RealTown's RealTalk

Minimum Fee and the Veteran Buyer
Jim Bourgoin
Thursday, September 27th, 2007, 9:10 AM PST

Are there any RTers out there that work as a buyer's agent with a individuals that have Veteran status?

Jim Bourgoin, CEBA, ABR, ABRM

Exclusive Buyer Broker/Agent

www.buyersadvantage4homes.com

Hernando - Citrus - Pasco

Tampa Bay Area

Spring Hill Florida

352-585-6408

--  -- 

Mike Nielsen responds:

I would say over 50% of all my clients are veterans or active duty personnel/families… Since I am retired military and we are located near

a military base, my SOI and advertising has a large portion of military focus.

I have never had to charge a fee as a buyer’s agent to a VA buyer as all of the homes in our local MLS offer COOPs; but it is my understanding that if the COOP wasn’t available, I could still charge them under the terms of our designated buyer’s agency agreement (as a closing cost) and we could ask the seller to pay as a portion of closing costs. Our VA Loan buyer’s do not pay our “Transaction Fee” (often we ask the Seller to pay that).

I have had conventional buyers pay some or all of my commission when purchasing a FSBO and the seller did not desire to pay some/all.  It is very important to go over the ground rules/responsibilities when discussing buyer options and fees.  It makes it so much easier when they encounter that situation.

Mike

Mike Nielsen  CRS, ABR, GRI, e-PRO

Coldwell Banker Reilly & Sons

602 Delaware St; Leavenworth, KS 66048

15520 State Ave; Basehor, KS  66007

913-758-SOLD (7653) - Direct

877-720-MIKE (6453) - Toll Free

866-805-6476 - Toll Free Fax

MikeNielsenRealtor - Skype(TM)

mailto:MikeNielsen@ColdwellBanker.com

When YOU think Real Estate; Think MIKE NIELSEN!

Visit my website http://www.KSHomeSales.com

Minimum Fee and the Veteran Buyer
Jim Bourgoin
Thursday, September 27th, 2007, 9:10 AM PST

Are there any RTers out there that work as a buyer's agent with a individuals that have Veteran status?

Jim Bourgoin, CEBA, ABR, ABRM

Exclusive Buyer Broker/Agent

www.buyersadvantage4homes.com

Hernando - Citrus - Pasco

Tampa Bay Area

Spring Hill Florida

352-585-6408

--  -- 

Mike Nielsen responds:

I would say over 50% of all my clients are veterans or active duty personnel/families… Since I am retired military and we are located near

a military base, my SOI and advertising has a large portion of military focus.

I have never had to charge a fee as a buyer’s agent to a VA buyer as all of the homes in our local MLS offer COOPs; but it is my understanding that if the COOP wasn’t available, I could still charge them under the terms of our designated buyer’s agency agreement (as a closing cost) and we could ask the seller to pay as a portion of closing costs. Our VA Loan buyer’s do not pay our “Transaction Fee” (often we ask the Seller to pay that).

I have had conventional buyers pay some or all of my commission when purchasing a FSBO and the seller did not desire to pay some/all.  It is very important to go over the ground rules/responsibilities when discussing buyer options and fees.  It makes it so much easier when they encounter that situation.

Mike

I am also Retired Military and we have multiple military bases here. I have never had a problem getting paid on a VA loan – even when the buyer is getting a FSBO thru closing costs. I will note that the lender could not charge their tax service fee – this is a VA requirement. I had the office admin fee paid by the seller as a closing cost, but it was on the HUD just 2 days ago. The only limit is that the Buyer can receive no funds back in excess of what he has paid in the transaction and that all funds need to be accounted on the HUD. It took severl go arounds on the HUD with the lender to spend the entire 6% we got from the Seller BECAUSE THE BUYER DID NOT HAVE A FINDING FEE AS A DISABLED VET. Always ask for VA disability. I have a separated vet that we did a contract for deed to give him time to get his disability rating.