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Joe:
This is what they train realtors to do in the continuing education classes.
The problem is with a broken system controlled by a monopoly known to the public as the National Association of Realtors.
I call them the Chicago real estate mob.
They lay up waiting for the little old lady with a million dollar waterfront farm who says she could go to her grave happy with $200,000.00
The the agent who knows its worth a million in a quick sale tells them they can make her happy and just write a check.
I know of a dynamic due who used to list waterfront lots in Captains Cove for $25,000 when that was overpriced and they would not sell for two years.
Then they would offer the seller $10,000 as a courtesy to help them out.
The public record would show a sale to the agent (whom had the listing) for $10,000.00 then another transfer from that same agent to another buyer for $45,000.00 THE SAME DAY!
I have seen hundreds of these right here on the Eastern Shore and guess what?
Its standard operating procedure.
These people should have called a professional real estate auctioneer to put cash on the table.
It happens every day.
This is blessed by the Chicago mob and since they spend over $30 million a year on lobbying... its perfectly legal.
Sleazy as you know what but legal.
19 comments:
Let's not even get into what a racket the MLS is.
This is a great thread, Joe, and you should continue your expose' of this subject. Real estate, and the cartels-- most of whom are national and out of the area-- that have controlled it, have done much damage to the local real estate market during the recent bubble and not it's collapse and the many fine visitors and residents here on the Shore who live here and call this place home.
You have previously reported how many business have moved out of the Salisbury area. Real estate has filled the void and has been THE most important industry on the Shore. This story and it's consequences is much too important not to investigate and report in detail. The Daily Times sure as heck won't touch it. They need the advertising revenue from the cartels.
There's an ignorant retard in the mix all right, but it's not the Realtors it's Boss Hogg. Real estate sales is one of the most regulated and highly controlled occupations that exists, especially in Maryland.
There are dozens of ways an agent can get their license yanked. The biggest ethical problem the real estate industry (and those seeking to make a living selling real estate) faces (BY FAR) is not predatory agents seeking to screw people, but the buyers and sellers who lie and misrepresent the condition of their property, their financial capability, their debts, their intentions etc. etc.
The attrition rate in real estate sales is ferocious, and a lot of the frustration for agents is buyers and sellers jerking agents around. It's a tough way to make a living, and I'd venture to say the percentage of real estate agents who misbehave is no greater than that seen in most other professions.
How many realtors had their licenses yanked in Maryland last year?
This thread is literally the march of the paranoid dunces.
Real estate is about the most intensely local business there is, and is required legally to be among the most transparent of transactions if the property is made publicly available for sale. Almost all MLSs are open to public access.
Please explain to me how local real estate sales are controlled by a national "cartel". Most rational observers might think the run up in pricing, and the subsequent collapse had more to do with the cost of money and supply and demand issues, but you apparently know better.
So please, pretty please, give us the benefit of your deep and profound knowledge about these "cartels" and their impact on local real estate sales.
Joe:
You're barkin up the wrong tree, baby...
Dick Vitalee
Entertain me, Dick.
Explain to me just why I should be afraid to bark up this tree?
This should be good.
>>> How many realtors had their licenses yanked in Maryland last year?
NONE
A local "upstanding" realtor who is former business person of the year is amongst the sleaziest on the shore.
A few years ago I personally submitted an offer to purchase a waterfront farm on the Snow Hill City Limits where the County Liquor dispensary is now a tenant on the 113.
Tyson Foods owned the property at the time and the list price was $695,000.00 . Our group submitted an offer for $635,000.00 that was supossedly rejected. We then submitted a full price all cash offer for $695,000.00
Mr Pocomoke Chamber of Commerce Businessman of the year told me the property had been sold.
6-Months later I see it went to record for $615,000.00
This scumbag realtor sold out his customer for $80,000.00 LESS THAN WE OFFERED TO MAKE $14,000 MORE IN COMMISSION FOR HIMSELF!
This was because we had our own agent and he wanted both ends of the deal.
Another local agent refused to submit an offer from another agent on a house for $225,000.00 saying it was sold. It was sold to her and her boyfrined for $150,000.00
Who regulates real estate agents for ethics violations? The board of realtors.
The man who swindeled me out of the waterfront farm and his seller customer out of $80,000.00 is a former President of the board.
Russ Blakes Boss Hogg form of crooked government in Pocomoke City does not have a thing on the Chicago real estate mob.
This is for anonymous who asked for proof of cartels:
Reposted from the National Auctioneers Association members only discussion forum to someone who wants to file a complaint against an MLS system..
You can get in line behind the US Dept of Justice on the restraint of trade and monopoly complaints.
http://www.usdoj.gov/atr/cases/nar.htm
Deep pockets and resiliance are going to be your best friend but it would be easier to fight the Five Families of New York City than the Chicago real estate mob.
Oh and I hope you did not join the NAR through the local Board of realtards... If you did read the fine print you agreed to while you were bowing down to kiss their ring.
Members have agreed not to sue the association or any of its sub-chapters for enforcing any one of their rules and regulations... you agreed to all of their rules when you signed up as a member.
The defense will be estoppel by license or they will just discredit you in your community and blacklist your company with the other members "in good standing" who are in your market.
Your odds of winning against the Mafia are better than winning against the board of realtors!
"So please, pretty please, give us the benefit of your deep and profound knowledge about these "cartels" and their impact on local real estate sales."
It's a national phenomena. Open your eyes, Dude, the examples are all around us. Some quick ones:
1. National Association of REALTORS - a PR machine pumping (pimping?) their non-stop "buy now" campaign, e.g., their January, 2007 "$40 million outreach campaign" during the now famous (and tragic for many) collapsing real estate market of 2007
2. All national homebuilders who have set up shop on the Shore, including their many other "profit center" controlled business arrangements, where the profits derived locally are "shipped home" for the benefit of the stockholders and senior management-- who live elsewhere
4. Are the owners of the old mall local?
5. National real estate franchises. How many locally owned real estate sales companies remain? Much like the old locally owned restaurants (remember Johnny and Sammys?), they have been replaced by the "big boxes" of the business.
Some call it progress. Pardon me if I don't salute.
If it went down just the way you said Boss Hogg it sounds like a slam dunk for you to take his license and get a monetary judgement from the real estate fund and potentially the agent... but ..umm...uh..you didn't do that. No.. you're just whining like a little, spoiled baby.
Is it just possible that there were conditions in your amazingly wonderful full price offer that the seller was uncomfortable with? No that's impossible, how could a BossHogg offer be anything but irresistible perfection?
It's also absolutely unheard of that a lower priced offer with terms the seller likes better would be accepted. Or that problems were discovered during due diligence that caused a price reduction. Who ever heard of such things!
It must be that cheating agent!
"Some call it progress. Pardon me if I don't salute.‘It's a national phenomena. Open your eyes, Dude, the examples are all around us. Some quick ones:
1. National Association of REALTORS - a PR machine pumping (pimping?) their non-stop "buy now" campaign, e.g., their January, 2007 "$40 million outreach campaign" during the now famous (and tragic for many) collapsing real estate market of 2007”
Sorry "Dude", to deduce that a national advertising campaign by a professional association to use it’s members services = controlling cartel is non-sensical. Oh course they’re a PR machine. It’s their job. So is the marketing and promotion arm of any professional association worth its salt from doctor’s associations, to insurance broker’s associations, to professional truck driver’s associations, to you name it.
“2. All national homebuilders who have set up shop on the Shore, including their many other "profit center" controlled business arrangements, where the profits derived locally are "shipped home" for the benefit of the stockholders and senior management-- who live elsewhere”
You mean to tell me there are ACTUALLY businesses located on the shore that have their national headquarters located elsewhere? My God! Call the newspaper! This is unheard of! There ought to be a law! That’s definitely a cartel in action!
“4. Are the owners of the old mall local?”
(see answer to 2 above)
“5. National real estate franchises. How many locally owned real estate sales companies remain? Much like the old locally owned restaurants (remember Johnny and Sammys?), they have been replaced by the "big boxes" of the business.”
The proliferation of franchises is ALL service business is due mainly to efficiencies in advertising, administration and economies of scale, and not all franchises (especially in real estate) are corporately owned. In many the local/regional owner or investor contracts to operate under the franchise name, and can take his ball and go home if he does not like the terms of the franchise agreement, or the quality of the services the franchise is delivering at some point. This is hardly a controlling ‘cartel’ as there as many competing real national franchises as there were independent operators in the past, only the names have changed.
As to the restaurant point I personally like non-chain restaurants like Cactus Taverna better than chains. It’s amazing how many people think the frozen then micro-waved Olive Garden entrees are the apex of fine dining. But it can go the other way too. I ate at Johnny & Sammy’s in their declining years, and the dining there was mediocre *at best*. Also some chains aren’t bad at all. IMO Panera (a franchise) is great place to eat for lunch.
If it went down just the way you said Boss Hogg it sounds like a slam dunk for you to take his license and get a monetary judgement from the real estate fund and potentially the agent... but...
You quite obviously do not have a clue what the recovery fund is for or who can make a claim.
Pray tell Anon expert how a person who is not a party to a transaction can file for a monetary claim?
How can I even file a complaint?
THE RULES WERE WRITTEN BY THE REALTORS TO PROTECT REALTORS!
Is it just possible that there were conditions in your amazingly wonderful full price offer that the seller was uncomfortable with? No that's impossible, how could a BossHogg offer be anything but irresistible perfection?
ALL CASH NO CONTIENGENCY FULL PRICE WITH A 30-DAY CLOSING THAT WOULD HAVE CLOSED 6-MONTHS BEFORE THE PROPERTY SOLD --- HAD MY BID BEEN PRESENTED---BY THE SLEAZY AGENT WHO RIPPED ME OFF & RIPPED OFF HIS SELLER..... THE LAW STATES ALL NOT SOME BUT ALL OFFERS MUST BE PRESENTED AND MINE SIMPLY WAS NOT SHOWN TO THE CORPORATE SELLER...
I think after 3,000 real estate transactions that I might have a little clue as how the process works.
You on the other hand are a puppet ring kissing member of the NAR.
If problems were discovered and the price lowered (aren't appraisals supposed to ferret this out and arrive at the true worth?), then why wasn't the property Boss Hogg is referencing readvertised at the lower price, with his group able to put in a LOWER offer?
Sorry, but unless they had conditions unacceptable to the seller (other than who the group was, etc.), this is very smelly.
Don't know why he didn't pursue it legally, but for many people, that's a very hard option both in terms of time and cost.
While there's always more to a story, I can't help but see the smelliness of this and that little house that sold for less to the listing agent herself.
Instead of just filing a complaint to the real estate board, shouldn't a complaint be filed to the attorney general's consumer protection division?
I confess, I don't know that much about real estate. But as just an average joe, I find these kind of deals very suspect. I've been lucky to have very good, professional, ethical real estate people in my limited sells and buys.
>>Don't know why he didn't pursue it legally, but for many people, that's a very hard option both in terms of time and cost.
I guess you did not read the part about the broker being Pocomoke Chamber of Commerce Businessman of the Year and former President of the local Board of realtors.
He is politically protected by the real Boss Hogg.
Plus one of the partners who is an agent did not want to be "blacklisted" by the board for filing a complaint.
The property has only appriciated about $2-million since this happened and my plan for a built out development would have netted our group about $20 + -million.
The Broker / dual agent sold out Tyson Foods for a discount when one was not nescessary and earned an extra $14,000.00 commission by double ending the deal.
It happens every day of the week and there is nothing you can do about it.
Hence the comments about Monopoly.
Cut and paste this link to see the the US Dept of Justice Agrees the National Association of Realtors is a monopoly.
http://www.usdoj.gov/atr/cases/nar.htm
Note that what goes "on the record" is not always what was paid. The line "for other valuable goods...services" is almost always in the deed. The actual cost would be more closely reflected in any recorded financial instrument, and that may not be the total in dollars paid.
as in the case of the north blvd property, how does the price of the property affect the assessment? or doesn't it?
Note that what goes "on the record" is not always what was paid. The line "for other valuable goods...services" is almost always in the deed. The actual cost would be more closely reflected in any recorded financial instrument, and that may not be the total in dollars paid.
You sound like a realtard if I ever heard one. How often does a publicly traded company accept "other valuable goods and services" in a brokered arms length transaction?
Besides that the broker who screwed us admitted to what he did.
Why? Because there is nothing we can do the property is sold and you can't unwind a real estate transaction because the agent did not rpesent your contract.
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