I'm being told, a lot lately, that agents should be charging for everything, when I am processing a short sale.

Asked by Manu Kapoor, New York, NY Thu Feb 16, 2012

I have seen some agents charge a fee to the buyer OR buyer’s agent etc...just wondering what agents are doing out there with fees.

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3
Annette Law…, Agent, Palm Harbor, FL
Fri Feb 17, 2012
Manu,
Of significance in your question is "charge a fee to the buyer OR buyer’s agent etc"
This predatory practice is coming from all directions.

Last week BAnk of America imposed a $91,000 cash contribution from the BUYER, to proceed with the file. That's NINETY ONE THOUSAND DOLLARS!

Agents in the Tampabay area have/can charge the buyer agent any fee (typically 200 to $500) as an advertising fee identified as the MLS Fee. Brokers have been religiously feathering their nest with transaction fees that provide no value and will be taken out of the agents commission UNLESS the can pass the fee to the buyer or seller. Let's not overlook the predatory nature of brokerage referral fees, relocation referral fees, franchise skimming and onerous splits. It's a very hostile environment with a voracious appetite.

Such precedence, being well established, can only mean the banks, brokers, assent managers, PMIs, and investors and all other parties will continue to defer or transfer their expenses to the last one in line, the real estate professional.

We have reached a unsustainable situation that if these fees are not pushed to the consumer, we will indeed be working for free. Unfortunately, the face of the real estate agent is the ONLY one seen by the buyer or seller. The devils remain hidden and still out of jail.

What are you seeing in Queens?
Web Reference:  http://www.MyDunedin.com
1 vote
Dan Tabit, Agent, Issaquah, WA
Thu Feb 16, 2012
Manu,
If you hire a separate short sale negotiator, you may be able to charge a separate fee. In my MLS this must be disclosed up front in the Agent Only comments section. The benefit to all is having someone specifically experienced and persistent enough to pursue a short sale to its completion. Banks have been willing to pay the fee in most cases.
Before you set up any fees, check with your local board or mls and make certain you comply with the rules.
0 votes
Gail Gladsto…, Agent, 11743, NY
Thu Feb 16, 2012
I take listings with a commission agreement; I am paid to do everything under that arrangement.
0 votes
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