her and ask. This is NOT normal. Frankly if you paid it your out the money.
But I would CERTAINLY call and clear it up, Maybe it was the tip for the title guy??
NOT normal and NOT right. You should not have to pay one penny to them.
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| Posted 7/22/15 11:34 PM |
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mommy2B3
2 boys 2 girls!!!!
Member since 7/08 3324 total posts
Name:
M
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Re: Commission for buyers agent?
Thanks! I looked online and apparently coldwell realtors are known for pulling this stunt, but it's usually done because the buyers sign with the realtor, but we never did sign with her before we closed since it was a fast turn around. I'm upset she took advantage, I remember asking her about it and she brushed it off like I shouldn't question such a small amount when it's normal. Oh well, we were first time home buyers and trying to close before school started, so I'll take it as you live and learn, but I'll be sure to stop recommending her.
Thanks for confirming my thoughts!
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| Posted 7/23/15 8:59 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Commission for buyers agent?
I have been hearing this a lot lately- they are calling it a transaction fee- I personally can't wrap my head around it-
I make plenty of money on each deal and would NEVER pass my office fees onto my clients- it's really ridiculous
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| Posted 7/27/15 11:40 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Commission for buyers agent?
Junk fee and I wouldn't have paid it. But of course you have to read the fine print and tell the agent you aren't paying it before signing any paperwork.
I did some reading online and it seems like this fee gets handed down from broker to agent, and it's expected the agent pass to the homebuyer. Also read if the buyer declines fee, the broker may expect the agent to eat the fee.
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| Posted 7/27/15 4:49 PM |
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mommy2B3
2 boys 2 girls!!!!
Member since 7/08 3324 total posts
Name:
M
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Re: Commission for buyers agent?
Posted by ave1024
Junk fee and I wouldn't have paid it. But of course you have to read the fine print and tell the agent you aren't paying it before signing any paperwork.
I did some reading online and it seems like this fee gets handed down from broker to agent, and it's expected the agent pass to the homebuyer. Also read if the buyer declines fee, the broker may expect the agent to eat the fee.
There was no fine print, we never signed with her as an agent. She literally worked one weekend with us, and then 2 weeks later was our closing, which was all cash so 30 mins of her time.
I'm upset that she lied to me when I questioned this fee on the HUD, but obviously a year later I can't do anything, and as a first time homebuyer I thought she was on our side since she's a buyers agent. At least we will be better prepared in future purchases.
Thanks everyone for responding. I'm glad I at least know that it was a bogus fee vs. always wondering about it.
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| Posted 7/27/15 9:08 PM |
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mommy2B3
2 boys 2 girls!!!!
Member since 7/08 3324 total posts
Name:
M
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Re: Commission for buyers agent?
Posted by Beth
I have been hearing this a lot lately- they are calling it a transaction fee- I personally can't wrap my head around it-
I make plenty of money on each deal and would NEVER pass my office fees onto my clients- it's really ridiculous
I also bet this is why you always have good recommendations and repeat customers!!
Too bad I'm OOS lol
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| Posted 7/27/15 9:10 PM |
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