All Forum Posts by: Marisa Post

Hi Robert, thanks for your interest. This is a first time home purchase for my husband and I (currently renting) and it is a duplex. We will live in the 2bd/1ba portion and rent out the 3bd/2ba part of the house to cover the mortgage. From there, we will continue investing, most likely in apartment buildings. 

Marisa 

Thank you to both of you. Fortunately in this situation, being represented by my FIL is not an issue, as we are arms-length from the seller and her agent. That seems to be all the bank cares about. 

Hi Joel, thanks for your reply.

I will be renting the house out and the purchase price now is about 450,0000 so we're talking about a 4,500 fee. Not huge but I like to save where I can. 

Hi BP! 
I've been in the short sale process for about 6 months now on a home in Southern California. We're getting close to the finish and are now talking about closing costs, etc. with the listing agent / short sale negotiator. 

My main issue is a new "Transaction fee" that has been applied to my settlement costs to the tune of 1% of the purchase price. I've done my research and I know that this fee is perfectly legal, yadda yadda. The problem I have is in the disclosure of this fee. 

1) The listing agent says that the fee was in the MLS listing. However, I am being represented by my Father in Law who is a commercial RE agent. He does not participate in the MLS and I found the listing on a public site. I have never seen the fee mentioned anywhere.

2) The listing agent says that the fee has been included on every HUD we've received. The first HUD I received was in January 2015 (offered in November 2014, contract signed with seller November 2014). That HUD did NOT have this transaction fee listed. The first HUD I received that I saw such a fee was in March 2015.

To add to the shadiness of this fee situation, shortly after I brought up this "new" fee that was being added to the sale, the listing agent sent me an addendum to the "Residential Listing Agreement" which extends the listing until October 2015 and states the commission split and 1% transaction fee and has been signed by the seller. She has asked me to sign. I haven't signed because I feel like this is her way of going back to cover her *** for not properly disclosing this fee in the first place. 

BP, am I right to fight this fee? I'd be happy to answer any further questions y'all may have, but I am having a hard time with this as I feel like I'm being taken advantage of. Any advice?