Comments on: The Elephant in the Room: Looming Foreclosure Epidemic http://www.ralphroberts.com/blog/2007/01/11/the-elephant-in-the-room-looming-foreclosure-epidemic/ Fri, 18 May 2012 02:29:03 +0000 http://wordpress.org/?v=2.7.2-alpha hourly 1 By: Peim http://www.ralphroberts.com/blog/2007/01/11/the-elephant-in-the-room-looming-foreclosure-epidemic/comment-page-1/#comment-42669 Peim Sat, 01 Aug 2009 10:25:46 +0000 http://www.aboutralph.com/blog/admin/real-estate/the-elephant-in-the-room-looming-foreclosure-epidemic/#comment-42669 I have sold my house through a Realtor X, using agent A. Buyers use agent B, from the very same Realtor X. Transfer took place through Conveyancing Lawyer Y. Mr. X is also the owner of the Franchised Realtor, which employs a large number of individual agents, including agent A and B. Whilst these agents work independently, they collectively use the secretarial, sales and marketing services of Realtor X. Commission is shared with the Realtor and, as it happens, with other agents. Buyers were unable to cough up the purchasing price. I therefore offered them an interest bearing loan over the missing amount. The contract was drawn up by the Conveyancing Lawyer’s office, on the letterhead of the Realtor X. Payments to be done in installments, whereby buyers agreed to pay off as soon as possible, but no later than within 36 months. By the time the last payments were due, buyers refused to pay the outstanding interest. Naturally I contact my Agent A, who became evasive. Conveyancing Lawyer Mr. Y agrees that my explanation is plausible, but unfortunately he can’t be of assistance and suggests to take a lawyer. By coincidence I find out that the buyers have decided to put their house on the market again – just around the same time of the argument with the buyers of my house. Guess who their agent is: Agent A, from Realtor X. Conveyancing Lawyer happens to be, you guess correctly, Mr. Y. They are about to collect the equivalent of USD 30.000 on commissions. So why would they bother with the outstanding USD 2.000 the buyers owe me? What bothers me is the clear conflict of interest. In my case the outstanding amount is USD 2000. But with the next ‘victim’ it could be 50.000. Now HOW do I sort this out. If I want to report the agent and the lawyer’s, where do I go? And what are my chances? Can I claim the outstanding on the agent? I have sold my house through a Realtor X, using agent A.
Buyers use agent B, from the very same Realtor X.

Transfer took place through Conveyancing Lawyer Y.
Mr. X is also the owner of the Franchised Realtor, which employs a large number of individual agents, including agent A and B.
Whilst these agents work independently, they collectively use the secretarial, sales and marketing services of Realtor X.
Commission is shared with the Realtor and, as it happens, with other agents.

Buyers were unable to cough up the purchasing price.
I therefore offered them an interest bearing loan over the missing amount.
The contract was drawn up by the Conveyancing Lawyer’s office, on the letterhead of the Realtor X.
Payments to be done in installments, whereby buyers agreed to pay off as soon as possible, but no later than within 36 months.

By the time the last payments were due, buyers refused to pay the outstanding interest.
Naturally I contact my Agent A, who became evasive.
Conveyancing Lawyer Mr. Y agrees that my explanation is plausible, but unfortunately he can’t be of assistance and suggests to take a lawyer.

By coincidence I find out that the buyers have decided to put their house on the market again – just around the same time of the argument with the buyers of my house.
Guess who their agent is: Agent A, from Realtor X.
Conveyancing Lawyer happens to be, you guess correctly, Mr. Y.

They are about to collect the equivalent of USD 30.000 on commissions. So why would they bother with the outstanding USD 2.000 the buyers owe me?

What bothers me is the clear conflict of interest.
In my case the outstanding amount is USD 2000. But with the next ‘victim’ it could be 50.000.

Now HOW do I sort this out.
If I want to report the agent and the lawyer’s, where do I go?
And what are my chances?

Can I claim the outstanding on the agent?

]]> By: Joel Stern http://www.ralphroberts.com/blog/2007/01/11/the-elephant-in-the-room-looming-foreclosure-epidemic/comment-page-1/#comment-34368 Joel Stern Wed, 18 Jun 2008 16:36:48 +0000 http://www.aboutralph.com/blog/admin/real-estate/the-elephant-in-the-room-looming-foreclosure-epidemic/#comment-34368 Excellent article. I myself was the victim of a scam involving a sham buyer's agent who took advantage of my ignorance of abstruse dual agency disclosure regulations to shift roles at the very last minute to become an agent for the seller of a house of choice (in Maryland). To learn more about the lawsuit that i brought against a major real estate company for consumer fraud, go to Google and type in my name "Joel Stern", then "Weichert"; you'll find quite a few blogs and websites that cover this problem. Dual agency in any guise is legalzied fraud and should be abolished. Excellent article.
I myself was the victim of a scam involving a sham buyer’s agent who took advantage of my ignorance of abstruse dual agency disclosure regulations to shift roles at the very last minute to become an agent for the seller of a house of choice (in Maryland).
To learn more about the lawsuit that i brought against a major real estate company for consumer fraud, go to Google and type in my name “Joel Stern”, then “Weichert”; you’ll find quite a few blogs and websites that cover this problem.
Dual agency in any guise is legalzied fraud and should be abolished.

]]> By: John R. http://www.ralphroberts.com/blog/2007/01/11/the-elephant-in-the-room-looming-foreclosure-epidemic/comment-page-1/#comment-15086 John R. Sun, 10 Jun 2007 18:07:48 +0000 http://www.aboutralph.com/blog/admin/real-estate/the-elephant-in-the-room-looming-foreclosure-epidemic/#comment-15086 Thanks for the article on Elephant in the room I've been eagerly looking for someone to tell it like it is. My recent experience buying a home led me to conclude that the entire real-estate industry is really corrupt. When loan officers are on the phone trying to convince me to falsify income on Fanney Mae, somethings wrong. It's hard to find anyone who is saying it is in real trouble. It seems to me that NO ONE except the buyer has a an interest in saying we are headed for trouble. If you know of any place I could get real info on the real estate market, I'ld appreciate it. I've been warning several friends they shouldn't buy for a couple of years 'cause it doesn't look too good. Thanks again for the article. I appreciate that someone is speaking up. John R. West Allis, WI Thanks for the article on Elephant in the room

I’ve been eagerly looking for someone to tell it like it is. My recent experience buying a home led me to conclude that the entire real-estate industry is really corrupt. When loan officers are on the phone trying to convince me to falsify income on Fanney Mae, somethings wrong.

It’s hard to find anyone who is saying it is in real trouble.

It seems to me that NO ONE except the buyer has a an interest in saying we are headed for trouble. If you know of any place I could get real info on the real estate market, I’ld appreciate it. I’ve been warning several friends they shouldn’t buy for a couple of years ’cause it doesn’t look too good.

Thanks again for the article.
I appreciate that someone is speaking up.

John R.
West Allis, WI

]]> By: Danielle Von Tungeln http://www.ralphroberts.com/blog/2007/01/11/the-elephant-in-the-room-looming-foreclosure-epidemic/comment-page-1/#comment-1444 Danielle Von Tungeln Fri, 16 Feb 2007 18:01:28 +0000 http://www.aboutralph.com/blog/admin/real-estate/the-elephant-in-the-room-looming-foreclosure-epidemic/#comment-1444 It sickens me to realise that this talk needed to be given to roomful of alleged professionels in their fields. How, in God's name, can a business that relies on serving the public get away with such obvious disrespect and remain in busness? I have read the Realtor Code of Ethics. It is the same code that ANY employer of ANY personnel, be they busboys, cashiers, or custmer service reps, demands from an employee. It is simple common sense! "The customer is always right even if they are dead wrong." was not coined by politicians or legislatures. The mafia enforces a code ethics just as a department store chain because they understand who it is that allows that business to be profitable. The real estate industry is an untouchable comparable to politicians and school teachers. They are left to policing themselves and answer to nobody. If these "adults" to whom you are speaking too must be taught basic courtesy this late in the game, they deserve all the flack from every angle and get no respect from me. You like to rate youselves as well. Compare your "Profession" with folks who sell cars for example. You should not compare yourselves against people that do not have to told how to treat a client as they know and cusomer protection laws and lawsuites keep the scammers and criminals in check. This can not be said for real estate industries who walk hand in hand with politicians and have PACS to secure them no matter how they behave. Face reality. Now that vultures have flown home, start policing your rank and file knowing you reap what you sow! Danielle Von Tungeln It sickens me to realise that this talk needed to be given to roomful of alleged professionels in their fields. How, in God’s name, can a business that relies on serving the public get away with such obvious disrespect and remain in busness? I have read the Realtor Code of Ethics. It is the same code that ANY employer of ANY personnel, be they busboys, cashiers, or custmer service reps, demands from an employee. It is simple common sense! “The customer is always right even if they are dead wrong.” was not coined by politicians or legislatures. The mafia enforces a code ethics just as a department store chain because they understand who it is that allows that business to be profitable. The real estate industry is an untouchable comparable to politicians and school teachers. They are left to policing themselves and answer to nobody. If these “adults” to whom you are speaking too must be taught basic courtesy this late in the game, they deserve all the flack from every angle and get no respect from me. You like to rate youselves as well. Compare your “Profession” with folks who sell cars for example. You should not compare yourselves against people that do not have to told how to treat a client as they know and cusomer protection laws and lawsuites keep the scammers and criminals in check. This can not be said for real estate industries who walk hand in hand with politicians and have PACS to secure them no matter how they behave. Face reality. Now that vultures have flown home, start policing your rank and file knowing you reap what you sow! Danielle Von Tungeln

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