Debunking The Deeply Discounted Commission Seller Listing Agreement

Dated: 05/14/2015

Views: 574

We're going to save you money! Why Pay More?  

Is all this too good to be true? Probably. If nothing else the fees they normally charge will equal or exceed a competitors negotiated commission. 

Discounted seller commissions may cost you money at the closing table. To compensate for the discounted commission, some brokers charge additional fees at closing. These fees are usually identified as Closing Fees, Office fees or are tied to unnecessary services performed by the real estate broker. Most are savvy enough to disclose them early in their listing presentation while you're still getting used to their sales banter. Others explain they'll do all they can to get the fees paid by the buyers, this seldom happens and you're left paying them at closing. 

How Do You Protect Yourself from these often hidden fees?  

  • Ask them about the fees?

  • Ask them to provide a written "Net Sellers Sheet" showing all charges.

  • Do not sign listing agreements or addendum's with open ended charge clauses such as , ...agrees to pay all charges for ...

  • Check online INDEPENDENT references, google the brokers name. 

  • Call the local REALTORS association 

  • Interview Other brokers for comparison 

If you believe you are a victim of fraudulent charges in a real estate transaction there is recourse. The process is a bit slow and undermanned here in South Carolina but they will investigate. Contact the State Labor, Licensing and Regulation Board (LLR) here in SC.  You may also want to discuss the matter with your county District Attorney to determine if the charges could be a criminal offense. 

Greg Flanagan is a licensed real estate broker in Mount Pleasant SC. He helps people buy and sell homes in the Charleston, Dorchester and Berkeley county area. 

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Greg Flanagan

Greg is a seasoned agent having helped over 250 families sell their current homes and purchase the home of their futures. ....

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