Home Buying in Maine>Question Details

Jennrurald, Home Buyer in Maine

Buying a home through rural Development but need help.

Asked by Jennrurald, Maine Mon Jul 2, 2012

I am getting a home through a Rural Dev and had signed an Exclusive Buyer Representation Agreement under the impression that the agent's 3% fee would be rolled into the loan. Now the loan officer is telling me that there is no way that he can roll the agent's fee into the loan. We don't have the 3% to pay the agent. How do I save the deal?

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2
Hi Jenn,
Usually the commission is paid by the Seller at closing, out of sale proceeds. Is this not the case? Almost all homes on the MLS offer a Buyer Agency commission. Again, paid by the Seller at closing. Was the home on the MLS?
Regards,

Margaret
0 votes Thank Flag Link Mon Jul 2, 2012
If the agent told you it could be rolled into the loan it doesn’t sound like they are qualified to be called a buyer’s rep. Okay, if you get past that issue, you could make payments to the agent but it can’t be secured by the house. Hope this helps, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Mon Jul 2, 2012
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