Comments on: How Do Realtors Get Paid? http://www.sandiegoh.com/2008/07/23/how-do-realtors-get-paid/ The Best Downtown San Diego Real Estate Blog Tue, 07 Feb 2012 04:33:33 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Denny Oh http://www.sandiegoh.com/2008/07/23/how-do-realtors-get-paid/comment-page-1/#comment-2362 Denny Oh Mon, 02 Nov 2009 20:28:01 +0000 http://www.sandiegoh.com/2008/07/23/how-do-realtors-get-paid/#comment-2362 Lynette, I'm not an attorney, nor have I practiced RE outside of San Diego, but this sounds terribly wrong to me. In my experience, realtors do not get paid unless they close a deal. I would expect my clients to reimburse me for any inspections/services I paid for, but this would be agreed upon before I paid for them. I have never asked a client to pay me for my time, work or anything else. I also pay for my clients' "administration fee," but those fees are only paid when a deal closes. I'd talk to your agent and ask them what's going on and if that doesn't work, talk to their office manager. If that still doesn't help, call an attorney! It's money hungry agents like this who give realtors a bad rap. I'm sorry you have to go through this! ps - $4200 on a $109K purchase price?! Was the bank even offering that much to begin with? Lynette,

I’m not an attorney, nor have I practiced RE outside of San Diego, but this sounds terribly wrong to me. In my experience, realtors do not get paid unless they close a deal. I would expect my clients to reimburse me for any inspections/services I paid for, but this would be agreed upon before I paid for them.

I have never asked a client to pay me for my time, work or anything else. I also pay for my clients’ “administration fee,” but those fees are only paid when a deal closes. I’d talk to your agent and ask them what’s going on and if that doesn’t work, talk to their office manager. If that still doesn’t help, call an attorney!

It’s money hungry agents like this who give realtors a bad rap. I’m sorry you have to go through this!

ps – $4200 on a $109K purchase price?! Was the bank even offering that much to begin with?

]]> By: Lynette http://www.sandiegoh.com/2008/07/23/how-do-realtors-get-paid/comment-page-1/#comment-2361 Lynette Mon, 02 Nov 2009 18:22:53 +0000 http://www.sandiegoh.com/2008/07/23/how-do-realtors-get-paid/#comment-2361 I made an offer on a house I really wasn't sure of, but my realtor "talked me into". I know that's weakness on my part, but that part is over now. I've told the realtor at least 4 times that I don't want the house. Each time he said it's too late, I can't get out of it. I realize I would lose my ernest money, appraisal money, inspection money, etc., but that's OK. I have finally said "No Way" on the house for multiple personal reasons. I have no copies of contracts with the realtor, the only one I remember signing is the one saying he was waiving a $595 administration fee. Now, he wants to charge me $4200 for all his "hard work" in finding me a house. As with most house shopping these days, he set up criteria for me on the MLS and I got auto emails and told him what I'd like to go see. He has provided no itemized billing of the $4200, not any contract signed by me saying I'd pay him any amount if I backed out or didn't back out. I fully understand all the other costs (ernest, appraisal, inspection, credit report, etc), but is this $4200 fee legit? (By the way it was a $109,000 foreclosure house). I realize that you are in CA and I am in WI and laws are different, but your website was the only one close to the info I was looking for..."We only get paid when we close a deal..." I made an offer on a house I really wasn’t sure of, but my realtor “talked me into”. I know that’s weakness on my part, but that part is over now. I’ve told the realtor at least 4 times that I don’t want the house. Each time he said it’s too late, I can’t get out of it. I realize I would lose my ernest money, appraisal money, inspection money, etc., but that’s OK. I have finally said “No Way” on the house for multiple personal reasons. I have no copies of contracts with the realtor, the only one I remember signing is the one saying he was waiving a $595 administration fee. Now, he wants to charge me $4200 for all his “hard work” in finding me a house. As with most house shopping these days, he set up criteria for me on the MLS and I got auto emails and told him what I’d like to go see. He has provided no itemized billing of the $4200, not any contract signed by me saying I’d pay him any amount if I backed out or didn’t back out. I fully understand all the other costs (ernest, appraisal, inspection, credit report, etc), but is this $4200 fee legit? (By the way it was a $109,000 foreclosure house). I realize that you are in CA and I am in WI and laws are different, but your website was the only one close to the info I was looking for…”We only get paid when we close a deal…”

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