Fidelity $250 service fee?

[Nursemanit]

I compared my contracts and Fidelity charges an extra 250 fee to the buyer that the other site does not charge. I looked at the ad and there was no mention of an auction. Has anyone ran into this fee?

 

[dvc lover 1970]

common with fidelity. Need to factor that into purchase price.

 

[Nursemanit]

common with fidelity. Need to factor that into purchase price.

Need to never use Fidelity again

 

[hammer1995]

Yep-also consider that it effectively increases your price per point. $5 point on a 50 point contract.

 

[Lorana]

While you do need to factor that into the price, I'd note that I have often found Fidelity's pricing to be lower than many other resale sites (even factoring in the $250 charge). I personally wouldn't discount them,

 

[Nursemanit]

While you do need to factor that into the price, I'd note that I have often found Fidelity's pricing to be lower than many other resale sites (even factoring in the $250 charge). I personally wouldn't discount them,

Yeah but that is an fee that is not disclosed when you make the offer - so not fair to people who don't know

And that money does not go to the seller

 

[pianomanzano]

While you do need to factor that into the price, I'd note that I have often found Fidelity's pricing to be lower than many other resale sites (even factoring in the $250 charge). I personally wouldn't discount them,

I would after the recent stories here of incorrect listings, it's pretty ridiculous of them to charge an admin fee but not do any administration and basically shrug when it led to serious errors AFTER closing had occurred. They also listed an OKW 2042 contract as an extended one that wasn't caught until after it went to ROFR.

 

[CarolMN]

IMO, the admin fee is just a way to shift some of the commission charged to the seller to the buyer. AFAIK, Fidelity is the only broker who does this.

In the past, owners who called Disney asking about "buy - backs" or selling their contracts were referred to Fidelity. I do not know if this is still true.

 

[Huskerpaul]

I was interested in a WorldMark contract they had listed and when I asked them to verify the details it turned out they had the details wrong and it wasn't even a WM contract, it was weeks at a WM resort. They had to change the ad. My lesson, you need to check everything very carefully when you are a resale buyer of any timeshare.

 

[christophles]

It was $175 and then increased to $225 in June. I was quoted $225 on another contract I was eyeballing yesterday. If they increased to $250, then it just happened today. I'm passing that fee onto the seller now.

 

[pianomanzano]

IMO, the admin fee is just a way to shift some of the commission charged to the seller to the buyer. AFAIK, Fidelity is the only broker who does this.

In the past, owners who called Disney asking about "buy - backs" or selling their contracts were referred to Fidelity. I do not know if this is still true.

Another of the brokers (the one that has occasional auctions) has a 250 "buyers premium" for the auction listings.

 

[Nursemanit]

If this fee was disclosed on the ad PRIOR to making an offer - it would have been acceptable. Since it is not disclosed until after the offer was accepted- that is an undiclosed buyers agent fee. I will reach out to the Florida board of realtors or whomever is regulating the brokerages.

 

[Sandisw]

I have never dealt with them, but I have read it is listed in the official contract that was signed before going to ROFR?

 

[Nursemanit]

I have never dealt with them, but I have read it is listed in the official contract that was signed before going to ROFR?

That's after the offer was accepted.

Fees have to be disclosed upfront prior to any offers being submitted

 

[Sandisw]

That's after the offer was accepted.

Fees have to be disclosed upfront prior to any offers being submitted

Interesting. I was always told that until buyer and seller sign, it’s not yet a deal..

I did notice they don’t list closing costs either on their site which many others do.

 

[Nursemanit]

I was always told that until buyer and seller sign, it’s not yet a contract…just confirming though it was disclosed at some point for future reference.

It's not a contract

but - You have already made an offer and the offer was accepted - so but not disclosing the fee to me made sure my offer did not deduct for the fee.

If I put an offer in on a house for 500k and it was accepted by the seller over 10 other potential buyers - then the realtor said oh BTW I am adding a 10k fee for you to pay .... Would you ever use that reality again?

It is a dirty practice to hide fees until after an offer is accepted.

 

[Sandisw]

It's not a contract

but - You have already made an offer and the offer was accepted - so but not disclosing the fee to me made sure my offer did not deduct for the fee.

If I put an offer in on a house for 500k and it was accepted by the seller over 10 other potential buyers - then the realtor said oh BTW I am adding a 10k fee for you to pay .... Would you ever use that reality again?

It is a dirty practice to hide fees until after an offer is accepted.

As I said, never used them but have bought and sold a lot and have had both buyers and sellers decide after the offer stage to not follow through.

That’s why I was curious as to when it was disclosed.

 

[Jwaire]

They're not alone. The board's sponsor was going to charge a "concierge fee" earlier this year. It wasn't $250 though, but there was some uproar and they decided not to. Employment costs are up everywhere.

 

[Lorana]

Hmmm, you’re right - I certainly don’t see the fee listed on the website. I checked my old emails and when I made the offer and they emailed back to ask me to confirm it, they disclosed the fee then, and I did adjust my offer after getting that info the first time I used them (and subsequently, I knew about the fee and accounted for it). But they absolutely should be disclosing the fee on the listing. They also do not estimate closing costs on the details page, either. Now I’m curious to know if other resellers don’t provide a closing cost estimate, either, which I would think all resellers should do so you understand your total estimated costs.

 

[Nursemanit]

Hmmm, you’re right - I certainly don’t see the fee listed on the website. I checked my old emails and when I made the offer and they emailed back to ask me to confirm it, they disclosed the fee then, and I did adjust my offer after getting that info the first time I used them (and subsequently, I knew about the fee and accounted for it). But they absolutely should be disclosing the fee on the listing. They also do not estimate closing costs on the details page, either. Now I’m curious to know if other resellers don’t provide a closing cost estimate, either, which I would think all resellers should do so you understand your total estimated costs.

My other contract ( different company) gave an estimate of the closing costs after I submitted an offer before it went to the seller.

Fidelity emailed back saying the seller had accepted my offer- no intermediate step.

Could have just been they went too quick.