10% commission bonus if you deceive your client and steer the sucker over to my overpriced dead inventory!
$20,000 bribe for you, the worthless and corrupt realtor, when you con your unsuspecting client into signing his life away!
Bonus commission when you break your fiduciary responsibility, go against the laughable and worthless NAR code of ethics, and blatantly screw your client!
Yes, HP'ers, this should be illegal. But in this unregulated disaster of a business called real estate, where the scum of the earth are attracted to the easy money of selling houses, this example is just one of many out there.
One word: Shame.
Hap-tip (again) to twist over at housingdoom. Great stuff.
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Up to 10% Co-broke this weekend on Engle homes!
November 12, 2006
Secret realtor bribes exposed - corrupted realtors screwing their clients for an extra buck
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16 comments:
This is nothing compared to the bonus I get for sending you to my escrow company, mortgage broker, home inspection, and mover.
They've dug their own grave
Yea, I don't think this will help.
Let's see. Oh, Mr. realtho, I want to buy the house from you that gives you the biggest comission. no need to show me anything else.
Real estate is fairly regulated, not as heavily as the securities industry, but absolutely regulated. Some aspects of it are not (such as lenders in Colorado), and the regulations clearly are falling on the states and its not working to weed out the bad apples. I think there should be a federal level of regulation for real estate.
In any case, an undisclosed commission is definitely illegal not to mention absolutely disgusting. It also looks desperate and probably won't help the seller move the house.
I read all of those posted, and the word DESPARATE!!! comes to mind. 20% reductions are now the norm in downtown San Diego condos re-sales - and even then they can't sell because new places are undercutting. Three 250 unit places are coming on the market in January, and one 250 place just has "move in" specials. . .
‘2007’ is synonymous to ‘catastrophe’.
Waves of tsunami are going to be much bigger than most people imagined
I know of two builders in San Diego that are offering under the table incentives totaling up to 30% (sale price discount and commission), but you have to sign a confidentiality agreement because they don't want buyers who bought months earlier to file lawsuits.
It's going to get ugly when journalists and reporters start writing about this and homeowners find they've been duped.
Who cares if the stupid get fleeced. But I do believe that the realtors commision should be public and if any one of those scum realtors try to cheat and get caught on full disclosure then their eyes must be plucked out as punishment.
anyone want to do good community service take this post and forward it to your local paper to investigate
you're right - new homedebtors are gonna be pissed when they find out their realtwhore steered them to a place for a secret commission vs performing their fiduciary responsibility to the buyer
Lawsuits here we come.
reinhardt -
We care. Those people have children.
yup, that's all we need- more regulation. geez..whatever happened to people taking responsibility for their own actions.
there are options for people, they are not forced to use the realtor with the best looking business card.
in fact, did you know, they dont have to use a realtor at all!
dont get me wrong, this is scummy, but if the buyer can afford the payments for the duration of the loan, so be it
What does "co-broke" exactly mean?
Co-Broke == Cooperating Broker Agreement, e.g. this "Four Rivers" co-broke.
"Co-Broke == Cooperating Broker Agreement, e.g."
Exactly right! The home owner/mortgage holder is known as:
Go-Broke!
I've never seen this amount and level of on-going corruption in my life. And it seems to be getting worse and worse. I predict things are gonna get ugly in 2007....
In Maine, the REALTOR®s seem to have a particularly cozy crooks' paradise. Their "Ethics" committees don't even PRETEND to be ethical....
HTTP://Victimordeal.blogspot.com
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