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Home Buyer, Home Buyer in 92530

Why are thr realtors being so greedy????

Asked by Home Buyer, 92530 Wed Sep 2, 2009

I'm a home buyer and a lot of agents are not submitting all the offer to the bank. Therefore, they can double end on the property. Why do they still have a license?

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Because they have not had sales for a long time and are trying to get every dime they can now that there are house listings! Believe me as a loan originator I have seen a ew very shady things happening with the realtors. Not all but a few. Not putting on the MLS that there is an offer and saying we have a higher bid when infact they do not and not wanting to accept earnest money checks when it shows active on the MLS.
1 vote Thank Flag Link Wed Sep 2, 2009
For the agent that was upset at this buyer for painting all agents as untrustworthy.....well we know what side your on!
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you have no idea what side I'm on. What I complained about was, that "home buyer" accused most of we "Realtors" of being dishonest, because only one person had responded online after only 3 minutes had passed.

I have zero opinion about his comment that they're all double-ended, and greedy, because we have zero information in his post. He posts a vague 2 line complaint saying "the realtors are greedy and should lose their license", and he's upset because he didn't get a landslide of agents jumping on the bandwagon.

Get real.
1 vote Thank Flag Link Wed Sep 2, 2009
Alan May, Real Estate Pro in Evanston, IL
MVP'08
Contact
Dear Home Buyer:

What you are saying is hard to believe, because realtors know that it would not be proper to act in such a manner. I'd recommend that you connect with a realtor who is referred to you by someone you trust, and I'm sure they will act in an ethical manner. Best of luck in this strong market.
0 votes Thank Flag Link Sun May 11, 2014
Because the Real Estate Commissions are supported by the Real Estate Industry. It's a "Good Ol Boy" structure. Notice how almost all the sites you go to, have there Search Defaults set to the HIGHEST and most EXPENSIVE Properties FIRST as a "Suggestive" move. Lower income Buyers are not just degraded, but mostly unwelcome. The Sites and Realtors want those Expensive Listings to make MORE money! They don't care about the people who feel they can't afford the High Dollar properties. Just proves that Souls are exchanged for Money....
0 votes Thank Flag Link Sun May 11, 2014
I am a Realtor and I feel that these REO Realtors that list 90% of the homes should not be able to double end a property. This is so unfair for all of us buyers agents spending hours of our time and money trying to help buyers find a home. I feel so fortunate to have buyers that stick with me for months at a time. It's like this: Do you support the mom and pop shops that work hard to stay in business to support their families or do you support the big corporate competition? We all have to make a living. We spend 40-50 hours working for nothing (writing offers, showing homes etc..) and get lucky occasionally. I have major sympathy for you buyers out there trying to find a home but also would hope that the buyers can understand that a lot of us agents need you and cherish your patience and understanding and just hope you can hang in there with us that work very hard for you :)
0 votes Thank Flag Link Wed Sep 23, 2009
It is confusing when a buyer may not know all the details why would a buyer's agent not submit an offer, only way they are paid OR listing agent when you close on property.

Listing agent "right for the right buyer for right property agent has a listing on " could be never

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0 votes Thank Flag Link Wed Sep 2, 2009
Home,

If you feel that people are not behaving professionally and submitting to unethical activity, it should be reported to the agent's brokers, the local board of realtors, or the authorities.
0 votes Thank Flag Link Wed Sep 2, 2009
First of all I would like to thank the realtors for their input.The reason I posted this was because I am frustrated. I also wanted to see if anyone was experiencing the same thing that I am . I'm just a home buyer trying to achieve my dream of owning a home, you as realtors know all the tricks of the trade. I have been on the market for 6+ months and we still can't get an offer accepted. Why??? Well that's because I've had agents tell me if your not with the listing agent the offer will sit on his desk. I also had an agent tell me she had a group of realtors that would keep the property's among themselves/friends/family/or if I listed with her...then later to find out she's the manager of the office. So, me as a home buyer, what kind of position does that put me in? I've done all my homework on short sales and reo's. I been pretty patient and I know the inventory is very low (and why). However, most realtors here in Southern California are not following the code of professional ethics and I know this from everyday experiences.

Alan May: No I haven't painted all realtors with my paint brush .... yet it seems as you have. Why would one be so defensive ??....hmmmm ..... Yet you have zero opinion about HER comments... don't put your foot in your mouth, you are a realtor.. lets be professional ....and I'm not vague, I have e-mails to back me up. Also everyday dealings with the, so called, realtors that I'm painting.. No they painted themselves, with no help from me, just questions and concerns..
0 votes Thank Flag Link Wed Sep 2, 2009
The only reason it upsets me is when things were good I was only as good as my last deal and would not do things unethical to make a quick dollar. I would rather make many good loans to make a little money then to make a efw with big money and risk anything. I however do not see this in all realtors and I agree completely that if the agent is looking out for themselves they are not going to last long. I have been in the mortgage industry for 12 years and have many repeat customers and never did an option arm in my life and tried as much as I could possibly to not put people into adjustable rates. I can sleep at night no problem and have my referrals and repeat business and am happy with that even when it gets slow. I believe in my work and my ability to have my customers for a long time to come. I have had many deals bust because of my inspector but I would never try and talk a customer into buying something they did not want. Thats not my job, it is the realtors to find the right house for my client. Many realtors I have dealt with have lost their buyers due to this and I retained them as a buyer. It is extremely unfortunate that this type of behavior exists and it is difficult to prove I believe but I can assure you that not all realtors are this way and they are the ones I would rather work with and have my customers be reassured that they are in good hands. (no relations to AS ins.) :) So really thanks to the realtors who follow their customers best interset instead of thier own!
0 votes Thank Flag Link Wed Sep 2, 2009
Maybe one other point needs to be made....REALTORS, who abide by the code of ethics, are consistently holding other realtors to the same high level of standard that they are trying to live by. We have a system whereby these items are reported and followed through by our local association of realtors. We are all as frustrated as buyers in this market if this was to occur....understand that while one buyer has one experience, we are experiencing it multiple times with multiple buyers if we allow this to continue.

My point is that the perception may be that a buyer may think one thing's going on when it's actually something else happening. 'A lot of agents are not submitting all the offers' is not a common practice...rather it might be a short sale that's being referred to where they're not supposed to submit them...after the listing goes to short sale cont.
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0 votes Thank Flag Link Wed Sep 2, 2009
I don't understand how agents are getting away with such unethical practices, but be real.... they are! I understand that there are some good agents but how are clients suppose to know who they are if other agents are sitting by and watching it all happen. If you are an agent it is your responsibility to report such practices or I believe you are guilty as well by association. For the agent that was upset at this buyer for painting all agents as untrustworthy.....well we know what side your on! You were so quick to blame a frustrated buyer looking for answers! I you would have compassion for all clients that fall in the hands of an unethical agent and do your best to prove that you are ethical by maintaining a professional attitude.
0 votes Thank Flag Link Wed Sep 2, 2009
It doesn't sound like you're informed on how the real estate business operates. First, the agent who is looking out for themselves first won't last long in this business. As a listing agent, we represent the best interest of the seller. If we're not doing that, then why would a seller want to continue to work with us? They want the highest and best price/terms.

Second, If you're speaking of short sales, the seller and agent select the top offer of those presented to the lender for approval. The status then changes to short sale contingent. It's a 'limbo' status. The lender does not care to see any other offers submitted after they have created their package for their investor to review--good, better or worse than the original one submitted. ....so could you be referring to that scenario??? The agent obviously does not present any more offers TO THE LENDER after it goes to short sale cont. until the lender responds on the first offer. All other offers are not considered, unless the first buyer decides not to wait.

So you see, there's much more to a process then that the listing agent is holding all offers just so that they can get a buyer for themselves.

We are all frustrated with too little inventory to meet the needs of our buyers. Many listing agents don't even work with buyers. And yes, there are some that aren't quite playing fair,...but more often than not, they're few and far between.
Web Reference: http://www.suearcher.com
0 votes Thank Flag Link Wed Sep 2, 2009
I am a loan originator and recently have my borrwers in court with a bank over the listing. The agent never had authority to deal with buyers for the property and said the bank had denied the offer and then wanted a cash offer and the earnest money had to be a certified check to her office. So the buyers being minorities took the bank to court and then I am sure the bank will proceed to go after the agent. She accused my realtor that I work with of stealing her buyers and never submitted any offers to the bank. The father in law was going to buy the house for cash with a line of credit he had and was refused also due to his name not being on the "typed" contract. She had demanded it be typed and made them jump through loop holes and I had given a commitment that asked for " Letter from authorize agent from the bank stating that they have power to sell property". Which was given to the judge and he said that the bank had to come to an agreement with the buyers before the next court date. So this was one way of finding out that the realtor did not present the offer to the bank. And did not have the authority to do so anyways! My guess is she will be fined and in my opinion should be suspended as a realtor. I had never seen this happen before but also had not such aggressive buyers before as well.
0 votes Thank Flag Link Wed Sep 2, 2009
How do you know they are not subitting all offers to the bank?
0 votes Thank Flag Link Wed Sep 2, 2009
WOW!! One answer that should tell you how many dishonest realtors are doing this....shame on you
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Oh, please... you gave it all of a "few minutes" for agents to respond. And based on a few minutes response, you're willing to paint most Realtors with that bad brush. Shame on YOU!
0 votes Thank Flag Link Wed Sep 2, 2009
Alan May, Real Estate Pro in Evanston, IL
MVP'08
Contact
WOW!! One answer that should tell you how many dishonest realtors are doing this....shame on you
0 votes Thank Flag Link Wed Sep 2, 2009
WOW!! One answer that should tell you how many dishonest realtors are doing this....shame on you
0 votes Thank Flag Link Wed Sep 2, 2009
The agents who do this sort of thing purposefully, should be publicly flogged!
0 votes Thank Flag Link Wed Sep 2, 2009
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