transaction Coordinator????

[mh90630]

I am buying a townhome and the real estate office my agent works with wants to charge me $350 for a “transaction coordinator”. Is this customary? It seems doing paperwork is a part of the cost of doing business for a real estate office and that is what there commission should pay for.

[Nancy_s soothsayer]

Let me put another perspective to look at. Are you buying right now at overpriced, highly inflated costs while dickering with your laser vision at a tiny $350??

[Nancy_s soothsayer]

Let me put another perspective to look at. Are you buying right now at overpriced, highly inflated costs while dickering with your laser vision at a tiny $350??

[trex]

No! Don’t Pay It!

The agent should pay the transaction coordinator, or do the paperwork him/herself. You should ask the agent to pay the $350 for you. That’s how it usually works – several in my family are agents.

Or better yet, walk on the deal and get an agent that won’t nickel and dime you.

Nancy_s is right – $350 is .1% of your purchase price. But consumers get screwed in real estate by lots of similar fees. Don’t give in! It may be a small percentage of your price, but wouldn’t you rather have a couple dinners out for that $350? Or make your car payment? Or get a hotel room in Santa Barbara?

Small but not forgotten!

[trex]

No! Don’t Pay It!

The agent should pay the transaction coordinator, or do the paperwork him/herself. You should ask the agent to pay the $350 for you. That’s how it usually works – several in my family are agents.

Or better yet, walk on the deal and get an agent that won’t nickel and dime you.

Nancy_s is right – $350 is .1% of your purchase price. But consumers get screwed in real estate by lots of similar fees. Don’t give in! It may be a small percentage of your price, but wouldn’t you rather have a couple dinners out for that $350? Or make your car payment? Or get a hotel room in Santa Barbara?

Small but not forgotten!

[JJGittes]

What the @#$%? I assume your agent is getting the 2-3% buyer’s agent commission from the seller in the deal, correct? Now they want to charge you a fee for a ‘transaction coordinator’??? Unbelievable. The real heavyweight paperwork is done by the escrow company, not by the re agent’s office. Not only should you not pay it, you should go to a discount buyer’s agent and get a rebate of part of the commission the seller is paying.

Again, unfriggginbelievable.

[JJGittes]

What the @#$%? I assume your agent is getting the 2-3% buyer’s agent commission from the seller in the deal, correct? Now they want to charge you a fee for a ‘transaction coordinator’??? Unbelievable. The real heavyweight paperwork is done by the escrow company, not by the re agent’s office. Not only should you not pay it, you should go to a discount buyer’s agent and get a rebate of part of the commission the seller is paying.

Again, unfriggginbelievable.

[sdrealtor]

I always pay for one and would never ask a client to pay. It allows me to focus on what makes me money and ensures there is always someone on top of keeping the file current and complete.

[sdrealtor]

I always pay for one and would never ask a client to pay. It allows me to focus on what makes me money and ensures there is always someone on top of keeping the file current and complete.

[HLS]

Nothing is customary, it’s all negotiable.

If you didn’t agree to pay that in any signed up front agreement, I’m willing to bet that if you tell the agent that you aren’t paying it, they will remove it immediately.

I hope that you aren’t using a lender that the agent reccommended.

Do you care to disclose the loan fees that you are being charged ? Did the agent suggest that you ask seller to contribute to closing costs ?
How long did you shop with this agent and did you determine the purchase price or did the agent suggest one ?
How many counter offers were involved ?

There are people on this board that can probably save you $$$ on all aspects of this transaction, or at least give you helpful advice.

[HLS]

Nothing is customary, it’s all negotiable.

If you didn’t agree to pay that in any signed up front agreement, I’m willing to bet that if you tell the agent that you aren’t paying it, they will remove it immediately.

I hope that you aren’t using a lender that the agent reccommended.

Do you care to disclose the loan fees that you are being charged ? Did the agent suggest that you ask seller to contribute to closing costs ?
How long did you shop with this agent and did you determine the purchase price or did the agent suggest one ?
How many counter offers were involved ?

There are people on this board that can probably save you $$$ on all aspects of this transaction, or at least give you helpful advice.

[SD Realtor]

Check the representation agreement that you signed with them.

When I work with sellers and take listings I explain transaction coordination up front and even write it into the listing agreement. That way it is fully explained what the coordinator does, what the cost is, and when the fee will actually get paid. For buyers the same is true. If I do choose to have the buyer pay for coordination, it gets written into the buyers representation agreeement or into the Residential Purchase agreement, explained and everyone is on the same page.

Of course if you are using a “full service” agent that is getting 2-3% commission and not giving you any rebate, it goes without saying that they should pay.

SD Realtor

[SD Realtor]

Check the representation agreement that you signed with them.

When I work with sellers and take listings I explain transaction coordination up front and even write it into the listing agreement. That way it is fully explained what the coordinator does, what the cost is, and when the fee will actually get paid. For buyers the same is true. If I do choose to have the buyer pay for coordination, it gets written into the buyers representation agreeement or into the Residential Purchase agreement, explained and everyone is on the same page.

Of course if you are using a “full service” agent that is getting 2-3% commission and not giving you any rebate, it goes without saying that they should pay.

SD Realtor

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