Real Estate Agent Forum
just had a really bad experience with a real estate agent (big shocker huh?) and I was wondering if TCI in it's infinite wisdom would consider creating a real estate agent forum so that the enlightened REI's can tutor them on how the world truly works.
All right maybe that's incredibly unrealistic but maybe we can let them know what is expected of them when dealing with us. Just a thought.
(Sorry I originally posted this in the wrong spot.)
I personally think that is a wonderful idea.
Dear Freud, er Jungian er free association. I always liked that.
I am very sorry you had a bad experience with a Real Estate Agent. But do not feel too bad because I had one also.
The Agent called me up and said he wanted to submit an offer on a house that was in foreclosure but he did not want to disclose he was a Real Estate Agent. When I asked him why all he could answer is, "Because!" Wanted to know if I would submit the offer and negotiate at a fee of $500. I replyed no as a little bird told me something was wrong.
After checking his office MLS log, I know that's a naughty, but I had the number and the password. After a little bit of research up popped the property aka POQ. Guess what? He just got terminated by a very nice lady film maker who is having a rough time. He is going to buy her house for the unpaid balance of the mortgage which has been on for the last ten years. Execute a note to her unsecured. Flip I belief is the term the property real fast and as I am a fair judge of character, stiff her on the note remember it was unsecured.
So I have taken an exclusive listing on the property, presented her with an appraisal backed by six comps within a four block area. A nice young couple have been looking for about three weeks and they will be making an offer on Tuesday and the offer is at todays market price, the offer is at their best offer level as they want the house and the listing when it breaks will have a bid out on it. I have explained all of this to the Seller and she is happy. She leaves for location in Canada some time after Thursday so it is all a perfect fit.
End of story.
There are bad Real Estate Agents and I know you will find this hard to accept, but there are also bad Real Estate Investors.
There is one among you who I have observed does not help but goes for the absolute edge of every transaction in which he is involved.
For example: An elderly couple through ill health and loss of pension when the company from which he had retired welched on the pension. fell into a delinquent position. Having borrowed on the house to pay their sons way thru university, they could not maintain. So they dumped it into the hands of a Real Estate Investor who in exchange took over the property and gave them $5,000 for an equity worth about $55,000. Well thats life adjust. But as they prepared to move he informed them, that he had decided the property was not worth the $5,000 in cash and he could only give them $2,000. Take it or leave it.
They called me and I directed them to a young attorney. Who restrained the sale and possession. Filed an action to set aside the whole transaction blaw blau blau. Any how, the long and short. The son is now home. The default cleared, The son has enough income to carry for the time being and the couple will remain in the home pending a final decision as to what is right and proper in view of their changed circumstance. I think the son will just live at home and carry the load.
Now thats a push too far. The Real Estate Investor could have had a good deal if he had not pushed too hard. He should have made a larger payment or perhaps set it up for a future sale and from that make a larger payment or split the future profit.
Pure Greed is a negative influence on the named goal of most Real Estate Investors, the creation of a Win/Win situation with profit to all.
Tell me dear friends of the TCI, do you think that this morality, which is really good business can be taught?
Can the Sociably challanged be instructed to strive for that illusive perfection of transaction called the Win/Win Deal?
Damned if I know, instruct me. Lucius
Start by letting us know what happened with your bad situation.
Quote:
On 2004-01-25 21:48, jfreud wrote:
just had a really bad experience with a real estate agent (big shocker huh?) and I was wondering if TCI in it's infinite wisdom would consider creating a real estate agent forum so that the enlightened REI's can tutor them on how the world truly works.
All right maybe that's incredibly unrealistic but maybe we can let them know what is expected of them when dealing with us. Just a thought.
(Sorry I originally posted this in the wrong spot.)
Everyone ... there are good and bad in all professions as mentioned above.
When dealing with money ... greed can overtake real estate investors.
However, real estate professionals are bound by code of ethics and most important state laws. When unethical conduct is performed (or sometimes not performed by the law) by real estate agents or brokers ... simply contact the office where they have their real estate license at and complain to the broker or office manager, or local board.
Here in California and probably most states, the state department of real estate has a fund to pay people who are "damaged" financially by misconduct of licensed real estate professionals. By filing a complaint, it is review, case heard, damages could be awarded in your favor, and many times the real estate professional's license is suspended or revoked.
Yeah the fund is called the Superfund or something weird like that. If I remember correctly it is only used if damages cannot be collected directly from the agent(I would assume sueing them).
-------------------------------------------------------------------------------------------------
"Can the Sociably challanged be instructed to strive for that illusive perfection of transaction called the Win/Win Deal? "
---------------------------------------------------------------------------------------------------
The answer is YES, it can and should be done:
Offer a 3 year old, 2 different size of a chocolate and watch it grabs the larger one over, and over, 90+% of the time. Someone calls it greed someone calls it capitalism, I call it human nature, which if left unrestrained or nchecked can bring the man back to caves.
And yes, they can be thought the good business. They do have a front part of the brain that distinguish them (humans) form other animals. The question is who will do the job? Parents? As always, they are the one to be blamed...! [ Edited by omega1 on Date 01/26/2004 ]
Lucius, as always, goes to the heart of the matter. Membership in the "Screw and Run Club" is by no means limited to real estate licensees.
Everyone should act ethically and not just those who are required by codes of ethics and regulations.
If you want to tell RE licensees what you expect of them, that's great. However, RE licensees should also be able to tell you what they expect of you.