Opinions on how to handle realtor conflict of interest (revenge and practical advice appreciated)
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.
Replies to: Opinions on how to handle realtor conflict of interest (revenge and practical advice appreciated)
You hold all the cards...
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.
He broke the rules by disclosing to the seller who you were...
thats a big time no no.
I'd start with honestly answering whether you want to sell your house now.
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.
Dump 'em.
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Go with your gut.
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).
So not even a bag of burning shit on his front porch? Otherwise, good thoughts.
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agree
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.
Re: agree
But I assume he has a contract with the current realtor?
Agree. Say "Bye, Bye" by sending a registered letter with return receipt.
Cut off all contact and find another realtor.
We do. We could dump him, but if we sell the place within the next 90 days, he gets the commish
My thought would be to just dump him and be done with it.
dump him, then wait it out -- better things will come.
just my two cents.
the problem is this is prime house selling season
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....
true -- but the market should still be decent late summer/early fall
but, yes -- I agree, getting out of it now would be best case.
Exactly. I think a simple threat would be enough to have this guy rip up the contract.
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.
