Submitted by Puzzleheaded-Bug7189 t3_y420ls in news
[deleted] t1_isc19uo wrote
Reply to comment by Literature-South in Real Estate Agents Caught on Camera Facilitating Mortgage Fraud for a Fee by Puzzleheaded-Bug7189
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[deleted] t1_isc5z08 wrote
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BaronCapdeville t1_iscaxp4 wrote
Ah. I understood that backwards. I thought you were house hunting and he found an unrepresented property. In that case, it wouldn’t be strange at all.
In this case, he’s already negotiated with the seller (you) for his compensation. He should not be bothering the buyer for anything else.
If he isn’t newish (only a few transaction) or working for a shady broker, this would be unexpected behavior.
It’s worth calling his broker to complain, if he put the deal in jeopardy. If the broker doesn’t make it right, or is dismissive, I would escalate it to the real estate commission.
State real estate commissions don’t fuck around. It is nothing like a police union. One bad apple spoils the bunch, and bad realtors get hit with $10,000 in fines for stuff that’s just standard procedure in other business sectors.
If something was done to hurt your deal, the real estate commission would want to know that. It would also STRONGLY dissuade this realtor from ever fucking with anyone else again. Second offense is usually a lifetime ban, or some huge fine.
Coming from someone with a brokers license: fuck this dude.
[deleted] t1_iscchsq wrote
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Blenderx06 t1_iscg6ir wrote
Otoh, kinda shows why an agent would've been smart for the buyer, if they were tricked so easily into signing something they shouldn't. I wonder where else they were screwed over? (not saying you had any intentions there, but there're just so many details that go into home buying.)
hertzsae t1_iscr46s wrote
The buyer wouldn't be out money, so they weren't tricked. The seller pays the commission.
Blenderx06 t1_iscziap wrote
>My real estate agent attempted to scam me out of $8000 by tricking the buyer into signing something saying he was representing both of us.
The op used the word, so I did too.
RunRevolutionary9019 t1_iscuxqx wrote
Or maybe it was because they buyer didn’t give a Fuck and I should have trusted him and fired the scummy realtor in the first place.
Blenderx06 t1_isd03c4 wrote
>My real estate agent attempted to scam me out of $8000 by tricking the buyer into signing something saying he was representing both of us.
You're the one who said they were tricked my dude.
GirlPMurPersonality t1_iscc1dr wrote
Actually, as a dual agent you still do a good amount of extra work most of the time. You have to do all the work on the buyers side that a buyer's agent would normally do. It also brings on a lot of liability. That being said, I'd still give my seller a very nice discount but I wouldn't expect to do all of the buyers side work for free. I have done this many times.
RunRevolutionary9019 t1_isccay2 wrote
He didn’t have permission. He didn’t ask. He wasn’t transparent. He lied.
GirlPMurPersonality t1_isce4ee wrote
I don't know what all transpired in your situation. I don't doubt it either there are a lot of shitty real estate agents. I was just pointing out that there is extra work if you dual end it. Like you said you have to be transparent and make sure both parties are fully aware of what's going on. I hate real estate agents tbh, everyone does their own shit and there is very little oversight
Tiabb t1_isc648h wrote
It's also illegal in many states to have duel agency, for reasons exactly like this.
NeverShortedNoWhore t1_isc7529 wrote
I just finished the real estate class in Oregon. It’s legal here. And they teach how to do it legally.
BFdog t1_isc9sqj wrote
I don't think dual agency is allowed in Texas.
Few_Psychology_2122 t1_isds69n wrote
It is, it’s not super common as it’s seen as honorable to refer one client out to another realtor (unless both parties are established clients and all parties agree).
[deleted] t1_iscc4c1 wrote
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suggestiondude t1_isdjgsw wrote
Found the mom who doubles as a real estate agent and thinks $50k is a reasonable amount to count bathrooms.
Literature-South t1_iscf7qb wrote
I can literally do what they do on zillow in 5 minutes. It's not hard.
BaronCapdeville t1_isci7c8 wrote
You are a prime candidate to never hire a Realtor.
You’re paying for experience doing the thing, not the “work” itself.
I’ve had clients that didn’t need me at all, but wanted another set of eyes, even after me explaining exactly why they didn’t need us.
I’ve had other clients who I’ve saved 100k+ worth of mistakes because me and my guys have experience they simply don’t have.
Folks Don’t generally keep track of zoning ordinance changes, basic code conformity, etc. People are also very frequently looking for property that will not, in fact, meet their needs, and don’t realize it until they speak with someone who does know.
10% of folks need no help at all with how simple their needs are. Another 50% could just use a real estate attorney, and have the vast majority of their needs met. In my experience, it’s that remaining 40% that truly benefit from using a realtor.
That said, the act of simply “hiring a realtor” is meaningless unless you are are reasonably convinced the agent has experience in what you are needing. You can hire the best agent in the city, but if you’re buying farmland, this realtor may have minidress about the laws surrounding “usufruct” of the crops currently growing on the land.
A homeowner may be buying out “in the country” to fulfill their dreams of owning chickens, only to find that they’ve purchased a home in a restricted area that doesn’t allow livestock of any sort, regardless of size, while less than a mile a way, it would have been no issue.
A buyer may have no idea that just across the street from their target property, the property tax drops by 2/3 because it’s no longer a historic district.
These are all just quick and dirty examples of where expertise is beneficial. It’s often what you never saw coming that hurts the most.
I assure you, Zillow does nothing a good realtor does, except allow you to see a house and throw some inaccurate numbers at you.
Zillow is fine for a great many people. I personally find Zillow’s numbers to be inaccurate, it’s service to be near non-existent, and to contain a lot of misleading estimates on payments, taxes, etc.
You are correct though. Not everyone needs an agent. Those who do, are wise to seek outside opinions.
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