I have really tried not to say disparaging things about Realtors and those involved in the real estate industry as a whole class, because there are some honest hardworking folks out there.
But this recent experience really pushed me over the edge.
Hubby & I looked at a FSBO in EDH in February. He was asking around $520,000. He had bought the place in 2005 for $430,000 and worked on it as a full time job (a.k.a. a flipper), sinking around $100,000 in upgrades into the house. He was currently renting, and saw the writing on the wall...it was time to sell it before the market tanked.
Eventually he hired a RE agent. Initially asking a little more than $530,000 in the MLS (since he had to account for the RE commission now). He later dropped the price to $479,000 on the MLS and the house is now pending sale.
In the mean time, I had spoken with an agent we met at an open house who makes it sound like the market is still as hot as it was in 2005. He had forwarded the listing since it met our criteria. Later he called to follow up, and informed me that the seller got a full price offer!
I wasn't about to waste my time and argue with him.....but I knew the seller lost a good deal of money, by over improving the house, not to mention the transaction costs. Full price offer my @ss. He dropped his price by almost $50,000 and lost a lot of money and time as a flipper. Just because the offer came in at the MLS price does not make it a full price offer! It wouldn't even surprise me if they actually lowered the price in the MLS to match the offer. Sad thing is, I don't even think it occurs to this agent that he is being deceptive/dishonest.
As a result of this experience, I am thinking about starting some type of real estate services blackball list. Folks myself or others don't feel meet certain ethical or customer service standards. If anyone has suggestions on the best way to do this, please e-mail or comment.
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2 comments:
You could model it on Angie's List - www.angieslist.com
I've only seen their commercials, and have no idea what their agenda is, but they seem to have thought through a lot of the issues.
That said, I'm not sure there's any point in trying to decide which Realtors you can trust, and which you can't -- it's easier just to assume you shouldn't trust ANY of them. They are inherently compromised by the structure of the industry. This would seem true of all commission-paid salespeople, whether it's cars, stereos, washer/dryers, or houses.
You are probably right. But I was so disgusted and annoyed I wanted to do something.
Unfortunatly I have a naive temperment that assumes folks are generally trying to do the right thing until I have reason to believe otherwise. Lately it seems to lead to a lot of disappointment.....sigh
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