REOPro - Real Estate Default Professionals

America's Largest Social Network for Default Real Estate Professionals

I have a co-op agent here that can only be reached via e-mail and included personal contracts inside the package, which has a total of $400 extra going directly to her. I've never seen this before, but am I out of line for wanting to complain. I really just want to make sure my client will actually be able to buy the home.

Views: 359

Reply to This

Replies to This Discussion

Awesome point. Just wondering if there was a way.
What extra addendums is she including that's charging the buyer $400? The only addtional charge should be the final rekey which the buyer pays at closing.
There is a word document attachment that she included which has the rekey (totally ready for) and the utilitiy turn on. The check is to be made out to HER upfront.
rekey is way to expensive and the utility turn on fee sounds fishy. Fannie Mae agents are required to have all utilities on per the listing agreement and they should not be passing along any connection fees to buyers or buyer agents. If the word document is something she came up with on her own and did not have an attorney draw it up I believe she could get into some trouble by acting as a attorney.
I personally would not go down this route. First, it wouldn't do any good with the problem at hand (my opinion). Second, it could come back at you. If one is examined close enough, any agent could be accused of practicing law. Right or wrong. And technically non-lawyers can write up contracts between each other. One does not have to be an attorney to write up an agreement.

One technical question regarding the addendum. Just who, if anyone, signs this document other than the buyer and maybe the buyer agent.

I am sure this is "her" document no matter who wrote it. The question is can you get around it or would you end up tanking the deal for your buyer client. I have seen some agents in my area that try and add fees through unofficial addendums. Sometimes one can confront them and get them removed. Other times one just has to go along with it. I would play innocent and say that I had never seen this REO doc before. Ask when the lender instituted it. If she says or implies this is an official addendum and it isn't...then you would have cause for a complaint with the Board. If she says it's her document you might indicate that your client is not comfortable with signing something outside the contract.

Question the doc and see what happens.

The only official docs in most REO sales are the addendums that come from the lender.

As for costs on a rekey, that can be all over the board. I know for us it can be relatively inexpensive or fairly costly. We average $50-75 a lock. It's not hard to hit $200-$300 on a house with multiple doors and locks.

But here's the kicker. We have nothing to do with rekeys for the buyer. It is totally their responsibility. At closing as they get the keys I strongly suggest that they change keys in the near future as we have done a standard keying of the locks when we took over the property.

Different areas do things differently.

RSS

© 2019   Created by Jesus (Jesse) Gonzalez.   Powered by

Badges  |  Report an Issue  |  Terms of Service