Real Estate

Do real estate agents end up with money from seller concessions?

Speaking only for our company, Legacy Escrow Service, Inc., there are NEVER excess funds from seller contributions. The loan officer will take it. We rarely see the Good Faith Estimates, so we have no way of knowing if the broker’s fees at closing match what was originally disclosed at the time of application. We only know that EVERY time we prepare a HUD-1 settlement statement in which there are unused seller concessions, we ALWAYS receive revised instructions from the broker changing (increasing) their fees.

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Read more from this blogger: How Loan Officers Harvest Seller Paid Contributions: An escrow perspective for buyers and sellers.