Posted by Nancy(NC) on April 25, 2006 at 21:21:47:
Hi Luke:
Thanks for your comment.
I don’t want to have to pay an attorney to write a letter for me. I’m already losing money on this property.
Nancy(NC)
Should I Turn In This REALTOR??? - Posted by Nancy(NC)
Posted by Nancy(NC) on April 25, 2006 at 19:21:15:
Hi:
I have a condo in another city in NC that is rented and managed by a real estate company in that city. I have not gotten a rental statement since before Christmas. I have called them and did get some money in Feb. I believe but no statement. They have said they were having problems with their software. I finally emailed them last week and told them I was not able to file my income taxes because I don’t have all of the statements from last year and asked them to manually do the statements up until now. I was assured that I would have them last week. I emailed again yesterday. I’m getting concerned that something is wrong and that they are using the money. They told me I had to have a new hot water heater that cost $900 because it took two plumbers to install it (It’s a gas heater that the heat runs through or something like that).
Can someone advise me what I should do?
Thanks,
Nancy(NC)
Update - Posted by Nancy(NC)
Posted by Nancy(NC) on April 26, 2006 at 15:06:56:
Hi Everybody:
Thanks for your responses and suggestions.
I checked and this REALTOR does not have any complaints filed against him at this time. He is also not returning my phone calls. NC does have a recovery program but it’s a long and involved process and I would need all financial information to file for it such as repairs, etc. which I don’t know.
I am giving this REALTOR a deadline of this Friday and if I don’t hear from him, I will file a complaint with the RE Commission in NC.
Thanks again for your suggestions and help.
Nancy(NC)
Re: Should I Turn In This REALTOR??? - Posted by Natalie-VA
Posted by Natalie-VA on April 26, 2006 at 09:08:26:
Nancy,
Just some more info. The following link is the trust account guidelines from the NC RE Commission:
http://www.ncrec.state.nc.us/pdf/LicensingBooklet/guide.pdf
This should enable you to talk with them and know exactly what they’re required to give you and when. If they know that you are educated, they are more likely to respond faster. As John said, you have more leverage BEFORE you report them. And, of course, you should report these people after you get what you need. Help prevent them from doing this to someone else.
–Natalie
Re: Should I Turn In This REALTOR??? - Posted by Natalie-VA
Posted by Natalie-VA on April 26, 2006 at 08:40:40:
Nancy,
With regard to the water heater…if it’s an Apollo type system where the hot water heater is used for both hot water and heat for the house, they are more expensive than regular water heaters. That price might not be out of line.
–Natalie
Re: Should I Turn In This REALTOR??? - Posted by Sailor
Posted by Sailor on April 26, 2006 at 08:15:05:
I’d certainly start collecting rent myself from the tenants, which shouldn’t be that hard, given we have electronic transfers & USPS. If you don’t pay an attorney to try to get your $$$, you are @ greater risk of losing all the $$$ the agent collected. You need to get on this immediately, & no matter the distance, I’d want a face-to-face.
Tye
Re: Water Heater - Posted by Joe
Posted by Joe on April 25, 2006 at 22:58:15:
The thing about requiring 2 plumbers since it’s a gas heater is B.S. It might have required 2 guys to carry the thing in and place it though (although I have done this myself … but it’s kind of scary taking the thing down stairs with a dolly and no one on the bottom to push back, lol).
The gas water heaters do run the hot gases through the center of the tank to warm the water. But, gas heaters are all over the place, nothing special about them.
And $900 to have a professional install one is not unreasonable. You might have been able to shop around and get it $150 or so cheaper, but not too much more than that.
Re: Should I Turn In This REALTOR??? - Posted by The Frisco Kid
Posted by The Frisco Kid on April 25, 2006 at 22:11:42:
Nancy
In most states that I’m familiar with the Broker is required to maintain up to date trust fund records for each client and a computer program problem over a couple days would not be an acceptable excuse. I would tell this property manager you want a copy of his trust fund records for your account and a copy of his real estate license faxed to you within 72 hours.
I know you said he is a Realtor but maybe they aren’t. Anyway call the Assn. of Realtors for the area and then find out, and if they are ask for the head person to call you and then discuss it with them.
Don’t let anyone postpone your taking action. I’ve seen this happen twice, once the Broker got into using client funds for his own account and was unable to make up the money. The second was a Broker and his son that were handling about 3,000 units for 20 years and one day they both caught a plane to Brazil with several million dollars and I don’t know if they were ever found. So John’s suggestion to see if your state has a recovery fund is a good one, and it’s important to put yourself first in line.
Re: Should I Turn In This REALTOR??? - Posted by John Behle
Posted by John Behle on April 25, 2006 at 20:06:57:
Warn them that you are going to file a complaint with the Real Estate Division first. It gives you great leverage. You lose some if you file the complaint first and then tell them.
A typical licensee fears the RED above almost anything else. Give them a time period like 48 hours to comply or else. If that doesn’t get their attention, then you are absolutely getting scammed. It could be they have computer problems, etc., but the squeaky wheel gets the grease and it is time for a very loud annoying squeaking noise - by the way of a threat of their license and livelihood.
If they have acted improperly, the RED will also put some extreme pressure on them. If they are flakes or insolvent, there may also be a “Real Estate Recovery Fund” of some kind that compensates people that are victims of a licensee. Usually you have to file and win a court action against the agent to get compensated by the fund.
Re: Yes - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on April 25, 2006 at 19:55:02:
Your state has a division of real estate, or some title like that. They are the office that issues licenses. Sounds like you have an incompetent property manager. Turn them in pronto.
re: - Posted by lukeNC
Posted by lukeNC on April 25, 2006 at 19:52:21:
They cant use the money on their own, thats embezzlement and an automatic loss of license.
I’d have my attorney send them a letter and threaten to get the RE commission involved.