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Updated about 11 years ago on . Most recent reply

Chris H.'s profile image
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Chris H.
  • from San Diego, California
  • Member since Jan 7, 2014
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Chris H.'s profile image
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Chris H.
  • from San Diego, California
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Chris H.
  • San Diego, CA
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Buying & Selling Real Estate

Has anyone worked a deal where you have a "Buyer Consultation Fee" on the HUD1?

Chris H.
  • San Diego, CA
Posted

Have you done or seen a deal where the "Buyer Consultation Fee" is used? Can this be used on short sale and bank owned properties in place of an assignment fee?

Would the buyer need to sign any additional documents for the buyer consultation fee or is inserting it into the HUD-1 suffice?

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Wayne Brooks
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Wayne Brooks
  • #1 Foreclosures Contributor
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

Agreed, on the Buyer side, maybe not a problem with the bank. But you're giving pretty clear evidence that you're likely breaking your state RE licensing law. Yes, consulting fee is the same as commission.

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