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Answers (8)
- Naima Sumner, "Dallas Ft. Worth PRO"
- Contributions:2847
It's been said below, different states have different laws. And in Texas, fees can be charged. Why you are being charged is spelled out in the contract you signed with your agent. If you signed a buyer representation agreement, it should be spelled out in there. Rarely is a retainer charged but it's done. If an agent is going to show you 50-60 homes and you end up not buying, they need to get compensated for their time. If you end up buying through them, you get the retainer back.
Many agencies have "junk fees" like what you seem to describe, but again, it should be spelled out in your buyer representation agreement. If you didn't sign one, then the agent is representing the seller, and they should get that money from them if they wish.
Naima
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
She told me that if I didnt pay it then she would.
that answers that, let her pay it.
that answers that, let her pay it.
- Don Groff, "Austin Texas Lender"
- Contributions:119
Different states have different laws about charging upfront fees. To me it is unprofessional. As a mortgage broker and a Realtor I never charge upfront fees to my clients. I'm sure that fee was to cover the cost of the E&O insurance for the transaction. That is a cost of doing business and it comes out of my commission. When you try to nickel and dime clients for every penny you lose their respect and in the end you lose the opportunity for a good experience and for future referrals.
- frisky1
- Contributions:448
You should have subtracted $100 off your offer price.
- Jeff Konstant, "jkonstant"
- Contributions:1970
This is legal in many states. I don't like it it. So much for all that talk about buyer's agents are free.
- Barry Ripp, "Barry Ripp"
- Contributions:40
In many states it's illegal for real estate offices to charge additional fees. You are right about them receiving a commission, so why should they charge more. Those fees are simply ways to increase the shrinking company dollar...but it's not fair.
Get your money back and tell your agent that it's illegal in many states, and they should stop that practice.
~ Barry Ripp
Get your money back and tell your agent that it's illegal in many states, and they should stop that practice.
~ Barry Ripp
- Dean Corpening, "dc4re"
- Contributions:1
Probably an admin. fee or Pro services fee, or Transaction coordinator fee.
Needs to explained to buyer from agent what it is for?
Needs to explained to buyer from agent what it is for?
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
While I can not speak for Texas, in CA an agent can't not charge you an upfront fee unless they have the agreement approved by the Dept. of Real Estate.
Sounds pretty fishy to me.
Good Luck.
Sounds pretty fishy to me.
Good Luck.
Realtor charged me a fee $95 ?
When I put in my first offer my realtor produced a piece of paper stating I would pay Gary Green Prudential $95 upon closing. I was told it was for paperwork or something. I do not have a copy of the paper but I will get one. I told my agent they were making a commission so why would I have to give them a check. She told me that if I didnt pay it then she would. Anyone have any idea what this would be? I gave her the check since we had already worked together and said I felt like I should have been told this upfront.
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