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Unethical agents :-s

 
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GDMA
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PostPosted: Mon Feb 07, 2011 2:52 am GMT    Post subject: Unethical agents :-s Reply with quote

I think my family just met an unethical agent. I really feel for the sellers...

House (not in MA) listed of 799.
Offer was 780, 60% down, closing in 30 days (as requested by sellers), contingency was a couple of minor repairs.

There was no counter offer or response. On the day the offer expired, the list price was lowered to 775. Does this even make sense?

I'm thinking, unethical agent who wants to pocket the entire commission. How can this offer possibly not elicit a response right? Any way to check or complain officially about the agent and get her struck off officially?

(There was another suspicious incident. She was not present at the arranged showing time, and didn't inform sellers about the showing...they were having dinner during the showing).

So...what can be done? We're no longer interested in the house, but shouldn't the sellers be told that their agent may have screwed them?
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Kaidran



Joined: 17 Mar 2010
Posts: 289

PostPosted: Mon Feb 07, 2011 12:33 pm GMT    Post subject: Reply with quote

This has happened to me and there is nothing that can be done. At absolute best the NAR would give the agent a "warning" if you can prove something. The monopoly that these asshole have is unbelievable.
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admin
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Joined: 14 Jul 2005
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Location: Greater Boston

PostPosted: Mon Feb 07, 2011 1:31 pm GMT    Post subject: Reply with quote

Kaidran wrote:
This has happened to me and there is nothing that can be done. At absolute best the NAR would give the agent a "warning" if you can prove something.


What about apart from the NAR? Letting the sellers know directly would at least get them to drop the agent (probably). Also, if I remember correctly, in Massachusetts the agent is legally obligated to present offers to the sellers, which implies that there could be some legal recourse. What that might be, I don't know - agents are licensed by the state, though, so perhaps it could affect their license. I realize that the original poster isn't in Massachusetts, but perhaps your state has similar laws. Of course, the legal route would probably be a pain to pursue, which is probably why this gal gets away with it.

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Kaidran



Joined: 17 Mar 2010
Posts: 289

PostPosted: Mon Feb 07, 2011 3:19 pm GMT    Post subject: Reply with quote

I placed my bid and was told it was rejected. I got the offer in 4 hours after the first OH. The house was very well maintained, my credit is good and I had 20% down. The realtor was extremely shifty throughout the entire process and my best guess is that he got an offer without a buyers agent (I was using Redfin). I waited for the house to sell and saw that it sold for 5k less than my bid, selling exactly at asking price. Though I suspected the agent from the beginning I had no evidence until the house had sold and even then nothing that would stick. And then how do you actually contact the sellers. The Redfin agent basically said that this sort of thing just happens and there is not a lot you can do about it. I read an article online (I think from boston.com) describing a similar situation and that was what described the "warning" from NAR. I think they will not actually do anything meaningful with licenses unless someone has multiple proven offenses. As for Mass I have no idea but I could not imagine being able to get enough evidence together to make a convincing case. There is too much weasel-room and since RE attracts weasels we are stuck. We did think about trying to find the sellers later but figured it was too weird and what would they really do anyway?

In general looking at Mass RE it seems as a buyer you stand to get fucked at every turn. I really should just stop looking.
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GDMA
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PostPosted: Mon Feb 07, 2011 3:32 pm GMT    Post subject: Reply with quote

I'm in MA (and recently purchased even after 2 years of frequenting this forum, go figure.) This family I mention is trying to do the same in another state.

Thanks for replies. I was afraid of this. Terrible...The seller has lost out just because of the agent, and there's no real way to punish her! The compensation formula for agents is wrong also. Maybe the whole group should be licensed by the govt? Or even better, just get rid of this group of leeches.

I'll have to remember this and FSBO when it's time to sell in the future.
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admin
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Location: Greater Boston

PostPosted: Mon Feb 07, 2011 4:49 pm GMT    Post subject: Reply with quote

Kaidran wrote:
And then how do you actually contact the sellers.


The Registry of Deeds should have their names and quite possibly phone numbers too. Searching for their names in Yahoo! People Search, Google, Facebook, etc. has a good chance of turning up their phone numbers as well. Failing that, sending a letter to their name at their old address should also work for about a year after they move, if they set up forwarding properly.

Kaidran wrote:
We did think about trying to find the sellers later but figured it was too weird and what would they really do anyway?


Well, they could provide you with the concrete evidence that you said you lacked, if they confirmed that they never received your bid. They might also have an even greater case than you for monetary damages against the agent (and therefore a greater motivation to take action) if there were indeed bids that weren't presented.

Switching authors...

GDMA wrote:
Maybe the whole group should be licensed by the govt?


They are. At least in Massachusetts. That has some serious downsides too, unfortunately. Government licensing is a common mechanism for entrenched interests to erect barriers to entry against competition and efficiency.

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balor123



Joined: 08 Mar 2008
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PostPosted: Mon Feb 07, 2011 7:50 pm GMT    Post subject: Reply with quote

Government licensing should also be managed by consumers rather than those from the industry for this reason, IMO.
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Kaidran



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PostPosted: Tue Feb 08, 2011 5:43 pm GMT    Post subject: Reply with quote

Well I found all the details. I'm now just deciding if I want to get involved.
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mpr



Joined: 06 Jun 2009
Posts: 344

PostPosted: Thu Feb 10, 2011 6:25 pm GMT    Post subject: Reply with quote

Shocking and disgusting. How do these people sleep at night ?

But I don't understand the problem contacting the sellers - unless its a rental perhaps. You know where they live - just drop a letter in their mailbox
letting them know of the offer and explaining that you're not sure if
their agent passed it on.
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GDMA
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PostPosted: Fri Feb 11, 2011 8:36 pm GMT    Post subject: Reply with quote

If I knew their phone number, I would call and try and talk to them.
In my case, this happened in CA, and the family members involved are too busy to care. As buyers, we're just like, "#@$@#$@ Agent", then move on to the next house.

Hopefully the market correctly dumps these bad, non productive agents.

Some people may not want to personally visit the seller, even if they are closer, geographically speaking.

I think redfin should let us rate agents, brokerages, mortgage servicers, mortgage originators, etc. If I had more knowledge and time I'd do it. Razz Seems like a useful service!
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