Thanks for all the responses. When I asked about the broker fee, this was his response:
The 3% or $2,500.00 and $495.00 comes into effect once we identify a property and one of two things happen. If it's a for sale by owner where the owner is not represented by a broker, usually for sale by owners refuse to pay commissions. Or if the commission is under 3% or $2,500.00, you pay the difference. That would be part of closing costs. The one charge that is always part of closing costs is the $495.00. That is for when an agreement of sale is accepted, it covers some of my overhead in the transaction, the conveyance department in my office handles the transaction once we go under contract with a property. That entails, ordering title, gathering information requested from title, lender, insurance, etc.
If you notice below that, it states that it is policy for us to accept compensation from listing broker. All of the properties I send your way are listed with Brokers. The 3% or $2,500.00 and $495.00 will apply to off market properties. I have to disclose prior to you submitting any offer on a property. That is why closing cost estimates are given prior to submitting an offer.
Thoughts?
