Home Buying in Tampa>Question Details

manishaasthag, Home Buyer in Tampa, FL

Hidden Fees By real Estate Agent Help Me!!!

Asked by manishaasthag, Tampa, FL Thu Feb 14, 2013

I am a New Home Buyer, i went to coldwell Bankers...They didnt helped me with anything infact they registered me with every builder building new community in area as i was looking for new homes only and they didnt wanted their commision to go away....after a month of my own efforts i signed a purchase contract and that very day this real estate agent gave me a document saying i aggree to pay $350 dollars to Coldwell bankers....This was never disclosed to me before and agent is already getting 4% commission....is there any way i can get rid of real estate agent ...what will happen if i dont sign that stupid document ....i never signed any document with coldwell...now they are coming out of blue to bug me up

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17
Steve (888) 662-4404’s answer
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Stop!! Hold up! Do not pass go! Whoa Nelly!!!!

I do believe that I am a leading authority, in America, on this subject!!!!

Like all Mortgage Brokers and Loan Officers, over the years we've been victimized countless times by a certain real estate company with a C and B in their name!

ABOVE AND BEYOUND ….. this one real estate company has been responsible for lost Mortgage Broker income thru their NON STOP, relentless coercion and steering tactics of our clients to their “Preferred” in-house lender than any of the rest!!!

Mortgage Brokers have NOT forgotten what they did to us from 2000 to 2006!

It would give me MUCH pleasure to talk with you about your options in this situation!

Please call me any time, even now is okay for this situation and I'll tell you about options you had no idea were available to consumers!

----------------Axe to grind? -------------- Like you could not imagine!!

Steve McRory
Pro Option Mortgage/ Florida
steve@pro-option.com
http://WWW.PRO-OPTION.COM
Ph: 888 662 4404

Prior Service U.S. Marine Corps
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2 votes Thank Flag Link Thu Feb 14, 2013
BEST ANSWER
If the CB agent was present when you signed the agreement, then I have to presume that he accompanied you to the development. That's typically what the developer requires... (and "all" they require) to pay a commission to the buyer's agent.

But if you did not sign any agreement with the CB agent (as you've said you didn't)... they they cannot compel you to pay that additional $350.00. And as others have pointed out, since the agent is already receiving a 4% commission... they should absorb the $350.00 fee.
1 vote Thank Flag Link Fri Feb 15, 2013
Alan May, Real Estate Pro in Evanston, IL
MVP'08
Contact
Don't sign anything agreeing to pay it. They cannot make you pay it unless you signed something up front that disclosed you would have to pay it if you purchase a home using their service (get your agent to pay it on your behalf). This is one of those fees, unfortunately, that many brokers believe will be hard for you to not pay once you find the home of your dreams. It is a fee that brokers (Coldwell Banker is not the only real estate brokerage) collect to help pay for the transaction coordinators that they hire or contract with to facilitate the transaction through closing. You are right in your analysis that the broker is already being compensated with a 4% commission...why should you have to pay a transaction fee? Let the broker pay that, right? For that very same reason, HomeNet does not charge a transaction fee. We are getting paid by the commission!

If you are not all ready moved into your new home, I hope you will be enjoying your new home soon.

Sincerely,

Fred Strickroot
HomeNet
727-478-8997
1 vote Thank Flag Link Wed Mar 6, 2013
I'm not sure what your regional trades and customs are... maybe someone from Tampa will chime in.

It would appear, that if you never agreed to pay $350.00 to Coldwell Banker, and you don't sign the document they're putting in front of you now... there's just now way they can compell you to pay it, since it was never agreed to prior to the purchase.

Since you have a buyer's agent... ask him/her to step in and clarify for you.
1 vote Thank Flag Link Thu Feb 14, 2013
I asked and he shamelessly said thats a bit of surprise...i replied you never told me that i will be liable to pay....then he replied i know.....yes he was present while i signed the purchase aggreement and unfortunately i was not aware of his intentions he pulled up this document after i signed purchase contract which mentioned him as a agent(can i remove his name now from purchase agreement as he is being dishonest and misrepresenting the firm)...i didnt mind whatever he is getting from builder 4 % as mentioned but this is sheer duping......i live in Tampa FL.....
Flag Thu Feb 14, 2013
Alan May, Real Estate Pro in Evanston, IL
MVP'08
Contact
Manishaasthag, Coldwell Banker charges both buyer and seller a fee at closing. The disclosure of the fee is in the middle of their disclosure document. Typically, agents ask you to sign this at the initial point of contact. With a Seller it is at the time of listing. For a Buyer it would during their initial meeting and disclosure paperwork.

If you signed the paperwork, it will be difficult to prove that you were unaware even if the item was not directly pointed out to you at the time of signing.

As a New Home Specialist, the client can be registered with the New Home builder. Usually the builders require the agent to accompany the client at the time of registration. It is really helpful for the buyer to have a New Home Specialist asking questions on behalf of the buyer and acting like an ombudsman for the buyer with the Home Builder.

You can now relate how a New Home Specialist can help you with the volume of paperwork and questions / decisions regarding the new home. The agent can earn their commission by helping you facilitate the transaction.

As a buyer, you have the ability to give a thumbs up or down for the agent to represent you when buying a new home. Did the Coldwell Banker agent procure your awareness of the development and assist you in any way? Some agents really do earn their commission and can save new home buyers a lot of heartache and mistakes.

If you were just signed up and the agent did nothing to procure the sale, then you do not have to sign the document. Check with the agent's broker for further discussion.

Best regards,

Lynn Brock
Brock Realty Inc.
941.313.1234
http://www.brockrealty-inc.com

If you would like to search the MLS like an agent, visit our website and sign up for your free Listing Book account. This powerful search program allows you to set up your personal homefinder criteria and save your favorite homes, follow recent solds all in real time! Find the home you’re searching for quickly.
0 votes Thank Flag Link Mon Jun 10, 2013
Thumbs up to Steve (Pro-Option Mortgage) and Alan May!

Fred Strickroot
HomeNet
Lic. Florida Real Estate Brokerage
727-478-8997
0 votes Thank Flag Link Wed Mar 13, 2013
Ouch! I just gave Steve a Thumbs Up! That hurt.
But he is on target regarding the corporate practices of the company you mention.
These fees, along with many more, are imposed on the buyer and seller by the corp or broker...all for revenue augmentation. None provide value for the consumer. The agent, who chooses not to pass these fees on to their client must pay these fees themselves. Some brokers do not allow this option. The CB agent is often caught between a rock and a hard spot. But, it IS their choice to stay with that brokerage. I cringe at the thought of showing a home listed by this company.
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Don't sign it.
Look the agent straight in the eye with a half smile and say, "I'm sure you will be DELIGHTED to pay this on my behalf."
And don't blink. The first one to speak loses.

SIDE NOTE: When a brokerage presents contracts on their letterhead, not state issued contracts, be alert. There is a reason for these customized contracts. You are about to meet a few more.

Congrats on find your home! You will love Tampa.
Best of success to you,
Annette Lawrence, Broker/Associate
Reamx Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
Movie Tour
http://youtu.be/g1H-_ny-Mnk
0 votes Thank Flag Link Fri Feb 15, 2013
You could speak to a local attorney. You could call the Florida State Real Estate Commission and file a compliant (trust me they would love to hear from you) If you didn't sign anything you don't owne them anything (None of us on Trulia know what you signed or did not sign) But the behaviour you describe is professional and I encourage you to file a complaint and smack them down. I'd also file a complaint with the Better Business Bureau.
0 votes Thank Flag Link Fri Feb 15, 2013
Did you sign anything? According to your email no. Well don't let them scare you. I don't think you we them. I am not sure if the same person getting the 4 percent is the same person who wants the 350.

This gets me all the time. If I found the deal I nothing out of pocket. If they found the deal well then good job here's your pay. Pretty simple. Real estate agent service was developed to protect buyers and sellers from each other. Sometimes the agent can turn like a mad dog. They live off commissions. See it probably cost you more to hire an attorney to review this. Look over your paper review the contract if one was signed. If no signature I let them know your not paying. If it was me I wouldn't.

I only a property manager and don't list property for sale often. So I could be out in left field. Try contacting a local real estate attorney for free council.
0 votes Thank Flag Link Fri Feb 15, 2013
Did you sign and realtor buyer agreement? if not, you are not obligated to do business with agent. Buyers walk away all the time. If at this point in the game, you are uncomfortable, then how do you know what else may be hidden and you are stuck for 30 years. Think before you sign. Also I would ask what is the $350 charge for and that you will not pay additional unecessary fees.
0 votes Thank Flag Link Thu Feb 14, 2013
Thanks for the reply, i havenot signed any buyers agreement with them ...not even a single document has been signed between me and agent.....but while signing purchase agreement with builder i did mentioned their name...and builder is giving them 4% of approx 280k as per agreement
Flag Thu Feb 14, 2013
Manishaasthag,

I saw your reply. Please give me a call at 813-352-6219. I will help. Please check out my profile and you will see I am a no pressure, helpful Agent. I do not have an ax to grind, nor do I have any reason to steer you wrong. I am sorry you are having this problem. It should have all been explained to you prior to even showing you a home.

Respectfully,
Tracy Hoyt
Realtor
0 votes Thank Flag Link Thu Feb 14, 2013
Check the documents you were provided carefully. Was there a buyer agreement? Was there a transaction brokerage notice or a single agent notice? Finally, if you were not given a notice of the fee ask them to waive it or you are going to not proceed with the sale. It sounds like they did help you some - they registered you with several builders as you were looking for new. Congratulations on your new home! All the best to you! Kathleen Century 21.
0 votes Thank Flag Link Thu Feb 14, 2013
She wants me to sign these two
buyer's disclosure & aggrement document
Buyer's estmated expenses
Flag Thu Feb 14, 2013
yes, thats one of those junk fees realtors try and throw in. I personally dont charge it. I think its greedy...especially if they are getting 4% on the sale of the new home! I could understand if you were buying a $20,000 condo and the agents commission was only $600. If I were to charge someone that fee, then it would need to be disclosed prior to you signing a sales contract at minimum. It should really have been disclosed when you first agreed to work together. Most builders in the Tampa area dont allow the realtor to charge any additional fees as they prepare and control what goes into the sales contract. If the agent fights you on this, then talk with his or her manager or broker. In my opinion, you are working with a very short sighted realtor. I dont expect that you will be giving them any referrals in the near or far future...will you? Food for thought to any fellow realtors that find my comments offensive. Sorry. Treat people as you would want to be treated and you will be overwhelmed with business...and referrals. Try it.
Web Reference: http://www.TampaTom.com
0 votes Thank Flag Link Thu Feb 14, 2013
typically, brokerages charge a processing fee to both buyers and sellers in order to recoup some of the cost of storing the transaction information for the 7 years required by law. be thankful it was not a fee like the car dealers in Florida charge.

Bill Szydlowski
0 votes Thank Flag Link Thu Feb 14, 2013
Commission should be negotiated to cover operations as well. Hidden fees are bait and switch tactics in my opinion.
Flag Fri Feb 15, 2013
Don't sign the doc! I had this happen to me before I become an agent and I didn't sign it. The agent then talked to their broker and had it waived.
0 votes Thank Flag Link Thu Feb 14, 2013
Manishaasthag,

You would need to talk with an Attorney I believe. Did you sign a buyers agreement with Coldwell Banker? Each Agent has a Broker they work for. I would certainly call them to discuss this situation. If you were never made aware of the additional fee then you need to talk to someone. If you signed the contract to purchase the home, and you agreed to allow the Agent to represent you then you will not be able to do much about them getting a commission. I would go talk to the Broker at Coldwell Banker.

Please feel free to email me directly at THoyt@prutropical.com if I can answer any other questions.

Respectfully,
Tracy Hoyt
Realtor
Prudential Tropical Realty
0 votes Thank Flag Link Thu Feb 14, 2013
I never signed any document with coldwell bankers....i signed only purchase agreement with builder thats it ....I am a first time home buyer dont know what to do :( little worried
Flag Thu Feb 14, 2013
Don't sign it and just let them know that you will not sign it. Be calm and cool when letting them know. If they, the buyer's agent, states you have to sign it, ask them if they would like to lose a sale over $350 dollars. But do it very nice, don't raise your voice and they will agree that losing 4% commissions is not worth $350 dollars.

Best of Luck.
0 votes Thank Flag Link Thu Feb 14, 2013
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