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I did not have a buyer agent. I either saw the house on the net or while driving by, I saw the sign and called the number. They wouldn't answer the phone. Talk about unethical. And, what if I was black? Could you imagine?
You know, 20 years ago you didn't need a buyer agent and in those days most people didn't even know what that was.
I started 20 years ago. We had Buyer agency, and we had dual agency. We didn't have the internet though, so I'm glad for that.
I'm not surprised those agents didn't answer their phone from 2006-2011. Most of the agents that handle foreclosures I've seen handle 100 for a pittance apiece. Having never been one, I can't speak from authority, but I would be surprised if their listing agreement with the bank didn't preclude them from participating in a purchase.
I'm not trying to say it didn't happen, I imagine it did. Just not as widespread as being characterized by several people.
Last edited by BoBromhal; 11-06-2018 at 03:54 PM..
I started 20 years ago. We had Buyer agency, and we had dual agency. We didn't have the internet though, so I'm glad for that.
I'm not surprised those agents didn't answer their phone from 2006-2011. Most of the agents that handle foreclosures I've seen handle 100 for a pittance apiece. Having never been one, I can't speak from authority, but I would be surprised if their listing agreement with the bank didn't preclude them from participating in a purchase.
I'm not trying to say it didn't happen, I imagine it did. Just not as widespread as being characterized by several people.
It DID happen, I did the "homework" and yes, that's what they were doing.
It's misrepresentation, and downright unethical and there should have been a class action lawsuit - against ReMax for one.
And, oh, btw, info on real estate transfers and even listings is way WAY different than it was just 6 years ago. You can (mysteriously) nowadays, find nothing! Ahem.
there's much MORE info today than 6 or 10 years ago.
It is unethical for the agent to fail to deliver bona-fide or otherwise written offers to the party they represent - the bank. I have NO DOUBT (because we have heard stories here) that a few agents did exactly this - present their own offer or their clients' offer on ANY listing they have, and ignore offers from other agents or unrepresented buyers. That is absolutely unethical, and should be rooted out.
but if you can provide examples of where you wrote an offer and it was never presented, great. If you have some way of KNOWING that when you called, the property wasn't under contract (sign in the yard means nothing), then they've failed their duty to the Seller.
In my area many of these same agents got burned with multiple properties in 2007-2008 when the market turned. When mortgage money was free flowing and the market was skyrocketing they were flipping tons of properties for quick profits. Many of those who were doing it successfully before 2007 got caught without a chair when the music stopped.
There is a difference between "house flipper" and "realtor." A house flipper can do whatever he wants to (funds, lenders permitting). A realtor is licensed as a realtor. If this realtor has a "For Sale" sign outside that house, with his name and phone number on it, I believe he is (probably, legally) required to respond to an interested party (i.e., answer the phone, respond to a message left on the voicemail). There are all kinds of laws regarding real estate transactions (open housing just as an example), and a license is a license which I'm sure entails ethical issues (that's what licenses are for). That's where I just can't believe there were no class action suits as a result of this "restricted (inside, realtor buddies only) sales" stuff during the foreclosure market days. If not violating the requirements of their realtor license, I'd say they certainly violated open housing laws, at the very least. Furthermore, real estate sales are public record, but curiously, those sales records have in the past 6 years or so have become extremely difficult to obtain. My recent seller agent told me he could only get sales records for comps up to a year or so back (also a ReMax realtor). But I've noticed myself you (just a person in the market) can no longer easily obtain that public information.
That was my point.
Last edited by TwinbrookNine; 12-05-2018 at 05:28 PM..
There is a difference between "house flipper" and "realtor." A house flipper can do whatever he wants to (funds, lenders permitting). A realtor is licensed as a realtor. If this realtor has a "For Sale" sign outside that house, with his name and phone number on it, I believe he is (probably, legally) required to respond to an interested party (i.e., answer the phone, respond to a message left on the voicemail). There are all kinds of laws regarding real estate transactions (open housing just as an example), and a license is a license which I'm sure entails ethical issues (that's what licenses are for). That's where I just can't believe there were no class action suits as a result of this "restricted (inside, realtor buddies only) sales" stuff during the foreclosure market days. If not violating the requirements of their realtor license, I'd say they certainly violated open housing laws, at the very least. Furthermore, real estate sales are public record, but curiously, those sales records have in the past 6 years or so have become extremely difficult to obtain. My recent seller agent told me he could only get sales records for comps up to a year or so back (also a ReMax realtor). But I've noticed myself you (just a person in the market) can no longer easily obtain that public information.
That was my point.
There is no law that says an agent must return a phone call inquiry. None.
There is no "Realtor license."
Twinbrook - "in your market/state" it may be difficult to find what were once public records. But certainly in my market/state and every other place I've heard people talk about here - except Texas - the flow of information has only increased.
We're not required to return anyone's phone calls/inquiries ... though if a protected class were to call and be able to show they were the only ones excluded from care by the Realtor, then that person could press a Fair Housing Law violation if they were so inclined.
Maybe not in your state but in my state they are licensed.
It may be a bit of semantics, and it is a very common semantical error, but it is accurate that your state does not license REALTORS. Your state licenses real estate agents, many of whom decide to join the National Association of REALTORS, a trade group.
In the off chance that I err regarding your state, and they DO have a REALTOR license, can you share the licensing requirements for REALTORS?
I would be curious to read the regulatory requirements for getting a REALTOR license in your state.
As Yogi Berra once said, "It's tough making predictions, especially about the future.".
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