Sunday, April 02, 2006

Who's Side are You On?

He is a good story from the Asbury Park Press about the conflicts of interest of Realtors who represent both the buyer and seller.

"Michael Avallone, a real estate broker, was jogging in Monmouth Beach one day in August 2004 when he saw a house for sale that appealed to him.

He said he went to the real estate agent who listed the home, identified himself as a fellow broker and said he would offer more than the $2.1 million asking price.

"(The agent) says, "I'm sorry it's sold, it's a done deal," Avallone, 51, of Monmouth Beach, said last week. "I said, "Really? It's sold? The sign went up two days ago.' He says, "There's really nothing to talk about.' "

Avallone thought the reason was simple: If the agent could find a buyer on his own, he would get the full sales commission. If he sold it to Avallone, he would have to split it, costing him thousands of dollars. The case wound up in court."

Full article...

9 Comments:

Blogger Sadi said...

I actually had that happen to me! The Seller's Agent didn't want to split the commission, and wanted to keep it "in office", I think.

At first, she wouldn't even accept an offer from us. When we forced her to, I think she turned the seller against us. I believe he ended up settling with an "in office" buyer for $12,000 less than we offered.

I have never trusted real estate agents since. Code of Ethics. Humph.

Tuesday, April 04, 2006 10:05:00 AM  
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Sunday, April 09, 2006 2:08:00 AM  
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Sunday, April 16, 2006 5:10:00 PM  
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Sunday, April 16, 2006 5:42:00 PM  
Blogger Real Estate Expert said...

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Sunday, April 16, 2006 7:40:00 PM  
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Thursday, April 20, 2006 3:35:00 AM  
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Thursday, April 20, 2006 5:41:00 AM  
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Saturday, April 29, 2006 12:58:00 PM  
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Tuesday, May 09, 2006 3:27:00 PM  

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