I love the Fail Blog. Sometimes what they post is dicey (kids toys that have inappropriate … ummm … designs). Other times the videos are hysterical. But for laughs this Friday at Banks.com, here are the FAILs for builders.
And while we’re at it, here’s a funny handyman video. NOTE: No sound, but that’s okay with me!
Have a great weekend!
The days of paying administrative fees to real estate companies may be skidding to an end after a federal court ruled against them, according to the Boston Herald.
The decision targets one of the most commonplace practices adopted by brokerage firms in recent years: charging consumers “admin,” “processing,” “ABC” and other mystery fees ranging from $150 to as much as $500 per transaction.
My firm has never charged this administrative fee and it frosts my backside when my buyers or sellers are asked to pay them for other companies. I have felt that sometimes they can be justified… when a buyer has you drive them around forever and then doesn’t buy, an administrative fee can offset the cost of gas you’ve spent.
The first time I saw one, I was caught off-guard when a buyer’s agent had sneaked it into a contract with the rest of the closing costs. I was appalled and embarrassed at closing when it showed up on the settlement statement. After that, I was always on guard against that company and against those fees. When I see “administrative fee” anywhere in a contract, my buyers and sellers specifically state that we/they will NOT pay this junk fee. I’m not alone in my thoughts, either. Zac Bissonnette at WalletPop says,
The point is that the fees are garbage — absolute unfiltered, unmitigated, bullcrap. What exactly is the fee for? Inman says they are sometimes referred to as “administrative fees,” “technology fees,” “transaction fees,” “flat fees,” and administrative brokerage commission (ABC) fees.”
The real estate brokers and agents involved in a transaction already collect a hefty commission for bringing together buyers and sellers. Inman reports that “Some who defend the fees say real estate brokerages need to recoup rising overhead expenses and investments in technology.”
Amen to that. My vote is to get rid of them, too. We are already paid well when we do a good job. Why bite the hand that feeds you?
I can’t not link to Miranda Marquit’s post about paying your mortgage over at Loan Shak, Baby. Miranda said she often gets the question in her inbox asking advice on whether the consumer should pay their mortgage or pay their credit cards. Her answer: pay your mortgage first,
The answer to this question is very simple: Pay your mortgage first. You should make your mortgage payment your first priority. Your credit card debt is unsecured. Your mortgage, on the other hand, is secured by your home. Your credit score may be in trouble if you miss credit card payments, but it will be in much worse shape if you go through foreclosure. And you could lose your home.
First, I’m NOT a financial planner, adviser, attorney, therapist, hand-holder, etc. BUT if I had to put in numerical order how my bills would be paid here’s what we’d see:
This doesn’t account for court-ordered payments like child support, alimony, judgments, etc. If the court orders payment on anything, I’d put those payments up to number 4 or 5. What do you think? What have we forgotten?
