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Updated about 3 years ago on . Most recent reply

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Listing agent wants an extra $10,000?

Robert Wilkinson
Posted

Hello, I'm a new member and excited to be here. I recently put in an offer on a property and my agent said 'this listing agent is unusual and that that purchase includes $10,000 to the listing agent. This was not listed in the asking price for the property on zillow, trulia, exc. This is the second property where I was notified of an additional amount going to an 'unusual' listing agent. Has anyone ever had that experience? 

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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
ModeratorReplied
Quote from @Robert Wilkinson:

Yes, I failed to mention it but it is a short sale. And it was the second property I had tried to purchase with this agent. Thanks for the advice!


 Obviously we don't know all the details...but its not uncommon for short sales and foreclosures to have a lot of hidden fees that are not readily apparent. For instance, many foreclosures in my area requires an additional 4.5% buyer premium that becomes the agents commissions. This is often not easily identified as its typically in the property disclosure documents and not listed on 3rd party websites you may be browsing.

That is just 1 example, as they all have different rules, but foreclosures and short sales will often have higher closing costs because of these at first hidden fees.

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