Real Estate Talks

So let's start a thread about the shady business practices of realtors that you may have encountered over the past few years. Names not necessary.

Me first - I have a colleague who purchased a home in the westside through a realtor connection of his. They managed to purchase a home below market value and already had a 2nd buyer ready to purchase for $300K more. Nobody thought there was anything wrong with the realtor having a buyer with a larger purchase price in their back pocket when doing the original sale. When I called him on this, the rationalizations were amusing - it was like reading an ethics textbook Chapter .

Another one - I see on the realtor comments section all the time where the purchasers realtor only gets the full commission if they are present during the first showing and all subsequent showings. otherwise $500. If this truly happens, does the seller get the difference returned to them or the selling realtor pocket the money? I'm sure the scumbag realtor keeps the difference.

I am sure this thread will be at 100 pages in a week considering how shady our local realtors all are.

Just noted on the realtor comments section of a new listing:

Buyer's agent needs to be present at all the showings with his buyer or be paid $1000 for a successful sale with his/her buyer.

I wonder who gets the difference in commission?

Why put this in the realtor comment section - why not let the seller and buyer know the playing conditions.

Like I always say, a sale of a home is 4 different negotiations. Buyer-Seller, Buyer-realtor re: commissions, Seller-realtor re: commissions and realtor/realtor.

A few other strategies.

Never tell the realtor your true price you want to get for the home. Or, tell them something unattainable. If they find out what you really want for your home, they will prey on you.

At the outset of a transaction, always insist that the realtor be present for all showings. Not his flaky understudy or partner that doesn't know the home. I am not hiring a kid they are training - I am hiring the realtor I am hiring. I once had a realtor's father who barely spoke english show up for a sale of my home. Joke. The realtor you are hiring is present for all showings or he doesn't get his full commission. Simple as that.

Be present for all showings. Don't be emotional about it but be there. Only way you will get a true sense of the buyers.

Eductated individuals know when you purchase a home with a lawyer, notary, realtor, or otherwise, you need to tell them the amount of money you want to pay for or obtain for your home otherwise you'll be paying out the proverbial yin yang

speaking of shady realtors... remember that dunce-cap ian watt who would drive around blabbering on about the RE market at volume 11?

Whatever happened to him? LOL

These guys that post videos on youtube must be quite embarrassed about them looking back in time. I am embarrassed for them LOL

I would like to thank Mike Stewart for providing the easiest example of a shady realtor.

LOL

I would never do business with this guy ever .... will most likely lead to a tax audit going forward.

So does anyone know what sanctions have been placed on Mike Stewart for encouraging tax evasion?

I wonder what page of the realtor manual tax evasion schemes fall under - clearly Mike Stewart aced that part of the exam!

LOL

LOL - I wonder if that duncecap Mike Stewart got sanctioned for his hair brained idea to walk his clients through tax a avoidance scheme.

Maybe there should be more than a 2 day course and a multiple choice quiz required to become a "professional" realtor!!!

LOL

hahahahahahaa... realtors seem to be worried how they are going to make ends meet now that nobody is buying the crap they are selling.  

Scam artists are all getting what they deserve!

We'll see how many jump ship into another industry because we all know even they don't believe their own crap.

here's an article with ian watt, cashed out condo in June

http://www.theglobeandmail.com/real-est ... e30609261/

And then there's Charles Bilash, who con'd his own buyer clients into paying a higher price than the Seller's last counter offer, and he in turn got the difference in extra commission. The Sellers smelled something fishy because why would the Buyers offer more than their counter??  So they kept the paper trails and helped the buyers after the sale completed.  

Unfortunately, Bilash only got a slap on the wrist with a 60 day suspension and a few thousands in fines.  This was back in 2015 and he's actively buying and selling again.  

http://www.theglobeandmail.com/real-est ... e22488195/

And then there's Charles Bilash, who con'd his own buyer clients into paying a higher price than the Seller's last counter offer, and he in turn got the difference in extra commission. The Sellers smelled something fishy because why would the Buyers offer more than their counter??  So they kept the paper trails and helped the buyers after the sale completed.  

Unfortunately, Bilash only got a slap on the wrist with a 60 day suspension and a few thousands in fines.  This was back in 2015 and he's actively buying and selling again.  

http://www.theglobeandmail.com/real-est ... e22488195/

There is another local guy with tv ads pitching to sellers by claiming "I'll get you more".  Why would any buyers in their right minds want to look at any of his listings when the expectation is that they'll pay more???

Fortunately, there are some honest, hard working realtors out there. You just need to keep your BS meter set on its highest sensitivity.

And then there's Charles Bilash, who con'd his own buyer clients into paying a higher price than the Seller's last counter offer, and he in turn got the difference in extra commission. The Sellers smelled something fishy because why would the Buyers offer more than their counter??  So they kept the paper trails and helped the buyers after the sale completed.  

Unfortunately, Bilash only got a slap on the wrist with a 60 day suspension and a few thousands in fines.  This was back in 2015 and he's actively buying and selling again.  

http://www.theglobeandmail.com/real-est ... e22488195/

Wow - what an absolute scumbag.  He is par for the course though.... nearly all of them are scumbags.
Thanks for shining some light on this.  Keep em coming guys - would love to hear more.  People should be put on notice about these actions.

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