Attorney fee during short sale?

T

toady13

New member
I was checking out a few short sales and on this one property my real estate agent mentioned the buyer (me) would have to pay a 1% attorney fee. Is this normal protocol? I was pretty surprised.
 
Did your real estate agent explain what this was for and if it was normal protocol? Not trying to be rude here but that is what they are getting paid a commission for, to help you with the buying process.

It sounds fishy to me... but then again... all those fees in a real estate transaction seem excessive to me. Are they trying to say that there is an attorney involved who is arbitrating the negotiation of the sales price between the seller and the lender?
 
I'll ask her more about it in person. It was a surprise to me, especially since we've been corresponding for a few months. Then today I mentioned this one property I was really interested in, she tried to get me to put in an offer before seeing it and also mentioned the 1% attorney fee. Didn't know if this attorney fee is typical or not.
 
I've seen this several times on the agent-to-agent comments on short sales.  The 1% fee is a fee paid to a professional negotiator that handles getting the bank/s approvals for the short sale.  I've seen where it states that the buyer has to pay it and I've seen it where the listing and buyer buyer agent split the fee via their commission.  As with most things in real estate, who pays this fee is negotiable. 
 
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