I might end up screwed by a realtor violating conflict of interest rules
I found a perfect property in my price range to buy, like I have been telling people. I called the realtor to find out about two things that didn't make sense when I went to inspect the property:
1. There was a trailer and equipment in the fenced-in area. 2. The place had been vacated in 2008 following a non-occupancy rating by the city, but there was a dog living in it, who barked when I came near the front door! My call to the realtor yielded a lot of info, but I had to pull it out of her. She is arranging some violation repairs, paying herself for them even though the out-state bank owns the property. She mentioned the place was going to become a resale shop. That didn't make sense. Then she said she was renting the place out. She lied several times and I had to get her to "clarify" her story. She wants the place for herself and is keeping it off the market until she can get it sold to herself or to a shill, I'm betting. So now, I need to get a very complete list from the city of all violations as well as deed. Supposedly, the property is in foreclosure to Bayview Properties in Florida, but I don't know if she's telling me the truth or not. What do you guys think? Should I abandon? Rush and make an offer to the bank through my realtor, making sure it actually reaches the owner and isn't "lost?" They want 54,900 for the property and building which will definitely need some work, I'm betting but haven't seen it yet. My fear of going below the asking price is that the bank will be advised to turn it down by the realtor. I wish I had a way to deal directly with the bank. Don't know legally how to get the bank involved. They only want the money so this might be the way to get the property. I also don't want to pay for other work done by the realtor's carpenters, which basically has been done w/o the bank knowing it. Because I know the bank is not paying for the repairs. She said so. Your thoughts please |
There is no requirement that you deal though the bank's agent; you can communicate with the prinicpal without any recourse by the agent. The agency-listing agreement between the bank and the realtor determines their agreement.
|
Quote:
|
she sounds very slimy.
if there is work being done on the property, have permits been pulled? might be interesting to find out, and then maybe a certain (anonymous) "concerned citizen" might alert the city if she is in violation? (and the bank also?) anyway, knowledge is power, regardless of what you choose to do with it. |
Quote:
|
You might want to really involve a lawyer or at least consult one. Maybe not for your first inquiry but sooner than normal. You are right in that something is not normal here.
Normally an illegal tennant would be removed prior to the property going up for sale. Otherwise you may have problems or incur real costs getting her out. She may not even be an illegal tennant. At this point in time most realtors are little more than used car salesmen in my eyes ethics wise. |
Unfortunately here in Michigan it seems there are quite a few shadey Bank Owned REO agents that work the system for their own advantage.
|
I have been known to go around agents and they get pissed at me, I couldn't care less. I only do it to the ones who are unresponsive or want to keep the property in their pocket.
Poperty records are public, see who is the current owner or which bank is foreclosing on it. Go to the bank and try to make a deal. |
Quote:
|
Quote:
In the meantime, it's time to get a broker, get the data at the city and get the new broker to gird up to make a fast commission and skunk this other realtor. It always irritates me wjhen people do this. It's like the guy I knew who got in a lot of trouble when he used to hold auctions for people's property after they died. He'd steal or sell the stuff at super low prices before the sale, then everyone else would get the leftovers. He apparently did that with one guy and took all his late mother's jewelry so he could give it to some woman. The son found out because the jewelry had been listed by the insurance company. Later it got traced to the woman who "bought it at a garage sale." The son apparently pressured the story out of her, found the guy and blew his leg off with a shotgun. The son got three years, the cheating seller will never walk again. |
Quote:
Suffice it to say that firing at the legs is quite effective to get a theiving, reluctant party to move cash. It does work. Don't ask me how I know.:smug: |
All times are GMT -4. The time now is 03:52 AM. |
Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2024, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright 2024 Pelican Parts, LLC - Posts may be archived for display on the Peach Parts or Pelican Parts Website