Something "fishy" may definitely be going on here. Just last week, the same thing happened to an acquaintance. They had offered $300,000 on a home that was priced at $299,000, as they were told there were multiple offers. The bank countered back with a price of $259,000 (this was their NET bottom line price, after paying 5% commission. When the Buyer met with his loan officer, he asked him, "Where is the rest of the money going"? In this case, the commission paid was 5% of 301,000, or around $15,000. When added back to the $259,000, they had a total of $274,000. Where was the extra $27,000 going, you may ask? Come to find out, the Listing Agent had hired an third-party negotiator to act on behalf of her sellers. The "plan" was for the third party to get the $27,000. But, oops! Both the Listing Agent and Buyers Agent work for the same brokerage (name intentionally omitted). They "forgot" to tell the Buyer that this "negotiator" was being paid as part of the transaction as well. The Buyer immediately threatened to contact the AZ Dept of Real Estate, and the negotiator magically went away.
Folks, these "negotiator scams" are going on everyday here in Phoenix. As a Buyer, you need to rely on the experience and expertise of a REALTOR who works in the Short Sale/Foreclosure market exclusively, not a fly-by-night, third-party "negotiator". Preferably, a CDPE (Certified Distressed Property Expert).
For more information on how the Short Sale/Foreclosure market works, visit www.foreclosureuturn.com . Our office consists of 2 Real Estate Brokers who are both CDPE's. We deal exclusively with helping Buyers and Sellers with Distressed Properties, and we don't try to scam our clients by hiring someone else to do our work for us.
Summit Home Consultants