Home Selling in 44266>Question Details

Mary Schwab, Home Seller in Ohio

My realtor charged my $8,500.00 to sell my house for $32,000.00 should I feel I was over charged?

Asked by Mary Schwab, Ohio Mon Feb 4, 2008

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8
Mary, that sounds very unreasonable. Maybe the cost to sell your house was $8,500 but I doubt all that was due to the real estate agent's fee. It could have included tax that was due or will come due as well as a mortgage payoff. Our company charges a real estate agent fee of 6% or minimum of $2000 and that is it with no other charges. We have lately seen other companies charging addtional fees for advertising or document preparation fees or administation fees as real estate agent try to make up for a poor market conditions. Look carefully at your HUD settlement statement and if there are questions, then by all means call your real estate agent and ask for an explanation. If you are still not satisfied, call the broker or manager of the company he works for and ask them for an explanation. Whatever it takes get an explanation and if you feel you are being charged wrong, contact your Better Business Bureau. Hope this helps.
Web Reference: http://www.marystarkey.com
3 votes Thank Flag Link Mon Feb 4, 2008
Mary,

Overcharged would be one word for it .... we could also use shameful, disgraceful, plus it was probably illegal and a criminal act.

You won't be the first one that got their head taken off by a realtor .. but before we let the Guillotine drop, did you read through your settlement sheet.? .. maybe property bought outside Ohio, taxes due or past due..?

Most agents get 3 to 7%, some with a straight face will even ask for 8% ..l.o.l.. but 26%.?

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1 vote Thank Flag Link Tue Feb 5, 2008
More than likely, the real estate agent's cost is just a portion of hte $8500. Included in your cost may be mortgage payoff, taxes, fees required by the county and other fees the agent has no control over. Look over your HUD settlement statement and the charges are listed for the sell of your house. Our company charges commission of 6% or a minimun of $2500 to sell a house. If you do not understand the charges, ask your agent, who will be glad to explain if he/she is a Realtor, a member of the National Association of Realtors.
0 votes Thank Flag Link Fri Dec 4, 2009
Mary,

You should have had a contract with terms explained to you before you listed the property for sale. $8,500 for a house that sold for $32,000 is extreme --- if that is the commission portion of the sale. If an agent came to you with these terms you should have kicked him/her out the door and called someone else.

Please realize, however, that there are also title fees, taxes, county fees, and other factors that can lower the net proceeds to the seller besides the real estate commission. Your HUD Settlement Statement will account for every penny of the transaction. Remember, property taxes are paid up through the day of settlement, and they can be a big deduction.
0 votes Thank Flag Link Thu Dec 3, 2009
Mary,
I am not a real estate agent . but I can tell you from my past dealings with them that they in general
"know" that the lay person does not understand what they are really saying so it will cost YOU . So my
suggestions would be to contact the State of Ohio website on real estate agents liscensing and report
this .Also hire a lawyer and if you can't for this sale then in the future always use a real estate lawyer
to explain to you what you are signing . Realtors will be the first to say "They are not Laywers" they will
not give you honest answers expecially when a deal is in the works and I have found having sold
4 homes in my lifetime that they always work for the buyer even if they are supposed to be your
agent. Don't trust any of them ever again. NO matter how nice and professional they seem .
0 votes Thank Flag Link Sun Aug 9, 2009
Mary
I think to be fair we need to know more about your situation.
What did you contract the selling commission to be?
What was your house worth (Fair Market Value).
Any other pertient facts...
0 votes Thank Flag Link Mon Feb 4, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Mary,
Mary Starkey's comment is correct. Look closely at the second page of your HUD1 settlement statement which will break out all of the specific costs to you into categories. If you did not use a HUD1, you did get a closing statement of some kind. If the costs are not itemized, call the person who closed the transaction for you and ask for details on the specific costs that you were charged.
0 votes Thank Flag Link Mon Feb 4, 2008
I am close to your area and something must be wrong with those numbers. There can be no way that an agent charged you that much money on $32k. What did your contract spell out in conditions and commissions?
Web Reference: http://www.liveinakron.com
0 votes Thank Flag Link Mon Feb 4, 2008
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