Realtor Nightmare

[AGreekDude]

File a complaint with the Indiana Real Estate Commission. If they are like us in Ohio, they have a fund set aside to pay for damages, as a result to Realtor neglect.

[nicolaswillson324]

Katty, really sorry for unable to help. It sounds really very bad.

[MortonR]

Originally Posted by nicolaswillson324

Katty, really sorry for unable to help. It sounds really very bad.

You do realize that this thread is over 3 years old, don't you?



RM

[Advanced Practice]

It's discouraging to read that things such as happened to Katty may still be going on now! 2020 has been a record-breaking year for real estate sales, and I guess that means with fierce competition, it brings out the worst in some people!



For the record, I am not a real estate broker, and never have been. I'm just an observant person who cares very deeply about ethics and integrity in business and the workplace and who wants for potential buyers to be treated honestly and fairly in real estate transactions. What I've witnessed lately is that there are those who are skirting the rules when it comes to honesty and ethics, yet their tactics happen to fall enough into a proverbial gray area that potential complaints wouldn't merit investigation by MIBOR. It's these kinds of "iffy" situations that potential home buyers need to be made aware of.



For example, an agent draws up paper work and sets things up to take first and best offer. Once an acceptable offer has been made, the greed kicks in and the agent re-lists to set off a bidding war, using inside information from the first rejected offer to sweeten the second deal.



Similarly, an agent posts a home for sale expecting a quick-turn around because it is reasonably priced for the market, and expects that it will sell for thousands above list price in a hot market. Buyers submit offers with escalation clauses; the broker indicates that the home will be sold based upon 'highest and best' offer. However, the broker expedites a sale to a buyer who did not enter the 'highest and best' price, but instead agreed to forgo a home inspection for the privilege of buying the property!



When I heard about that situation, I wondered, "Who in their right mind would buy a home without a home inspection?" and "What in the world are the broker and sellers trying to HIDE?" Perhaps the potential buyer that made the 'highest and best' offer avoided a money pit--who knows? But what does it say about a broker's ethics that he or she would encourage anyone to buy a home without an inspection? GREED AND FOLLY, that's what it is!



My recommendation to any first-time home buyers is that when you want to make an offer and you hear that the sellers are looking for 'highest and best' price, ask the brokers to explain EXACTLY what that means to them! And by all means, don't be so foolish as to buy any real estate without first getting a top notch property inspection!

[ImmerLernen]

I've been told by my buyer's agent that "best" is subjective (and I somewhat agree with that). "Best" could be an all cash offer versus one that requires financing (and, therefore, an appraisal). It could be one that waives an inspection, or says the buyer will pay for something the seller ordinarily would. It could be a more attractive (to the seller) closing date. Who knows? Yeah, this is a true gray area and fraught with opportunities for sellers to be, well, opportunists. It's no fun as a home buyer, but it seems the way things are right now.