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committed1985 | Do realtors lie about other offers on the table when someone is making a bid on a home-to force a purchase? |
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Landlord
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They are not allowed to discuss the other offers, only the number of other offers that exist, and "better" or "worse".
There is no reason to lie, many people, like ME would instantly back out if there are other offers. I am not interested in a bidding war, there are too many properties to bother with that. |
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Ann H
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Yes! They lie.
I have been lied to by two realtors in the last week. I went to two open houses where I already knew certain things about the houses. One realtor lied to me about the pool being resurfaced in the last 6 months (the owner had already told me it was done 5 years ago).
At the second house the realtor told me that the house had only been on the market for 3 weeks and they were having a LOT of interest on the house. The truth is, I have been watching that house since it came on the market over 120 days ago! Also, when I asked about the owners of the house he told me they were retired. But the truth is that the owner ( a widow) had passed away in the house 7 months ago.
LIARS!!! Don't trust them!
It is in your best interest to do your own research. |
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peilthetraveler
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Yes they do. I have talk to a realtor about a specific property and he told me to hurry up with an offer because he had 3 other offers. I said forget it. 6 months later that property was still up for sale. |
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Darin Alvarez
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I hate to say it but many Realtor do "stretch the truth" when it comes to things like this. I blame the agents who rushed to get their licenses in the recent boom years and now are struggling to sell houses. Many Realtor will use phrasing that while true have multiple meanings such as "Many interested parties" doesn't mean they are interested in buying the property.
Hiring a Realtor is the same as choosing any other professional. There are crooks, cheats, liars, and other who only care about their own ends. But not all Realtors are like that. Trust you gut. You should get a feeling of honesty from the moment you meet the Realtor. If they stretch the truth about market conditions or the importance of information, move on. You can find decent Realtors, but unlike what it should be, all Realtors are not decent.
If you can prove a Realtor to be dishonest, please report them to the local Realtor board, the more bad Realtors that are expelled from the organization, the more reliable the Realtors who are left become. I have to say I have reported a few Realtors who presented false or misleading information myself and I encourage others to do the same. |
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hollywoodmelody
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I have personally worked with over 300 agents and have known a few to stretch the truth a bit. It is basically fraud against the public which can get a Realtor,agent and/or Broker into hot water. Some realtors,agent and Brokers think they can hide behind their E & O insurance which is definitely not the case. Fraud is fraud and against the public is a Federal case. Not only do they stand a chance to lose their license, but they get sent to prison and it is permanently on their record. They also will not be able to practice real estate. Not only does it involved their own clients, but if they are partnered up with anyone, their Broker and all offices that the Broker may have come into question. There are audits to be done, all buyers and sellers both past,present and future will be questioned. Each Buyer and Seller can sue for damages.
Guess you could say I've had my fair share of putting out fires.... |
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Dennis
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Do realtor's lie?
This may sound a bit like sour grapes coming from a licensed real appraiser - but - the answer is a resounding "yes" followed by "most of the time" in 80% of the transactions I've reviewed over the last 6-12 months. The lack of ethics of real estate professionals over the last 4-5 years has been staggering.
Having provided proven, supportable analysis, I've had appraisals "rejected" because I reported declining property values in a given neighborhood - facts everyone knows including the banks, the media, the NAR - that property values are declining. Generally speaking, RE Agents don't care for the truth, nor do they engage ethical professionals that tell the truth. The pattern has become increasingly typical to find another "appraiser/accomplice to fraud" willing to indicate "stable" or "increasing" values just to "get the deal done".
Not to paint the industry with broad strokes, there are numerous ethical real-estate professionals currently practicing in the industry - but, they're being forced out of the industry for their ethics and are becoming much harder to find. I have personally observed a substantial increase in mortgage/re fraud over the last 6 months - more than in any time in my career.
Be cautious when an agent that tells you that there are multiple offers for a foreclosed or REO property. National housing supply (REOs alone) is currently estimated at 36 months - meaning it will take 3 years+ to resell the inventory currently owned by banks as a result of the 2.3+ Million homes foreclosed on to date with over $3 trillion dollars of ARM-type loans set to adjust over the next 3 years which is expected to increase defaults/foreclosures to a staggering 3.5M+ properties...
Offer your lowest price. Understand that this market is and continues to decline and is expected to decline an additional 25% to 35% over the next 2-3 years. There is no bottom in sight at this point contrary to what proponents indicate as a "heatlhy correction". |
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life_loverfl
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"Lie" is a harsh word but it's close. A realtor will tell a buyer that there is someone else interested in the property and they will going straight to that party if you don't put a contract on it yourself. It's just a very distasteful tactic to make the buyer feel like there's some sense of urgency to buy the property NOW or run the risk of losing the deal to someone else.
Don't get pressured into ANY purchase. Take your time, do some research, make sure it's what you really want, and then pursue a purchase. |
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Art
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Any reputable agent would not do that to induce you to make/not make an offer! Although there may be some less ethical persons out there, it is not acceptable behavior for a real estate agent who is also a REALTOR. |
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trblmkr30
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Some Realtors do, unfortunately. But do not let that bully you into making a higher offer for a piece of property. Also, if you're using an Accredited Buyers Representative (ABR) you should never be misled about the amount of offers on the table.
As for the appraiser above, what a joke. I do hope that he has some retirement money saved up from all of the jobs he had when the market was booming and he was helping the exagerated prices keep rising, because it sounds like he's burning his bridges right now.
"Be cautious when an agent that tells you that there are multiple offers for a foreclosed or REO property. National housing supply (REOs alone) is currently estimated at 36 months - meaning it will take 3 years+ to resell the inventory currently owned by banks as a result of the 2.3+ Million homes -" I agree to a point on this, but make sure you offer the highest price you're willing to pay when working on a foreclosure. If it's a true "bargain" others will be bidding on it also. It's not going to take 3 years + to sell all of the homes that are going into foreclosure. Though it might take 3 years + to finish foreclosing on those going into default.
"Offer your lowest price. Understand that this market is and continues to decline and is expected to decline an additional 25% to 35% over the next 2-3 years. There is no bottom in sight at this point contrary to what proponents indicate as a "heatlhy correction"." Such a generalized comment. This does not apply to all of the country.
I suspect that he is in California, where home prices went up so fast that the appraisers couldn't keep up with all of the work they had to do. He's just a little bitter right now since he's not making as much money as he was just a couple of years ago. I'm sure he was not turning down jobs just because he felt that the homes weren't worth what they were selling for. |
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Real Estate Guy
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I know from personal experience that I can have a house on the market for several months with no firm interest. Then all at once, there are 2-3 parties interested in the property. This has happen many many times. In some cases, all the parties decide that they don't want it. The come in a pack and they leave in a pack.
As a professional, it's my job to keep the interest high on the property and get it sold for the best price for my client. In fact, I have a legal responsiblity to my client to work on their best interest!
In my case. I don't lie. PERIOD. I want to be able to sleep at night knowing that I'm actually doing a service for everyone. |
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Frank P
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I have only known one honest broker out of 40 that I have dealt with. The honest one was in his early eighties, everybody thought I was nuts to hire him. I am glad I did. I have been dealing with realty brokers since 1979 for renting, houses, apt.s, condo's. I buy, some times I rent. They lie to both sides.**edit** see even on "yahoo q&a" some can't handle "truth". Ive owned in : NY,AZ,TN,MA. Ive rented in NY,MA. Ive played landlord in: NY, AZ. Met 39 crooks, oh excuse me brokers. |
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lazydaysranch
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A certain number of residential real estate agents have made it difficult for the consumer to know whether they are receiving honest information or not. While agents are expected to be ethical and moral in their dealings enough of them are not and make it bad for the industry.
Go into a transaction with knowledge. Do your homework before making any offers. Some of this should be provided by an agent that you are working with and some may come by your own research into the type of area that you desire. Some agents will disagree with me on this, have an appraisal completed on the home that you are intending to make a serious offer. The appraiser will be working for you and let him know that you want an honest opinion of the home's value. This is inexpensive in consideration to the amount of money that you are considering to put on the table towards the purchase of your new home. A $350 appraisal is easily recouped when you have a firm grasp of what to offer on the home. Do not give into an agents pressure tactics that you must hurry up with an offer and never work with the seller's agent if you are buying. They do not have your best interests in mind as they work for the seller.
Also, do yourself a favor. Before you make any offers on a home, go to your lender for your future home and research finance plans, interest rates, etc. Find your lender and get pre-approved first, then you know exactly where you stand financially and then you are ready to make an offer through your agent on a home. Donot have an agent, ask your lender of several reputable agents that you can interview and then work through them on your purchase. |
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