South Florida Real Estate Happenings

Why do you do what you do? Don't gouge us!

Why do you do what you do? Don't gouge us!

Price gouging. Can Price gouging apply in a Short Sale?

Price gouging has been around for a long time and it's a criminal act. It is when the price of goods or services are artificially inflated due to a local emergency. 

I would say that a Short Sale can be a local emergency, after all, a homeowner is in a race against the clock to avoid foreclosure.  Thus, avoiding foreclosure is their emergency.

Short Sale approved in South FloridaI'm thinking about price gouging from a Short Sale that I just closed on this week here in South Florida. I had requested the Final Settlement statement for review from the Title Company as I always do before any Real Estate closing whether it's a Short Sale or a Traditional sale.  I want to make sure that the statement is accurate for my Seller. Low and behold, I discovered what I call a bit of Price Gouging.

When preparing the intial estimated HUD that was submitted to the Seller's Lender for approval, I always make sure that there is some wiggle room in the fees, just in case the Seller's Lender doesn't want to pay everything listed.  I had some nice wiggle room on an estimated HUD that the Seller's Lender had agreed to pay. However, when the final fees were calculated the Seller's Lender was going to be receiving some extra money back over and above their agreed upon net amount; roughly $2000 more.

Well, the Title Company thought they'd jack up their fees because of this "extra" money now available. HEY! NOT SO FAST you slick Title Company. They had increased their closing fees and added some new courier and document copy fees. Ouch...I said, Don't gouge my SellerWould you believe that the Buyer's Agent even asked me if we can switch the $1000+ Buyer's Title Insurance to the Seller to pay in light of this new found money! Well, if we're going to do that why don't I just increase the commission that I get paid. Wake up ! I told the Title Company to reduce their fees back to the originally submitted, Lender approved HUD and then we're ready to close.

My goodness, if we don't watch every little detail, there always seems to be somebody out there ready to gouge you. Enough. Just do the right thing.

 

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Whether you're Selling your home in Coral Springs or Buying your home in Coral Springs or other Southeast Florida cities from Boca Raton south to Miramar, I promise to be on your side working hard for you as your Coral Springs Realtor and South Florida Realor. Helping homeowners with Coral Springs Real Estate and the Real Estate in surrounding cities such as Coral Springs, Coconut Creek, Parkland, Plantation, Pembroke Pines, Margate, Miramar, Tamarac and Sunrise in Broward county to the cities of Boca Raton, Delray Beach and Boynton Beach in Palm Beach county. 

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I'm looking forward to hearing from you soon. Please call me at 954-464-1100 or email me at: lynnp@ImagineYourHouse and it would be my pleasure to help you!

Learn more about me and Coral Springs Real Estate as your Coral Springs Realtor and Coral Springs Short Sale Realtor 

 

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+LynnPineda

Comment balloon 2 commentsLynn Pineda • April 29 2011 08:41PM
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