C Knapp, Other/Just Looking in Livonia, NY

can a broker and her son, an agent working with her, tell qualified buyer that the price is $100k higher than what it is? Why would they do this?

Asked by C Knapp, Livonia, NY Tue Apr 5, 2011

Help the community by answering this question:


C Knapp,

If this is true, one would certainly have to question this tactic......or perhaps a mistake?

Our recommendation is to varify the source of your information and document this before taking the next step. Since the broker may be involved it would be logical to take your documented concerns to the local board of realtors and ask about filing a complaint about agent ethical procedures.

Again, before doing anything, be sure your information is accurate and you can prove it.

1 vote Thank Flag Link Tue Apr 5, 2011
First question you have to ask EVERY agent in FL since they are not required to discuss is will they work for you as a signed buyer agent. FL has presumed transactional brokerage that is BAD for out of state buyers in that you dont get advocacy even from a friendly clever agent. Their job is to fascilitate the transaction. So find an agent that will sign a buyer brokerage agreement and work with them exclusively. Wife and i went down to FL, I offered to sign a buyer agency form and agent not necessary. I thought she was being trustworthy, actually she was being evasive in that she was not allowed by her brokerage to sign buyer agency - it's a liability dodge. Also, crazy to me that there is no state requirement to discuss and provide written signed disclosure about what transactional brokerage is and how it is ZERO agency, basically no advise on counter offer strategy. As an out of state buyer one would expect advocacy and guidance that rises to the level of full representation like it is in NY or IL.

If you like my answer, best answer me and thumbs up, thanks!
0 votes Thank Flag Link Thu Apr 7, 2011
Let us know if this is a short sale. Short sales have "ficticious" asking prices so it's possible the underlying lender has finally determined the "required" sale price and it is $100k more than the list price.
0 votes Thank Flag Link Tue Apr 5, 2011
Get yourself a trusted realtor to find out real market price of the house. You will see if the house worth that much or not.


Sedat Celik, Realtor
0 votes Thank Flag Link Tue Apr 5, 2011
That would be highly unlikely to happen even in a foreclosure sale. Not sure what they are trying to do. If you have submitted your offer based on their opinion and did not see the listing price, there are some ethical issues there. What property was this for? Get me the address and I'll give you some info on it. It could also be that the feed from the MLS system did not catch properly and it is being distributed to other sites with the wrong price such as Trulia, Zillow, etc. It has happened many times. You can check the exact listing on my site if it still active.
0 votes Thank Flag Link Tue Apr 5, 2011
sounds a bit fishy...

Thank You

Steve Kravitz
Certified Distressed Property Expert
Bankers Realty Services, Inc.
211 SW 2 Street #F
Fort Lauderdale, FL 33301
(954)302-8677 Direct & eFax (305)785-8588 Mobile

0 votes Thank Flag Link Tue Apr 5, 2011
Assuming these are facts within the quesiton, it would not only be unethical to quote a price higher than listed, but also illegal under the FTC's unfair and deceptive practices act.
If you wish, you could file a complaint with the Divison of Real Estate in the State in which the event occurred.
In the meantime, there are alot of really fine, ethical practitioners that will professionally guide you through the process. If you'd like a referral to one, or if I can personally help you, please let me know.
Steven David CRB CRS GRI MBA
Florida Professional Real Estate, Inc.
Castelli Real Estate Services, LLC.
0 votes Thank Flag Link Tue Apr 5, 2011
C Knapp,

There is a problem. You need to talk with the broker of the listing company. The MLS report could be wrong. MLS has rules and regulations that the MLS must be totally correct, an incorrect MLS report is subject to a financial fine if it is not corrected quickly. Why? Because, you the public must have correct information. The companies using our MLS date for sales trends must have correct data too.

They could be lying. I do not see why this would happen, however, you can ask the question. Realtors work under a code of ethics. We can not and do not lie about our listings, price or misleading information of any kind is included there.

So, talk to the broker, I am sure this will be resolved quickly.

Debbie Albert, PA
Keller Williams Treasure Coast
Web Reference: http://www.ronanddebbie.net
0 votes Thank Flag Link Tue Apr 5, 2011

It depends whether or not this is a distressed ("short") sale. Often times in these situations the broker and Seller agree to advertise a price that they believe will draw attention and submit offers for third party (bank) approval. They may be trying to tell you that the price to get the deal done with this bank is +/-$100K higher. This is just one possibility, but if you have any additional questions on this or any other property in Ft. Lauderdale please feel free to contact me.
Wes Parker
0 votes Thank Flag Link Tue Apr 5, 2011
It could have been a typo on the MLS or maybe a short-sale listed price, but the bank won't accept that price listed.

Karen Dononue
Coral Shores Realty
(954) 914-8085 cell
(888) 720-7217
0 votes Thank Flag Link Tue Apr 5, 2011
Good Morning C;
My first guess would be an honest mistake.
But if you are uncomfortable with the situation or the information you are receiving, contact another real estate agent.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Tue Apr 5, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer