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Opinions on how to handle realtor conflict of interest (revenge and practical advice appreciated)

Author: TontoGoldstein (11011 Posts - Original UHND Member)

Posted at 9:23 am on May 7, 2009
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FACTS: We listed our house to sell this past Tuesday for what we believed was a low price, but "market" based on comps provided by our realtor. Two weeks prior, we talked with our realtor and he mentioned his sis was moving to our town from NY, but our house was WAY out of her range. He then showed us comps that led to the low listing. Yesterday, he brings his sister through to look at our house.

We are interested in moving one street over and one block south to a house with two more bedrooms and a master bath. We looked at it once and are keeping our options open. Yesterday, the owner of that house looked at our place and this is the email I get from the realtor (seems like a bad idea to me that he disclosed that WE were the people interested in her house) ...

Okay... so here's one of your first feedbacks. Surprisingly, the 630 Kenilworth woman looked at your house to purchase. We can talk about that later.

Question(s)
COMMENTS/RECOMMENDATIONS: Hi Steve,
Was hoping maybe we could do a "house swap," but this house doesn't work for the seller at 630 Kenilworth. Hope it sells quickly, though!
Monica

I realize he's a sales person, and inherently can't be trusted, but I think we're either over the edge or quickly approaching the edge here. Thoughts on revenge or practical are appreciated. At the end of the day, we don't need to sell, so maybe that is the answer here.


If you support Obama you are a racist.

Replies to: Opinions on how to handle realtor conflict of interest (revenge and practical advice appreciated)


Thread Level: 2

You hold all the cards...

Author: GOAT (3793 Posts - Original UHND Member)

Posted at 11:08 am on May 7, 2009
View Single

1. Get independent comps from a licensed real estate appraiser...you'll pay a coupla hundred bucks...but if the comps aren't the same he's got some explaining to do...

2. If he also represents any buyer on the sale, you can negotiate 1-2% off his commission...any realtor would be a fool not to do so...and they all bullshit you about their agency allowing them to do this...but it's a common practice when requested...I even had a realtor or prospective new owner pay for pest inspections and sewer tests...

3. You never have to be pressured into selling. If you signed an agreement with him you can just ride out the duration. If his comps are bad you have grounds for breaking it.

4.Table the revenge until later. When your motive is less apparent.


This message has been edited 2 time(s).

Thread Level: 2

He broke the rules by disclosing to the seller who you were...

Author: jabi (9690 Posts - Original UHND Member)

Posted at 11:00 am on May 7, 2009
View Single

thats a big time no no.

UHND IS THE NEW NDNATION.
Thread Level: 2

I'd start with honestly answering whether you want to sell your house now.

Author: jakers (9619 Posts - Original UHND Member)

Posted at 10:51 am on May 7, 2009
View Single

If you don't care, just wait until summer ends and re-list after you dump this guy and pull it off the market.

However, if you really want to get it out there and listed now and get this process, you still need to dump him. He's a sleazy piece of shit.

If it's the second answer, let him know that you're going to find a different realtor and that you feel he acted unethically, which of course invalidates the contract you signed that would guarantee him the commission should the house sell in less than 90 days.

If he argues back on the contract, tell him you believe he purposely low-balled the offer after being dishonest about a relative moving to town whom he showed the house, and that your attorney actually wants you to go ahead and let his company know what he did so that they can review his history.

But, you just would rather not deal with all of that and simply want the contract voided so that you both can move on more easily.

If it's the first answer, though, and you still want some payback, I'd call his office and let the branch manager know the entire story.


Thread Level: 2

Dump 'em.

Author: jabbadoody5 (16656 Posts - Original UHND Member)

Posted at 9:46 am on May 7, 2009
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(no message)

Jumbotrons are for big dick playas!
Thread Level: 2

Go with your gut.

Author: McSweeney (17753 Posts - Original UHND Member)

Posted at 9:36 am on May 7, 2009
View Single

If you don't really need to sell, then you're putting yourself through the bullshit gauntlet of realtor-speak for no reason. A home purchase should be on your terms, period. Take your house off the market, tell your realtor you'll be using someone else if/when you decide to test the waters again, and enjoy your summer. I especially wouldn't worry about revenge--he'll get the message when you essentially fire him, not to mention you'll waste more time plotting the revenge than you will enjoying it (which is the usual nature of vengeance).

This message has been edited 2 time(s).

Thread Level: 3

So not even a bag of burning shit on his front porch? Otherwise, good thoughts.

Author: TontoGoldstein (11011 Posts - Original UHND Member)

Posted at 10:08 am on May 7, 2009
View Single

(no message)

If you support Obama you are a racist.
Thread Level: 3

agree

Author: clements2 (16946 Posts - Original UHND Member)

Posted at 9:49 am on May 7, 2009
View Single

If you're not comfortable with the realtor, drop him. God knows there are enough realtors around to not get saddled with one your uncomfortable with. The fact he brought his sister by to a house you thought he was low-balling would be enough for me.

Thread Level: 4

Re: agree

Author: WoodstockIrish (10902 Posts - Original UHND Member)

Posted at 9:52 am on May 7, 2009
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But I assume he has a contract with the current realtor?

Thread Level: 5

Agree. Say "Bye, Bye" by sending a registered letter with return receipt.

Author: The Woj (2732 Posts - Original UHND Member)

Posted at 10:07 am on May 7, 2009
View Single

Cut off all contact and find another realtor.

Thread Level: 5

We do. We could dump him, but if we sell the place within the next 90 days, he gets the commish

Author: TontoGoldstein (11011 Posts - Original UHND Member)

Posted at 10:06 am on May 7, 2009
View Single

My thought would be to just dump him and be done with it.

If you support Obama you are a racist.
Thread Level: 6

dump him, then wait it out -- better things will come.

Author: clements2 (16946 Posts - Original UHND Member)

Posted at 10:21 am on May 7, 2009
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just my two cents.

Thread Level: 7

the problem is this is prime house selling season

Author: WoodstockIrish (10902 Posts - Original UHND Member)

Posted at 11:30 am on May 7, 2009
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though in this economy not sure if there is such a thing.....but summer is the time to sell your house...this is when people are looking and when people want to make the move so it doesnt disrupt the kids in school....

Thread Level: 8

true -- but the market should still be decent late summer/early fall

Author: clements2 (16946 Posts - Original UHND Member)

Posted at 12:47 pm on May 7, 2009
View Single

but, yes -- I agree, getting out of it now would be best case.

Thread Level: 8

Exactly. I think a simple threat would be enough to have this guy rip up the contract.

Author: jakers (9619 Posts - Original UHND Member)

Posted at 11:36 am on May 7, 2009
View Single

He would never, ever want his boss/company finding out that he purposely engaged in conflict-of-interest dealings, let alone that a customer knows it and is threatening to take action.

His realty company would gladly pull the plug on this deal. I think he should request it.


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