Fidelity $250 service fee?

[Kristine3204]

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.

Happened to me too. Listed okw2042 as extended and didn’t catch it till a couple days before closing date… AFTER I inquired multiple times asking when the seller was going for return the closing documents Weeks after it came back from rofr and weeks after sending payment to escrow. Longest sale ever. Thankfully I wasn’t in any rush. Never again with fidelity.

 

[DVChris]

Last week I inquired about an OKWe at Fidelity and asked for confirmation of the expiration date as part of my offer, as well as a screenshot of the seller’s dashboard and a confirm of any pending reservations. Broker came back later in the day and said it was a 2042 expiry and a mistake on the website.
I think it’s a good habit to ask all of these questions upfront with any broker.

 

[Royal Consort]

Listed okw2042 as extended and didn’t catch it till a couple days before closing date… AFTER I inquired multiple times asking when the seller was going for return the closing documents

Last week I inquired about an OKWe at Fidelity and asked for confirmation of the expiration date as part of my offer, as well as a screenshot of the seller’s dashboard and a confirm of any pending reservations. Broker came back later in the day and said it was a 2042 expiry and a mistake on the website.

Wait, what.

This happened a further two occasions?! (That we know about). Something smells dodgy with this company. At the very least unethical. What is going wrong over there? hrm.

 

[pianomanzano]

Wait, what.

This happened a further two occasions?! (That we know about). Something smells dodgy with this company. At the very least unethical. What is going wrong over there? hrm.

There’s a 3rd instance of this happening in the current ROFR thread, where they basically sent an addendum to the buyer for signature stating that both parties acknowledge the 2042 end date. Someone clearly isn’t doing their homework before putting these listings out there, which negate any benefits from their lower listing prices with all the time wasted having to verify and/or deal with any of these accuracy issues.

 

[Jimmy Geppetto]

Wait, what.

This happened a further two occasions?! (That we know about). Something smells dodgy with this company. At the very least unethical. What is going wrong over there? hrm.

Yep. Happened to me with Fidelity two weeks ago. Disney caught the error in the ROFR process. Broker never called me. Just sent me an addendum for e-signature.

 

[Kristine3204]

Yep. Happened to me with Fidelity two weeks ago. Disney caught the error in the ROFR process. Broker never called me. Just sent me an addendum for e-signature.

The worst , the broker I dealt with was so hard to get in touch with too. Atleast they caught it fairly early. I was 8 weeks into the process or I would’ve started over with a new contract… and a new broker. Ended up being around 3 months total from the day my offer was submitted to the day we closed. ROFR only took two weeks.

 

[CarolMN]

Yep. Happened to me with Fidelity two weeks ago. Disney caught the error in the ROFR process. Broker never called me. Just sent me an addendum for e-signature.

Wouldn't that have changed what you offered? Seems like an expiration of 2042 is worth less than one of 2057.

 

[Jimmy Geppetto]

Wouldn't that have changed what you offered? Seems like an expiration of 2042 is worth less than one of 2057.

I backed out of the deal. Not interested in owning OKW with a 2042 expiry. They tried to get me to stick with it at a lower price, but I passed.

 

[NVDISFamily]

Wait, what.

This happened a further two occasions?! (That we know about). Something smells dodgy with this company. At the very least unethical. What is going wrong over there? hrm.

My spidy sense says it’s errors and lack of precision and not fraud at Fidelity. Still, I’d advise those looking to use them to proceed with caution.

 

[Jimmy Geppetto]

My spidy sense says it’s errors and lack of precision and not fraud at Fidelity. Still, I’d advise those looking to use them to proceed with caution.

Definitely not fraud. They just have some agents that are terrible at their jobs and they (fidelity) clearly don't have controls in place to find these errors like other Brokers do. Buyer beware.

 

[CarolMN]

In these situations, it's almost always plain old, ordinary incompetence. Best to verify everything before you send $$.

 

[elenex]

I bought recently and there was no mention of a fee being tacked on until...I received the closing documents and bill. Kind of late in the process and I question the legality. Very frustrating but it was on a VGC contract so.. What's another $200.

I made another offer yesterday, and to their credit (or at least Bonnie's), she disclosed the fee up front before submitting my offer. It was $225 and I adjusted my offer accordingly.

 

[Shelle88]

I bought recently and there was no mention of a fee being tacked on until...I received the closing documents and bill. Kind of late in the process and I question the legality. Very frustrating but it was on a VGC contract so.. What's another $200.

I made another offer yesterday, and to their credit (or at least Bonnie's), she disclosed the fee up front before submitting my offer. It was $225 and I adjusted my offer accordingly.

Are you sure it wasn’t in your contract?

I was advised about the fee on both my offers before they were submitted to the seller. It is also in the contracts that were sent to ROFR.

If they definitely haven’t put it in writing to you until now then I wouldn’t be paying……….

 

[beamreach]

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?

I bought a resale contract with them. In the first email, they give quote of closing costs including of the "admin fee." The listings are almost universally priced significant lower than other more popular resale sites, but they offer no customer support whatsoever. Other than offer and acceptance, I received no additional communication....to be fair, I didn't really need anything else, but someone less experienced may have required more hand holding. I also had to persistently pepper the title company to get the wire info to close!