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Update - Unethical Realtor

Posted by goldensmom (My Page) on
Mon, May 10, 10 at 9:59

To all who read & made comments to my previous post -- thanks, everyone is entitled to their own opinion.

Now the UPDATE: Potential buyers backed out of deal. House is back on market. My new realtor who is my friend (very honest,sincere & knows her stuff!!!) took me to look at it to give her 2 cents & said no way was it worth the price, 20,000.00 above all others in the division. Still determined to put an offer in I took my nephew who is a sub contractor to look at it with me. After he pointed out everything wrong with it he agreed it was overpriced at a minimum of 20,000.00. I realize now I fell in love with the neighborhood & the lot ... not the house.

Where I stand now...I close on my house June 25. The market I'm moving to 50% of homes already sold because of the tax break. 30% is way over my limit which leaves 20% of little to choose from. But heading back this week and am determine that I will find "my" house. I know it's just waiting for me & at least now I have a realtor who has my back.

Again, thanks for your interest & comments .... wish me luck.


Follow-Up Postings:

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RE: Update - Unethical Realtor

Good luck!


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RE: Update - Unethical Realtor

If the problem with the house is that it is overpriced by $20k why not make an offer for what you think it is worth? All they can do is counter or say no.


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RE: Update - Unethical Realtor

I agree with Kats meow. Make an offer on the house.

Jane


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RE: Update - Unethical Realtor

If you don't love the house, I'd stay clear. The original agent showed you this property and would likely be expecting a commission if you bought it. While you could argue to the contrary, I wouldn't volunteer for a cross country legal fight.


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RE: Update - Unethical Realtor

Goldensmom would not be involved in any fight concerning who is entitled to the commission. If one were to occur, it would be between the seller and the agents involved. Absent a buyer signing a contract with a buyer's agent (which goldensmom did not do), a buyer is not a party to any disagreement concerning commission.


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RE: Update - Unethical Realtor

"Goldensmom would not be involved in any fight concerning who is entitled to the commission. "

While ultimately that might be the case in court, as a practical matter, any big fight could derail a sale and would certainly complicate it. This agent apparently refused to present an offer to the seller before, so I also wouldn't put that past him again.


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RE: Update - Unethical Realtor

Goldensmom would not be involved in any fight concerning who is entitled to the commission. "

1. You all are correct - The dispute for commission would be between the two real estate companies and not the responsibility of the Buyer. As a general rule, at least in my area, the commission would stay in escrow or at least no money would be dispersed to either company until the dispute was settled.
2. If they are Realtors - members of the National Association of Realtors -they could enter into mediation or arbitration to determine which agent (Realtor member)was the Procuring Cause of the sale.
3. That being said - they might ask the Buyer to voluntarily attend the hearing as a witness and give testimony - or to volunteer to give written testimony. That choice would be up to the Buyer.
4. Most Realtors bend over backwards to keep the buying and selling public out of their disputes. It certainly does not give the public a good impression of the real estate profession. Also- long after that particular transaction is over - these companies will still be doing business together.
5. I did not read the original thread - so I do not know the details and cannot make a statement about the transaction - but it troubles me that it was mentioned that an agent did not present an offer. That is against the Realtor Code of Ethics and, depending on state licensing law, could be a violation.

Disclosure: I am a Realtor and I regularly teach the Code of Ethics to new members of my real estate board.


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RE: Update - Unethical Realtor

My point is that if she doesn't really love the house (just the neigborhood) and she has already had dealings with this realtor that showed him to be less than ethical, I would just move on. If you mess with a snake in the grass, you have a good chance of getting bit.

Unethical people don't follow codes of ethics and they have a tendency to bring down everyone who associates with them. Unless you have no other options, it is best to steer clear of them. Granted, there are laws in place and buyers have legal rights, but who wants to end up in court having to defend those rights? It is much easier to just deal with people who are above board and follow the rules and codes to begin with.


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RE: Update - Unethical Realtor

Bill - You make a good point- if she does not love the house - definitely move on! Just did not want her to get discouraged if she did want the house.

As to your second comment - it is all education. If one does not file a complaint (people from the public can certainly make a complaint to the real estate board that the real estate agent belongs to - if he/she is a Realtor),the agent who violated the Code of Ethics will keep doing it...over and over. I always cite that old saying to my students - that "We (Realtors)are only as strong as the weakest link"... and it is our responsibility to make sure that all the links strong and without any breaks...


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RE: Update - Unethical Realtor

beachpea-

here's a link to the original post.

Here is a link that might be useful: original post


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RE: Update - Unethical Realtor

Thank you Sylvia!


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