More agent stories - Posted by BobbyGA

Posted by Nate(DC) on March 22, 2002 at 16:14:36:

These are serious ethics violations. Your agent should report the offending agent not only to the Board of Realtors (if the offender is a member) but also to the state licensing agency (whatever it is in Georgia).


More agent stories - Posted by BobbyGA

Posted by BobbyGA on March 22, 2002 at 15:04:14:

Something happening in my neck of the woods:

  1. Agents gets listings on REO property. Bank asks for appraisal. Agent gets appraisal well below FMV either done by himself or a freindly appraiser and gives that to the bank maybe saying the place is trashed or needs repairs that it does not really need. The bank agrees to the short sale and wants the agent to put it on the MLS.The agent quickly sells it to his own corp. or LLC. or calls a buddy that buys it. Once the house is under contract, it then goes on the MLS. May be 20+ days later.

  2. Agent gets listing from seller by telling them that they can sell the house for $10,000+ more than the FMV. The house sits several months and no offers come in. The seller gets desperate and needs to sell quick. Agent says he can sell it quick if the drop the price substantially. Seller says okay. Agent does the same as above.

My agent says he’s tired of dealing with this and is about to drop out of the Board of Realtors. Other investers I know are obviously frustrated.

Anyone else dealing with this?

Re: More agent stories - Posted by Glen SoCal

Posted by Glen SoCal on March 23, 2002 at 01:36:12:

  1. Is termed a BPO, Broker Price Opinion. I’ve heard the same story before. REO price is deflated by high repair estimates, all players invloved (contractors, etc.)

  2. Ouch!