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Answers (26)
- Caveat Emptor
- Contributions:500
its 2012 guys, come on
- Joshua Matthews, "NHDockside"
- Contributions:140
If you haven't left anything out, yup, it definitely smells fishy. BUT in defense of not always going with highest and best, many banks want easiest sale. CASH IS KING which is what I tell my investors. Banks will sometimes take 10% less than the highest offer if it is all cash, close at the bank's convenience, no home inspection, no dewinterization, no trashout. I have won many a "bidding war" without paying the most, it's all a gamble, but my buyers know what they're looking at when figuring the cost of home repairs, most likely, much better than I do.
- Gail Wyatt, "Gail Wyatt"
- Contributions:6
Contact your board after talking to your agent and agent broker/owner and ask what my be done based on ethics, contact your Dept. of Licensing and ask what can be done, contact your own attorney and ask what he suggests should be the direction.
- JanMorin1
- Contributions:1
Some people will play games with you, lie, cheat, etc. for no monetary at all. Just because they have a personality disorder and bring that to their workplace. They need emotional payoffs and victims in every aspect of their pathetic lives.
As far as Thomas Trifon's remark, would someone do that for $500 or less? Sure they would! I've just had an agent and her broker deceive me for about $400 in extra commission. According to my attorney and another Real Estate professional, they now have a licensing problem.
Their extra few hundred in commission will cost me $5000 to $7000 unless I walk from a home that I was counting on calling "my home".
People in the Real Estate profession, for the most part, do not stop to think that: they are playing their games with: 1) your home 2) the biggest asset most people will ever purchase. It's not like you bought a new TV and decided to take it back. Or even work stress that you can leave at work. It's your home and a significant part of your net worth.
As far as Thomas Trifon's remark, would someone do that for $500 or less? Sure they would! I've just had an agent and her broker deceive me for about $400 in extra commission. According to my attorney and another Real Estate professional, they now have a licensing problem.
Their extra few hundred in commission will cost me $5000 to $7000 unless I walk from a home that I was counting on calling "my home".
People in the Real Estate profession, for the most part, do not stop to think that: they are playing their games with: 1) your home 2) the biggest asset most people will ever purchase. It's not like you bought a new TV and decided to take it back. Or even work stress that you can leave at work. It's your home and a significant part of your net worth.
- Caveat Emptor
- Contributions:500
/thread
- Thomas Trifon
- Contributions:49
There are many reasons why a bank (or any seller) would accept a lower of several offers. Were there contingencies with your offer (e.g. need to obtain a mortage; inspection; closing dates, etc).
As far as ethics goes, you do not know if the bank instructed their agent, (Mr. Tulio Troche) NOT to present to them any offers with contingencies, which is a lawful instruction.
You didn't say if your offer was in writing or verbal. The bank could have also instructed their agent not to present any verbal offer.
As far as your assertion of "greedy & dishonest real estate agents who use illegal tactics to increase commissions." All I can say to that is P-L-E-A-S-E. Increase their commissions; you must be kidding. Your total increase was $10,000. And if the commission were 5%, you are talking about $500 that is probably split in several ways. So you are suggesting that this agent and this agency risked their licenses for a maximum total gain of $500.
Instead of making slanderous accusations, you should be out looking for another house.
I hope you have written proof of your allegations, and a good lawyer.
As far as ethics goes, you do not know if the bank instructed their agent, (Mr. Tulio Troche) NOT to present to them any offers with contingencies, which is a lawful instruction.
You didn't say if your offer was in writing or verbal. The bank could have also instructed their agent not to present any verbal offer.
As far as your assertion of "greedy & dishonest real estate agents who use illegal tactics to increase commissions." All I can say to that is P-L-E-A-S-E. Increase their commissions; you must be kidding. Your total increase was $10,000. And if the commission were 5%, you are talking about $500 that is probably split in several ways. So you are suggesting that this agent and this agency risked their licenses for a maximum total gain of $500.
Instead of making slanderous accusations, you should be out looking for another house.
I hope you have written proof of your allegations, and a good lawyer.
- Paula Kroll, "Paula J Kroll"
- Contributions:8
First, let me tell you that I can understand your anger and frustration. If all that you claim is true, this is a complaint that definitely should be filed with the DBPR. You can start the process by contacting the Realtors Association that serves your area.
Second, in defense of my profession, most of us in a service position regard our customers as people who need to be protected, educated, trusted and respected. But as in all things, there are good and bad. There are bad doctors, malicious attorneys, unethical accountants. etc. Humans after all, are not flawless.
What has your agent had to say in regard to this? You are not the only one that suffered harm. Your agent has been cheated out of an opportunity to be compensated for their efforts as well. Did you ever have any written communication with the broker? Was your offer simply verbally rejected?
When no written counter offers were presented by the broker, your agent should have been suspicious. It appears Mr. Troche was engaging you in a bidding competition. He withheld your offers until he could get his own client under contract. That is against our code of ethics and I believe deserves the highest penalty, forfeiture of his real estate license. Just my opinion.
Second, in defense of my profession, most of us in a service position regard our customers as people who need to be protected, educated, trusted and respected. But as in all things, there are good and bad. There are bad doctors, malicious attorneys, unethical accountants. etc. Humans after all, are not flawless.
What has your agent had to say in regard to this? You are not the only one that suffered harm. Your agent has been cheated out of an opportunity to be compensated for their efforts as well. Did you ever have any written communication with the broker? Was your offer simply verbally rejected?
When no written counter offers were presented by the broker, your agent should have been suspicious. It appears Mr. Troche was engaging you in a bidding competition. He withheld your offers until he could get his own client under contract. That is against our code of ethics and I believe deserves the highest penalty, forfeiture of his real estate license. Just my opinion.
- Wes Black
- Contributions:509
This should not happen and I understand your disgust.
- JasonHalloman
- Contributions:1
Seems to me this guy should lose his license if you can prove this. If I were you I would do everything that I could to make that happen if he is in fact dishonest and doing what you say. If you let people push you around then you allow these dishonest people to push other people around in the future. Real estate agent business is developing a bad reputation like used car salesmen or telemarketers and pretty soon nobody will want to work with them.
- Gina Alvis Watts
- Contributions:1
I hope after you have read all of the suggestions you will walk away with a few important points:
#1 It is my belief that most Realtors are ethical and worth their commission.
#2 If you are ever unhappy with a realtor you can call his or her managing broker and get immediate results or turn them into the Real Estate Commission for further investigation. People should be held accountable for their actions.
#1 It is my belief that most Realtors are ethical and worth their commission.
#2 If you are ever unhappy with a realtor you can call his or her managing broker and get immediate results or turn them into the Real Estate Commission for further investigation. People should be held accountable for their actions.
- Pasadenan
- Contributions:21458
"It is not fair to belittle ALL Realtors" -
I've not seen anyone belittling ALL Realtors, and any Realtor claiming that must be biased and prejudice.
But if agents are seeing blatant plagiarism and blatant copyright infringement, and are not speaking up about it, and not flagging it, and not reporting it, then that agent "is" one of the "bad apples".
And if the agent is posting on threads without reading the post date, and without reading the content.... then that Realtor is not a "decent" agent, and is representing no one but themselves.
I keep hoping to read more from "decent Realtors" so I don't know why I end up reading so much of the opposite.
I've not seen anyone belittling ALL Realtors, and any Realtor claiming that must be biased and prejudice.
But if agents are seeing blatant plagiarism and blatant copyright infringement, and are not speaking up about it, and not flagging it, and not reporting it, then that agent "is" one of the "bad apples".
And if the agent is posting on threads without reading the post date, and without reading the content.... then that Realtor is not a "decent" agent, and is representing no one but themselves.
I keep hoping to read more from "decent Realtors" so I don't know why I end up reading so much of the opposite.
- pslbuyer
- Contributions:2
I guess there is actually a term for it now: Flopping
Here's the link:
http://realestate.msn.com/more-short-sales-bring-new-scam-flopping?GT1=35010'%20rel='nofollow
Here's the link:
http://realestate.msn.com/more-short-sales-bring-new-scam-flopping?GT1=35010'%20rel='nofollow
- sunnyview
- Contributions:25139
"The problem is that when things like this happen, the public does not take it to the next level."
Although I agree with you about reporting bad agent behavior, that's not really a fair statement. Even if consumers complain, agents rarely lose their license even for severe infractions. The complaint process tend to be long, unsatisfying and cumbersome.
You are encouraging clients to file a complaint, I would encourage agents to do the same when they see unprofessional behavior in other agents. Bad agents are bad for clients and bad for good agents. Report them and make it stick.
Although I agree with you about reporting bad agent behavior, that's not really a fair statement. Even if consumers complain, agents rarely lose their license even for severe infractions. The complaint process tend to be long, unsatisfying and cumbersome.
You are encouraging clients to file a complaint, I would encourage agents to do the same when they see unprofessional behavior in other agents. Bad agents are bad for clients and bad for good agents. Report them and make it stick.
- Angie Diaz & Mike Stastka, "Mike and Angie"
- Contributions:43
This is a very unfortunate cituation, and should not happen. You do have recourse. The Department of Buisness and Professional Regulations (DEPB) handles all lic. Realtors. If you write a complaint they will investigat it.
The problem is that when things like this happen, the public does not take it to the next level. If you really feel this strong about what happened Please report it.
These actions effect all of us. It is not fair to belittle ALL realtors, most of which are honest and dedicated to their clients to a few BAD apples.
If you have proof, have it investigated.
On behalf of all us decent Realtors.
The problem is that when things like this happen, the public does not take it to the next level. If you really feel this strong about what happened Please report it.
These actions effect all of us. It is not fair to belittle ALL realtors, most of which are honest and dedicated to their clients to a few BAD apples.
If you have proof, have it investigated.
On behalf of all us decent Realtors.
- pslbuyer
- Contributions:2
I'm sorry but if you are not in FL then you don't know how shady, unethical and outright liars some of these realtors/agents are down here. It's not specific to one area of FL either, it's the whole state.
I could post about my experiences with these liars a/k/a realtors that I have dealt with recently but I don't want to be writing all day, I'll just give an example: holding houses that are for sale for their own customers like the poster above, showing houses that are already under contract with someone else then say that they can't write another contract because they can't get released from the 1st contract, holding their listings for investors or cash buyers only.
If you are not a buyer in FL and haven't dealt with some of the realtors don't here then you do not know of what you speak/write.
I could post about my experiences with these liars a/k/a realtors that I have dealt with recently but I don't want to be writing all day, I'll just give an example: holding houses that are for sale for their own customers like the poster above, showing houses that are already under contract with someone else then say that they can't write another contract because they can't get released from the 1st contract, holding their listings for investors or cash buyers only.
If you are not a buyer in FL and haven't dealt with some of the realtors don't here then you do not know of what you speak/write.
- sunnyview
- Contributions:25139
I think that posters who are unhappy with agents for a good reason should post honest, factual reviews on site like Zillow, ratemyagent and yelp. That is something they can do to help everyone avoid agents who have not done the best for them.
Clients also should make sure that you let your friends, coworkers, neighbors and family know what a poor job the agent did for you and why you would not recommend them. Honest reviews good and bad help potential clients choose a better agent.
Clients also should make sure that you let your friends, coworkers, neighbors and family know what a poor job the agent did for you and why you would not recommend them. Honest reviews good and bad help potential clients choose a better agent.
- Jeremy Wallace
- Contributions:2
Hey
You should definitely report him. I've just recently entered the market to buy my first condo. I noticed that the majority of agents not only lie a lot, they never keep their promises, and engage in shady business tactics such as bait and switch. There was one property listed for over 3 months at a bargain price. when I called the listing agent, he told me it was already sold and tried to get me to buy a more expensive unit nearby. That bargain priced unit is still listed as active and it has been over 2 months. They are really a lowly and pathetic bunch.
You should definitely report him. I've just recently entered the market to buy my first condo. I noticed that the majority of agents not only lie a lot, they never keep their promises, and engage in shady business tactics such as bait and switch. There was one property listed for over 3 months at a bargain price. when I called the listing agent, he told me it was already sold and tried to get me to buy a more expensive unit nearby. That bargain priced unit is still listed as active and it has been over 2 months. They are really a lowly and pathetic bunch.
- Jeremy Wallace
- Contributions:2
You should definitely report him. I've just recently entered the market to buy my first condo. I noticed that the majority of agents not only lie a lot, they never keep their promises, and engage in shady business tactics such as bait and switch. There was one property listed for over 3 months at a bargain price. when I called the listing agent, he told me it was already sold and tried to get me to buy a more expensive unit nearby. That bargain priced unit is still listed as active and it has been over 2 months. They are really a lowly and pathetic bunch.
- Georgina OBryan, "GOBryan1"
- Contributions:483
It's hard to say without knowing what may have truly occurred on the other end as well. Was this a Short Sale or Foreclosure? Were your offers placed in writing or just verbal? Everything should be in writing.
Sadly, there's everything in every profession, despite the code of ethics we are required to follow. I will say that MOST agents do follow the code and are honest but unfortunately, not all.
In a foreclosure situation, the banks-owner does control the transaction and depending who's offer made it in first and if all the i's were dotted and t's for crossed, the offer may not have been complete or the other buyer may have had better credentials. It's unknown by your statement.
If you feel that the agent in question did you wrong, you can file a complaint with DBPR or FREC (Fl Real Estate Commission). Once a complaint is filed, they will follow it through, even if you back out.
Sadly, there's everything in every profession, despite the code of ethics we are required to follow. I will say that MOST agents do follow the code and are honest but unfortunately, not all.
In a foreclosure situation, the banks-owner does control the transaction and depending who's offer made it in first and if all the i's were dotted and t's for crossed, the offer may not have been complete or the other buyer may have had better credentials. It's unknown by your statement.
If you feel that the agent in question did you wrong, you can file a complaint with DBPR or FREC (Fl Real Estate Commission). Once a complaint is filed, they will follow it through, even if you back out.
- Joe Sciarrino, "Joe Sciarrino"
- Contributions:246
What happened to you seems unfair, however Alan May was correct that with a post such as this you are opening yourself up to a potential libel/defamation suit. And as Patti said, most Realtors are very ethical. You may be better off to contact the BBB or an attorney if you feel you've been wronged in this situation.
- Justin Core, "Justin.Core"
- Contributions:18
It is extremely difficult when dealing with banks, and circumstances (no responses) like what you have explained happen often in the reo world. I coach buyers in these situations to place their strongest offer initially because I have seen this happen often. Banks have many reasons they accept the offers they do and they are under no obligation to respond quickly to your offer, and they are not likely to negotiate with you, when you place a low offer in the first week or so of an REO listing.
Here are a couple questions that could help us see why you did not have your offer accepted:
- How long was the property on the market?
- Was your offer a cash offer?
- What was the home worth to you?
These are important, because if the property was on the market for a very short time, and you were willing to pay $65k for the home, your initial offer should have been between $60k and $65k. List price is essentially irrelevant in these situations because homes that scream value will sell at or above list price 95% of the time.
note: Some banks require the home to be on the market a certain amount of days before they will even look at the offer. Often 10-13 days.
Was your offer a cash offer? This is important because I have seen the banks accept offers, that are not necessarily the highest offer, because it is cash. This could be the situation on yours. This is why I encourage buyers to make a strong offer initially, because you can encourage the bank to make a quicker decision, drastically increasing your chances getting an offer accepted.
I hope this helps.
Here are a couple questions that could help us see why you did not have your offer accepted:
- How long was the property on the market?
- Was your offer a cash offer?
- What was the home worth to you?
These are important, because if the property was on the market for a very short time, and you were willing to pay $65k for the home, your initial offer should have been between $60k and $65k. List price is essentially irrelevant in these situations because homes that scream value will sell at or above list price 95% of the time.
note: Some banks require the home to be on the market a certain amount of days before they will even look at the offer. Often 10-13 days.
Was your offer a cash offer? This is important because I have seen the banks accept offers, that are not necessarily the highest offer, because it is cash. This could be the situation on yours. This is why I encourage buyers to make a strong offer initially, because you can encourage the bank to make a quicker decision, drastically increasing your chances getting an offer accepted.
I hope this helps.
- Patti P. Chrisman, "housebroker"
- Contributions:37
Most agents are very ethical and honest. I do not know the agent you are discussing, however, you should contact the real estate commission with your complaint. They will investigate it further. I can say that with multiple offer situations, banks look at all the specifics like pre-qualification letters,inspection contingencies and time frames. It is not always the highest offer that gets the deal.
- Alan May
- Contributions:4377
I am not defending this agent's actions...
I think it's important to note that a post like this could easily be considered libel, as your accusations could be construed as an attempt to damage his reputation and his business. You could easily find yourself on the wrong end of a libel lawsuit, using this very post as his evidence... especially since you asked the same question and used his name on Trulia, too.
i would strongly recommend removing his "name" from the post, and asking the same question. You'll still get the same advice without trashing the individual (and while I know it's tempting to trash him ... you don't want to hand him any ammunition that he can use to come after YOU!)
I think it's important to note that a post like this could easily be considered libel, as your accusations could be construed as an attempt to damage his reputation and his business. You could easily find yourself on the wrong end of a libel lawsuit, using this very post as his evidence... especially since you asked the same question and used his name on Trulia, too.
i would strongly recommend removing his "name" from the post, and asking the same question. You'll still get the same advice without trashing the individual (and while I know it's tempting to trash him ... you don't want to hand him any ammunition that he can use to come after YOU!)
- SoCal_Engr
- Contributions:5666
While I can understand your frustration over the situation, calling people out the way you did in a public forum seems a bit over-the-top - especially since only your views are being given voice.
I am not in a position to argue the validity of your accusations, that's between you and the REA. However, posting their personal information and taking the issue into a public forum doesn't seem very productive.
I am not in a position to argue the validity of your accusations, that's between you and the REA. However, posting their personal information and taking the issue into a public forum doesn't seem very productive.
Report him to the local and national board, and contact the state real estate commissioner. That is an ethics violation. If you can prove it, he could lose his license.
How to Deal with Greedy & Dishonest Real Estate Agents who use illegal Tactics to increase Commissio
I am complaining about Tulio Troche, owner & broker of T. Real Estate, Inc.
He is the Listing Agent for Lamco and had listed a home for $60K that I fell in love with. I placed an initial offer of $55K thru my agent and we heard nothing for several days. Finally, Mr. Troche e-mailed her stating that there were several more offers on the property. I raised my offer to $61,5K. Again, no response. I decided to call Mr. Troche directly. He stated that he was just an employee and could not control the bank, but that some higher offers were now on the table. Being frustrated & afraid of losing the home, I placed a third offer of $65K. Again, we did not get a response, so I called Mr. Troche again. He stated that the property had been sold to one of his own buyers for $60K.
I asked him what happened to my 3 offers and he stated that the bank decides who they sell to and he was only their agent. Next, a call to Lamco, which revealed that my 3 offers were never received by them. Their contracts with Mr. Troche's own buyer were already signed and they could not help me.
Where is the Code of Ethics and Bit of Honesty for Mr. Troche who uses titles as GRI, ABR, ALHS, CIPS, TRC ???
T. Real Estate, Inc. Orlando, Fl. 32828
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