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  #1  
Old 02-01-2010, 07:51 PM
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Join Date: Aug 2007
Location: SE Mich
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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
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  #2  
Old 02-01-2010, 07:54 PM
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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.
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Old 02-01-2010, 08:01 PM
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Originally Posted by MTI View Post
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.
Good to know, if that's the case, I'll have my realtor deal directly with the bank. We'll see how that goes over on the other end, lol.
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Invest in America: Buy a Congressman!

1950 170SD
1951 Citroen 11BN
1953 Citroen 11BNF limo
1953 220a project
1959 180D
1960 190D
1960 Borgward Isabella TS 2dr
1983 240D daily driver
1983 380SL
1990 350SDL daily driver alt
3 x Citroen DS21M, down from 5
3 x Citroen 2CV, down from 6
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Old 02-01-2010, 08:31 PM
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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.
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Old 02-01-2010, 08:35 PM
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Originally Posted by tonkovich View Post
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.
Well, since lynch mobs are illegal, we'll go the route of talking to the city, then having my realtor talk to the bank directly and see what we get. I'm not doing anything anonymously, I have no fear when it comes to challenging people and calling them out, including to the realty association and the newspapers.. What are they gonna do? I know more armed people than they do
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Invest in America: Buy a Congressman!

1950 170SD
1951 Citroen 11BN
1953 Citroen 11BNF limo
1953 220a project
1959 180D
1960 190D
1960 Borgward Isabella TS 2dr
1983 240D daily driver
1983 380SL
1990 350SDL daily driver alt
3 x Citroen DS21M, down from 5
3 x Citroen 2CV, down from 6
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  #6  
Old 02-02-2010, 02:35 AM
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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.
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  #7  
Old 02-02-2010, 09:11 AM
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Unfortunately here in Michigan it seems there are quite a few shadey Bank Owned REO agents that work the system for their own advantage.
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  #8  
Old 02-02-2010, 09:42 AM
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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.
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  #9  
Old 02-02-2010, 04:52 PM
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Originally Posted by Hatterasguy View Post
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.
Good man......take it to 'em!
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  #10  
Old 02-02-2010, 06:16 PM
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Originally Posted by Skid Row Joe View Post
Good man......take it to 'em!
That's exactly what I plan to do tomorrow. I am going to get another broker, mine is literally dying following an unsuccessful operation, so her family does not need the hassle !!

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.
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Strelnik
Invest in America: Buy a Congressman!

1950 170SD
1951 Citroen 11BN
1953 Citroen 11BNF limo
1953 220a project
1959 180D
1960 190D
1960 Borgward Isabella TS 2dr
1983 240D daily driver
1983 380SL
1990 350SDL daily driver alt
3 x Citroen DS21M, down from 5
3 x Citroen 2CV, down from 6
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  #11  
Old 02-03-2010, 01:06 AM
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PRESIDENT DONALD J. TRUMP
 
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Quote:
Originally Posted by strelnik View Post
That's exactly what I plan to do tomorrow. I am going to get another broker, mine is literally dying following an unsuccessful operation, so her family does not need the hassle !!

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.
Justice......finally served.

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.
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