Asked by Metool, San Francisco, CA • Fri Jan 2, 2009
Hello! long story as short as I can. I have a mortgage brokers friend I used early this summer to get pre approved for a loan he got me my buying agent throughout the summer I sasked him for some numbers from him never got them Only that he would get me a great deal. I have spent the last six months doing lots of searching for the house I want while my agent did almost nothing never I found house on and had him put my bid in it saw accepted. The seller will be paying the buying agent a 4% commission that is nice I have no problem with that but when I finally got the numbers from my friend they were very high 7,000
in closing costs or 12% of the purchase price. I had to emergency shop for a new loan.
found one with a bank with an APR 1% lower and only 1800 in closing costs. now after a week of my agent knowing that I was going with a different loan he said there will be an admin fee charged by the real estate agency he works for on top of the 4%. is this legal?
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