Dodgy real estate agents

[punch*drunk]

Anyone else come across them?

I've bought and sold about 8 properties and have never had cause to complain about an agent but a recent experience has really opened my eyes to how dirty and low down they can get.

We tried to buy a property and the agent prevented us from making an offer so he could sell it to a friend for nearly $50k below what we were prepared to offer. I am totally dumbfounded about it, we did everything but beat down the agents doors and camp out in the office to try and get an offer presented but he just wouldnt do it.

I am so totally dejected by the whole experience, I've even lost sleep over it. Who do they think they are playing with people like this? Its disgusting.

Anyone had this happen to them, the more people I tell the more I realise this is almost common practice for them.

[punch*drunk]

The contract doesnt have to be ready here, in fact its common for the agents to try and push you on the market before you are ready. When I was getting ready to sell dad's house and it was still going through probate I was getting hassled by several agents to list it straight away.

With this one, we originally signed what was called a lett of intent, not binding on either party but if the vendor is happy with the price they can accept it. There's still a risk that the buyer can pull out once the binding contract becomes available but the house is still technically on the market so nothing lost really.

It was at this stage that the agent pushed through his friends offer and then refused to take our higher offers to the vendor. I nearly put them in writing to the agent but decided to contact the vendor instead. I'm kicking myself now that I didnt look a bit further into things and discover the friendship between agent and buyer before writing to the vendor. I dont think he would have allowed the agent to dupe him a second time if we'd known for sure there was something underhanded going on.

[jean2579]

Hi lloydlights. In NSW it has been the law for many years that no property, irrespective whether it is being sold by an owner privately or through an Agent to be offered in any form through advertising or even verbally without a prepared contract being held by the seller and. Agent. There are massive fines for seller, individual agent and agency company.

I worked in the R E industry for over 30 years and in every company that I worked for it was mandatory that if the agent, any employee or any relative or personal friend wanted to buy the property the seller had to be notified in writing stating the facts.

Even though at the time it was not mandatory every agency I worked for required that any offers were made in writing and forwarded to the seller with a copy on file.

There is no law in NSW that prohibits an agent from purchasing a property that they have listed, but caution must prevail and full disclosure made.

[azureline**]

Some real estates make their own rules and don't worry too much about the real rules.

My house was for sale recently, I had many calls from other RE's but directed them to my RE every time. I am packing to move out this week and they are still calling me, lol.