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Daniel Alvar…, Real Estate Pro in Union City, NJ

Are there any agents in your marketing area that are notorious for making up excuses as to why the property is unavailable (loan mod)?

Asked by Daniel Alvarez, Union City, NJ Wed Oct 3, 2012

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Regarding excuses:

It is often hard to differentiate fake excuses from legitimate issues. There certainly are non-cooperative tenants, missing keys, etc.

There are certainly also unscrupulous agents, both listing agents who want to double side deals, and buyer agents who sabotage others' ability to show if they already have an interested buyer, by stealing the key from a lock box, or resetting it.

I certainly encountered that. In fact I encountered an agent who visited a property with his clients just previously to our visit. When we arrived the door was locked from inside with the door knob latch to which there was no key (as we later found out the listing agent had put a tape over the lock notch, so whoever locked the door had to intentionally remove the tape to do so). That was not the end of the story, because the agent hung out and when my clients attempted to enter the premisses, he appeared as he happened to be in the area by chance, pretended to attempt and help the entry, and then casually remarked he had a listing just across the street, and offered the buyers a tour.

There will always be unethical people in any business, and it is often frustrating to the majority of ethical guys among us to prove miss-behavior, or even investigate it any further.

I wish there was an independent agency that could investigate shady practices, even if they are not illegal or directly breaking the MLS code, as we are all sworn to an ethical code of conduct. The board of Realtors simply does not have the resources to do so.

I am convinced it is a tiny fraction of unethical agents who are muddying the water, but those are giving everyone else a bad wrap. I for one would be willing to donate a small amount to fund such an effort to clear the pool.

Any body else agree?

Sincerely,

Amos Elroy
CDPE (Certified Distressed Property Expert),
SFR (Short-Sale Specialist Certified)
NAEA Member (National Association of Expert Advisers)

Residential Real Estate Investment Consultant
Lic. Realtor Associate
EXIT On The Hudson Realty
(888) 462-6573 / (888) HOB-NJRE
FAX (888) 462-6573
Office 201-437-0411
http://www.HobNJRE.com

Twitter & Facebook: HobNJRE
1 vote Thank Flag Link Wed Oct 3, 2012
There is a group of people that work with the RE commission that look into matters like this. Unfortunately, because of the foreclosure crisis, it appears investigating short sale fraud has become a top priority.

I too had an experience where the agent said "Go ahead, show and sell" the house has a lockbox. When I arrived with my client, the screen door on the front was locked and I couldn't get to the lockbox. When I called to inform the agent, he never returned my call. I feel if agents do not want anyone else to sell their properties, then don't co-op.
1 vote Thank Flag Link Wed Oct 3, 2012
other 'excuses':
* 'tenant is highly uncooperative' not possible to show till further notice*
* 'call/email to arrange showing 7 days in advance'( i'm not kidding- it is right from a local mls, private remarks'
* ''key is stolen from a lockbox, we don't have any more keys to enter''
etc.
All this you find in private remarks of course, only for agents who attempt to bring a buyer.

p.s. thanks for a great idea for my blog! I'm going to collect them and post:)
1 vote Thank Flag Link Wed Oct 3, 2012
A matter of fact, this practice could be considered fraud. NJ has a mortgage fraud task force that are investigating and keeping an eye on questionable agent activities. You can also contact the Attorney General's office.
0 votes Thank Flag Link Thu Oct 4, 2012
If you have evidence, me and many others would thank you if you brought it to the attention of the board.
0 votes Thank Flag Link Thu Oct 4, 2012
I completed an interior BPO on a property listed for one of these agencies. One of their sleezy agents had the nerve to offer me $100 bribe to bring the price down because he wanted to buy it in his daughter's name and flip it. I was tempted to report it, but then decided to let karma decide his fate.

Lately, my problem with these characters is that they make up every excuse in the book as to why I cant show any of their listings.

Interesting fact about the board: One of them is a broker who just recently recruited one of the bigger scam artists in that network to list through his office. Another member of the board, isn't outright committing fraud, however, he likes to hog up short sales and not share (every excuse one could think of).
Flag Sun Oct 7, 2012
. I went to a little function at Schuezen Park on Thursday and just happened to meet a homeowner (i recognized the name on one of these MLS sheets) that worked with one of these agencies. He told me that he was promised $5,000 after they closed on the short sale and $15,000 after they flipped the property. He never received a dime. His plan was to extort them. I suggested we go to the FBI instead. There are about 200 short sale listings between these 3 agencies up for grabs once they go down. Some of their more eggreious sales: closed the short sale with a straw buyer and exactly one week later flipped it (all on the tax record) for twice as much.
Flag Sun Oct 7, 2012
150 character limit botched my entire approach.

The question should have read: Are there any agents in your marketing area that list short sales and make up excuses as to why their listings cant can't be shown?

I've been dealing with a handful of these scoundrels. They know they have really good short sale properties and make up BS stories whenever other agents call to schedule showings.

Properties sit there active on the MLS for months on end with stories like: no further showings as per owner's request, or "homeowner is working on a loan modification".

I know of at least two agencies that have exploited a unique niche: they reverse stage their short sale listings to get a low BPO value. The end buyer is the same: its either one of their agents or a strawbuyer. 3 months later, a little spackle here, a little upgrade there, and boom, they're flipping that property they bought at a fire sale price for $100K+.

Its becoming hard to earn an honest dollar around these parts.
0 votes Thank Flag Link Thu Oct 4, 2012
And then again, it could have been a selling agent who was putting in an offer and wanted to make sure no one else would intercept him. If an offer was submitted it would help explain why the listing agent did not return your call. I don't condone this attitude but some listing agents don't bother calling back f they already got an offer.
0 votes Thank Flag Link Wed Oct 3, 2012
Daniel, I am confused as to how this relates to 'loan modification'? Were you just angling for SEO placement, or is your question about loan modification in some way?

Sincerely,

Amos Elroy
CDPE (Certified Distressed Property Expert),
SFR (Short-Sale Specialist Certified)
NAEA Member (National Association of Expert Advisers)

Residential Real Estate Investment Consultant
Lic. Realtor Associate
EXIT On The Hudson Realty
(888) 462-6573 / (888) HOB-NJRE
FAX (888) 462-6573
Office 201-437-0411
http://www.HobNJRE.com

Twitter & Facebook: HobNJRE
0 votes Thank Flag Link Wed Oct 3, 2012
yes even us agents have problems getting access to properties
most of the time it is tenants
sometimes it is agents who want to sell it them selves
there are also some legitimate excuses, home owner sick, just got a contract etc
0 votes Thank Flag Link Wed Oct 3, 2012
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