Waiving Fidelity fee?

Hokies37

Earning My Ears
Joined
Aug 11, 2018
Messages
65
Does anyone know what exactly Fidelity’s fee goes toward? Or have experience getting it waived?

Before I tell our story I’ll be clear that I knew about Fidelity’s fee beforehand and adjusted our offer accordingly. I also knew about the many issues with Fidelity from posters here (thank you!).

We put in an offer on Saturday, 2/11. No response for two days, then we get a counter on 2/14 (There is a story here too - broker initially declined offer, then called back with counter. Apparently she missed a day old voicemail from seller with the counter offer). Agree to the counter offer on 2/14, receive contract on 2/15.

I notice that 2022 points are missing on the contract and email the contract coordinator on 2/15. No response. I call the coordinator on 2/16 and leave a voicemail. The long weekend rolls around so I wait until yesterday to reach out again.

I call the coordinator again, she says she has no idea about the points and transfers me to the broker. After a long conversation, broker and I sort out 2022 points and she provides screenshots of the seller’s dashboard to alleviate my concerns. She says she’ll have the coordinator correct it and I should have a new contract in 20 minutes.

Today, 2/22, in a 2 minute span this afternoon I get a voicemail, email, and text from the broker all with a similar message. The voicemail is a bit harsh, asking why I haven’t signed and the faster I do the faster we go to ROFR. I call back and say “We talked yesterday…? Missing points? I still don’t have a new contract so there’s nothing to sign.” She says “Oh right! We’ll send it over ASAP!”

As of this post still no contract. I would just walk away since I’m so annoyed with Fidelity but the contract is a perfect amount of points and UY. If the fee is for “service” or “administration” and I haven’t experienced either of those, do you think it’s fair I ask them to waive it?
 
As of this post still no contract. I would just walk away since I’m so annoyed with Fidelity but the contract is a perfect amount of points and UY. If the fee is for “service” or “administration” and I haven’t experienced either of those, do you think it’s fair I ask them to waive it?

Given all you went through I think that'd be fair. Or simply tell them if the fee is not waived you'll walk away since you technically haven't signed anything yet and then they can explain to the seller what happened lol.
 
I don’t think there is any harm in asking not to pay but I would do it before they do the new contracts.

On the other hand, over the scheme of things, if you won’t walk away, I wouldn’t be that concenred.
 

In situations like these, I go with my gut, and my gut would be saying "walk away".
 
may i ask who your agent is? ive had a completely oppisite experience at fidelity....kind of crazy how much of a difference that can make.
 
As of this post still no contract. I would just walk away since I’m so annoyed with Fidelity but the contract is a perfect amount of points and UY. If the fee is for “service” or “administration” and I haven’t experienced either of those, do you think it’s fair I ask them to waive it?
I'll just add to be very watchful if you do ask them to waive and they agree. Due to some mishandling of a contract I bought from them in the fall, I was supposed to receive a refund of the admin fee. Was told I would by both my agent and the owner of the agency who called me to "make things right". I agreed to stick with the contract if they refunded the fee. Well guess what? They never did. I'm shopping for a new contract right now and though they have some good ones, I'm taking my money elsewhere. It's not the fee itself, but I won't do business with someone who lies to me.
 



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