New Things to Look for When Buying or Selling
After speaking with several escrow and title representatives recently and experiencing it ourselves, we have noticed new ways that some real estate agents are extracting fees from their clients.
The most popular one is the transaction coordination fee, which ranges from $200 to $450 dollars. Many agents use transaction coordinators to do the tons of paperwork required in every transaction, chase down and get return phone calls, status updates, and the like. These are all things that a competent real estate can do, but many times when they get busy and the help is beneficial to keep on top of the many transactions that successful realtors may have. These tasks are also ones that unsuccessful realtors may use in order to avoid doing the loads of work that can be overwhelming. Either of these is alright, as the paperwrok gets done, the transaction closes on time, and everyone is happy. However, the problem is when your agent charges you for the service. Most agents consider this as part of their service to you and pay for the coordination themselves. When you are charge as a Buyer or Seller, you should question that charge andwhy you should pay for it.
Other charges that have been popping up are $800 ‘escrow’ fees (escrow charges their own fees), paperwork costs, desk fees, etc.
When selecting an agent, ask them what fees they will be charging and question why. When selling your home, you will be charged the commission as that is how an agent makes their living. When purchasing, you agent normally will not charge you anything for their services.
For what its worth, we do not charge any ‘extra’ fees when working with our clients.