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Additional Details
OK people,
I live in South Carolina and make $45,000 a year. I could save about $2,000 a year with no problem and can afford a $1,000 a month payment for a ... |
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Andy | I am purchasing a property and my buying broker wants to charge administrative fee of $400? Is this common? |
Additional Details
its a 250K condo and he wants to charge an admin fee and says it happens in every borkerage firm. on top of that, he gets to split the commission with the selling broker (which i dont have to pay) but still, is this admin fee common?
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Dogzilla
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On top of the lawyer's fee??? LOL.....Tell the bum to get screwed! That's what his Percentage is for!
Admin fee...LMAO |
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thejaundiced_eye
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They're all parasites. Of course they will try to rob you. |
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nathankreutter@sbcglobal.net
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ask him to explain the breakdown in administrative...is it a present for his secretary |
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Louiegirl_Chicago
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they are not all parasites. they have to feed their families, just like you do. due to the internet and buyowner.com, many people don't go to a Realtor (r) anymore. they have cut their commissions down as it is, to get business, to feed their families.
it is getting pretty common for them to charge you, the buyer, a fee. that is because the seller's office takes money from their side, from the buyer's broker's side, for the selling office's "fees." i.e., the selling office is no longer giving a straight split to the buying office.
it is EXTREMELY expensive to work in real estate sales. it takes a whole lot of learning, licensing fees, mls fees, and the payment of 100% of any costs of business just to help you.
it would be an ideal world if administrative fees were not charged to either buyer or seller. but because people these days think that agents just sit on their butts doing no work but getting thousands of dollars every day (because, ha ha ha, real estate is sold and closed by them each and every day), they go to the internet.
i want you to know that although i myself do not charge such fees, i MUST clear, not gross, at least $8,000 a year, more like $10,000, only to pay my expenses out of pocket to simply WORK in this business.
that does not compensate me even one dime for my WORK.
plainly, i do not like what is happening these days in real estate, but you just have to realize that real estate people are human beings that have to pay expenses not just to work, but simply to live, just like you do. so i understand why the agent is asking you for the money. |
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LadyB!â„¢
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I've never heard of such a thing. I would call the local realtors association for your area and ask them it is legal and or customary. http://www.realtor.org/leadrshp.nsf/webassoc?OpenView
Also, ask your closing attorney about this, he will know. |
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Robert
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Is the fee on the listing? Boards can vary. Usually the commisions on the listing are example: CC 3% -$150
Some refer to the $150 as the AD MIN cost or charges.This is always deducted from the CC coopertive compensation. Thus, the buyers broker gets 3% minus the $150. $400 I have never seen it that high. As someone indicated ask for a break down look for the normal cost @ closings in your state or area. |
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Cale
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More often than not. Depending on the Broker. They are always looking for money. If you are not willing to pay it. Find another Broker that will not charge the fee. Usually when buying in higher priced areas the Brokers look to get every penny they can out of the deal. Whether it is a buying or selling agent. I would not write the broker a check. If they were willing to take it out of the closing cost I would consider it. I mean a Buyers broker get 3% on average of the selling price. They get half of what the listing agent is getting so it all depands on where they want the money to come from. If it directly from your pocket I would say no. Out of the closing costs, possibly. |
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Derrick L
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Admin fees are common but $400 is on the high end. The admin fee we charge is $200. Its normally given to the broker's administrator or receptionist for administrative support. If not to an administrator, then it goes straight in the agent pocket. A bonus...perhaps? |
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adaptsf
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Yes, this admin fee is pretty common. It pays for the office staff who makes sure all the t's are crossed and the i's are dotted and all the right paperwork is signed off on as well as random expenses incurred during the transaction. The title company will have fees as well. These are all considered closing costs. Many agents, myself included, cover this admin cost for their clients as a "gift". |
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Kimo
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Yes |
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c21bucks
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Yes, this is common, but in most companies it is referred to as a conveyancing fee. This fee is to pay for the administrative tasks of title search, ordering of certificates, follow-up for those certificates, etc. The fee amount does vary greatly from one company to another. |
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