<p>More on the slimy @#%$#Q^#%&% Listing Agent for this transaction.</p>
<p>He actually called me up this morning and said “Oh, I forgot. I will be charging a $1,000 Transaction Coordinator Fee in the escrow”. I was not happy and told him, very frankly, that he cannot be adding some fee to a Buyer after they are in contract. I am an investor and I need to know every single dollar in the transaction. How else am I going to sharpen my pencil and make a strong offer? I really pushed back.</p>
<p>During the day, this ‘fee’ has been notified to Escrow without my authorization and has changed names several times. Now it is showing up on Documents as a ‘Flat Commission’.</p>
<p>So, I called several brokers and my agent. The Real Estate Board does not allow Agents to charge a Transaction Coordinator Fee or any Commission (whether charged to Seller or Buyer) unless it is disclosed in writing on a Buyer Agent Representation form (for Seller - Listing Agreement) and signed by the Buyer BEFORE THEY WRITE ANY OFFER. Guess what document just showed up in my email that this guy wants me to sign! And, of course he has some nuggets in that form that he is going to represent me for 90 days as buyer agent.</p>
<p>I just sent an email back to the ‘Transaction Coordinator’ (someone that just materialized out of nowhere that evidently works for the Agent) that I refuse to sign the document, with valid reasons.</p>
<p>We’ll see what happens on Monday when they see that. I think a war is going to start. I cannot believe that this guy just made $33,200 (6%) on this transaction because he insisted on representing the Buyer. He couldn’t give me the time of day and now he wants to charge me $1,000. </p>
<p>I need a drink, this has been a very stressful week </p>
<p>Does that slimeball have a broker? If so it is time to call them and ream them a new one. They need to get their agent under control. He is putting the broker at risk.</p>
<p>I’m still trying to research whether he is required, by Board Rules, to disclose the fee and get signature before he writes up an offer for a Buyer.</p>
<p>I have, in writing, an opinion from the Managing Broker of another large firm here in San Diego. But, it’s not clear if it is his opinion, that firm’s policy, or actual Real Estate Board policy.</p>
<p>Meanwhile, I think this guy might be a ‘broker’ because I see a signature on a form on a line for Broker. It is so messy I cannot determine a name, although it is the same messy signature as the agent’s.</p>
<p>Whoa! That snake sees a small investor buyer with no lawyer in tow and thinks that he will be able to wring a few more bucks out of the buyer! So sorry you have to deal with this bucket of slime. </p>
<p>If he himself is a broker that’s even scarier. </p>
<p>If you really push back, is your deal in jeopardy? Or is everything locked down and papers have been signed, etc., showing that you are now the buyer, and that can’t be undone?</p>
<p>I have an executed, signed and delivered contract. Escrow is open and title company has issued a Preliminary Title Report (all in one day). I cannot imagine how the agent would explain to his Seller client that he wants to cancel the contract. I don’t believe that anything in the contract would allow Seller to cancel at this point, especially since I rushed huge certified funds deposit into escrow Friday morning.</p>
<p>This is going to become a “he said, she said” personal verbal discussion. At this point I am going to push back and I don’t care if I make an enemy with the agent. He doesn’t work in my neighborhoods. </p>
<p>I have noticed that I have encountered more unethical agents in the last two years. The ones who take REO bank owned listings are the worst, maybe because the banks pay low commissions and require a lot of work.</p>
<p>I think this agent is just ignorant with how investors work. His business is all homeowners and I just cringe about how he probably takes advantage of their lack of knowledge on what is negotiable in a transaction/fees and what is ethical. He doesn’t understand that investors need detail and,in some cases, have more experience with real estate law and transactions than the agents.</p>
<p>Push back may be all that is required. It might just be accustomed to steamrolling people, and will fold when he meets resistance. Pulling for you, coralbrook!</p>
<p>I have loaded some new photos on the townhome remodel. Basically we are going to come in under budget, but the Owner has probably spent more than she anticipated on her purchases such as lighting and accessories. She has purchased some very interesting lighting which we will be installing at the end of the week.</p>
<p>My tile installer is flaking out. He was supposed to start last Monday and I gave him a deadline of Friday. Well, he didn’t show up on Monday, showed up on Tuesday with an absolute promise that he would be done by Friday. He injured himself a couple of weeks ago (pulled nerve in leg) and he’s moving slow. I had booked him for those dates many many weeks ago. On Friday afternoon he leaves about 3pm because he has to go pay his guys on another job. He promised he would come on Saturday and finish the job. No appearance on Saturday. Now I have flooring and quartz installation scheduled and I had to tell him not to even come in the house until Wednesday. Unfortunately he will be cutting and dragging wet tile up and down the stairs with brand new flooring. I am not happy about this. Plus, as long as the tile isn’t done we cannot finish any installations or plumbing in those bathrooms.</p>
<p>Interesting update on the escrow. I had made an offer with Escrow Close in 5 business days. Well, I kept waiting, waiting, waiting for someone to write up my offer. It finally came at the last minute and I didn’t notice that it was legally written up as 5 calendar days, by accident.</p>
<p>So there is a big ruckus this morning amongst Transaction Coordinator, Title, Escrow and me trying to figure out exactly what day we will be closing. This was actually a mistake by the Listing Agent (his associate) on the contract. I don’t care either way, but it will be interesting if they actually do tell me I have to close by tomorrow (5 calendar days) because they do not have any of their documents ready. It’s an issue for me because I have to run around and fund today (read… borrow all my money) if we are closing tomorrow.</p>
<p>Meanwhile, the Transaction Coordinator keeps trying to send me the document “Buyer Representation Agreement - Exclusive” where that fee is shown as a ‘Flat Fee Commission’. I am refusing to sign it - pointing out to the young lady that it is against Real Estate Board Rules to present and require signature on this form after the contract is executed. I am pretty sure that an ethical Escrow Agent will not charge this commission inside escrow without signature from the party who is being charged. This document keeps showing up inside a bunch of other documents that I need to sign. I keep telling her that it has nothing to do with Seller Disclosures and needs to be taken out of the pile and dealt with separately.</p>
<p>I can’t tell you how many times I’ve heard people in the building trades complain about clients not paying them, being unreasonable, etc. Yet so many of them are incredibly unreliable. And in my experience the client who pays in full on the dot on time and gives advances for materials and so forth gets shafted more often than not.
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<p>I am very good to all my subs with payment. I always give them a cash payment the day they show up, then multiple cash payments through the job, holding out a small amount for their last day. Never 1099 them or do anything with taxes - it’s their choice whether to declare it or not. They love me. Not once has anyone had to come trying to find me after their job is done to get paid.</p>
<p>How do you get away without 1099ing these guys? Aren’t you required to do it in order to deduct what you pay them as an expense (if over $600)? </p>
<p>Prefer not to talk about the 1099 issue on the forum. I do 1099 when I pay a large amount for a job. Don’t have to 1099 if the subcontractor has a legal entity (my electrician has a legal entity).</p>
<p>I hope closing goes smoothly from now on…you would think they would figure out that you are not going to sign the new documents/change the commission.<br>
I hope your tile guy gets the job done without any flooring issues…and I would be looking for another tile guy, just in case.</p>
<p>In the last 5 years I have had the most trouble with Plumbers and Tile guys. I have given up on even bothering to find plumbers, my salaried lead has more experience and is a better plumber than any of those other guys. Remember the crazy expensive plumber that showed up at the Open House with a 6 pak and parked himself on the couch??? Not to mention he would work all day with his shirt off, I decided maybe he only owned one shirt and couldn’t get it dirty </p>
<p>I don’t want to generalize but tile guys seem to have substance abuse problems. I watch them like a hawk on the job, but they always seem to be extremely flaky and have hangovers all the time. I have one team that I love but they have full time jobs now and cannot work on my projects in a timely manner. All others just can’t seem to show up in a consistent manner and get the job done!!!</p>
<p>Escrow is deteriorating. It appears that the deeds granting ownership to the elderly Seller were all recorded without escrow and title and the Title Company will not provide Title Insurance because no one can figure out if this guy really owns the house. Of course, the elderly Seller cannot find any of the prior documents or the Trust Documents that deeded the house to him as Successor Trustee.</p>
<p>However, all the Listing Agent seems to care about right now is getting into a fight over his ‘fee’. He has left two messages (I am not answering his calls at this point because I want everything in writing through email) trying to explain the ‘fee’. It keeps showing up on documents they want me to sign as a ‘Fixed Commission’. I refuse to sign. Now he is calling it a Transaction Coordinator Fee which has some very strict rules around it (and he is breaking them all, that’s why he wants to call it Fixed Commission on paperwork). Either way I am refusing to sign his Broker Exclusive Agreement that they keep trying to shove down my face.</p>
<p>If I was that Listing Agent I would be over at the Seller’s new residence trying to find these documents, or in the Hoarder House trying to find these documents. But no… he’s spending all afternoon leaving messages to me while he is driving around being a big shot… trying to ‘clarify the fee’ </p>
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