Guilty??
- Thread starter yadreamin
- Start date
Yardeman,you could always ring this number 1800 777071 they have a team that likes investigating L/L upstarts that have their own laws.
good luck willair.........
I met someone who told me that her brother knew a Melb REA. Buyers would pay him thousands to talk the vendor into accepting a lower offer. Apparently it was quite lucrative and quite acceptable within some communities down there to pay to have things smoothed like this.
I would have no hesitation in reporting one I knew was doing anything of that nature. I would probably go to the Police myself and cut out any middle men.
I would have no hesitation in reporting one I knew was doing anything of that nature. I would probably go to the Police myself and cut out any middle men.
As others have said, the state Real Estate Institutes are basically toothless tigers and as stated are basically run by people in the industry.
In Tassie, we also have the Auctioneers and Estate Agents Council which is the state body that does have some power. Their equivilent in WA are the ones you need to speak too.
Cheers
In Tassie, we also have the Auctioneers and Estate Agents Council which is the state body that does have some power. Their equivilent in WA are the ones you need to speak too.
Cheers
ok l will do my best to put it in text.
RE is giving very undermarket vals but with a cash buyer quick settlement[buyer 1].[smallish reginal town]always the same cash buyer.cash buyer then sits on ip for 2/3 weeks does nothing to ip at all. RE rings interstate investor sells ip to him buyer 1 picks up 10 to 20k RE another sale commish.RE rings interstate investor 2 after 1 month buyer 2 picks up 10k ,RE another sale commish this has gone on with upto 7 sales on the one property with in 6 to 8 months thats 7 sale commish to the one agent.there is always the same person for the first buy but then he works on 3 or 4 lists of interstate buyers and feeds one of the other till finally the property has reached a limit price.The properties in this area would have to be pretty close to CF+ so its that market he primarily works with.But with a quick increase and a profit of 10 to 20 k in a month most will take it and now he has his list refined its making him some very big dollars.I feel what he is doing is very wrong but is it unethical.I hope you can follow the above.
cheers yadreamin
RE is giving very undermarket vals but with a cash buyer quick settlement[buyer 1].[smallish reginal town]always the same cash buyer.cash buyer then sits on ip for 2/3 weeks does nothing to ip at all. RE rings interstate investor sells ip to him buyer 1 picks up 10 to 20k RE another sale commish.RE rings interstate investor 2 after 1 month buyer 2 picks up 10k ,RE another sale commish this has gone on with upto 7 sales on the one property with in 6 to 8 months thats 7 sale commish to the one agent.there is always the same person for the first buy but then he works on 3 or 4 lists of interstate buyers and feeds one of the other till finally the property has reached a limit price.The properties in this area would have to be pretty close to CF+ so its that market he primarily works with.But with a quick increase and a profit of 10 to 20 k in a month most will take it and now he has his list refined its making him some very big dollars.I feel what he is doing is very wrong but is it unethical.I hope you can follow the above.
cheers yadreamin
hi yadreaming
I do understand the post and not sure if its wrong by getting lots of little commissions along the way
his end up commission is alot more
what I don't understand is why some one if he was the 3 or fourth buyer
why he would not be trying to find out why the others sold and the valuer would be asking alot of questions also.
but if he is selling to cashed up people who are not using valuers well for me good on him
it for me is when a rich man meet a wise man
the rich man gets a little wiser and the wise man gets a litttle richer.
you can't protect everyone from everything and if he has a buyer at 100k and he gets a commission and then he gets a buyer at 120k and he gets a commission and then he gets a buyer at 160k and gets a commission and then gets a buyer at 200k the guy that pays 200k is either very silly,a drug dealer that wants get rid of money,
or a rich man that wants to throw his money away.
all of the above for me doesn't make him unethical
it does if at the same time he is a broker/investment adviser and is recommending this as an investment structure or scheme or even if as a real estate he is recommending this as any form of investment scheme and or is giving a recommended return.
and if the person (and it was me) he bought it off at the start if he recommended a price (to me) I would wait until the value was at the 200k and then I think depending on the price variation you may have a case for.
a collusion.
b insider trading( making a profit from information not available to the general market place and making a personal profit)
c and basic fraud( providing he gave advice and you do need to find out in the, he said this I said that realm)
and the onus is on the lowest start person to have a chat with there legal person as they work for them.
by the way the real estate may make a bit of money but the stamp duty cost would out strip any potential profits doing this way for any investor
my .002
I do understand the post and not sure if its wrong by getting lots of little commissions along the way
his end up commission is alot more
what I don't understand is why some one if he was the 3 or fourth buyer
why he would not be trying to find out why the others sold and the valuer would be asking alot of questions also.
but if he is selling to cashed up people who are not using valuers well for me good on him
it for me is when a rich man meet a wise man
the rich man gets a little wiser and the wise man gets a litttle richer.
you can't protect everyone from everything and if he has a buyer at 100k and he gets a commission and then he gets a buyer at 120k and he gets a commission and then he gets a buyer at 160k and gets a commission and then gets a buyer at 200k the guy that pays 200k is either very silly,a drug dealer that wants get rid of money,
or a rich man that wants to throw his money away.
all of the above for me doesn't make him unethical
it does if at the same time he is a broker/investment adviser and is recommending this as an investment structure or scheme or even if as a real estate he is recommending this as any form of investment scheme and or is giving a recommended return.
and if the person (and it was me) he bought it off at the start if he recommended a price (to me) I would wait until the value was at the 200k and then I think depending on the price variation you may have a case for.
a collusion.
b insider trading( making a profit from information not available to the general market place and making a personal profit)
c and basic fraud( providing he gave advice and you do need to find out in the, he said this I said that realm)
and the onus is on the lowest start person to have a chat with there legal person as they work for them.
by the way the real estate may make a bit of money but the stamp duty cost would out strip any potential profits doing this way for any investor
my .002
Geez remind me never to invest with you
If what has been stated is true the Agent is a rat. He's being hired by a range of vendors then underselling the property in order to be able to relist it with the next mug, if you cant see the utter lack of ethics in that then I'm stunned.
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Because the agent is selling to the same buyer the first time, sounds fishy to me!
I can't honestly see that values are rising so fast in a regional area that he can resell 2 - 3 weeks later for a 10 - 20k profit.
It doesn't sound like the agent is trying to get the best possible price for the first seller. As an agent, if asked to do an appraisal, I always try and get the highest possible price, after all, that's what the vendor is paying us to do.
We always have to be fair to all parties, but at the end of the day, if a property is 200k, for example, and the vendor says to me on the quiet he'll take 180k but I know the buyer will pay 190k, I'll do everything I can to get the buyer to 190k without losing the buyer. All the way through I'd be consulting with the vendor because, although I can advise a vendor, the decision is his (or hers) ( and if the buyer walks, it's because the vendor has made the decision to not accept an offer etc) (I'm rambling, I know )
Yadreamin, if I was in your position, I'd be calling the ACCC or the appropriate government body. The REIWA isn't the body to intervene in this situation.
Agents like that are the type that give us a bad name in general.
My 2 cents
I can't honestly see that values are rising so fast in a regional area that he can resell 2 - 3 weeks later for a 10 - 20k profit.
It doesn't sound like the agent is trying to get the best possible price for the first seller. As an agent, if asked to do an appraisal, I always try and get the highest possible price, after all, that's what the vendor is paying us to do.
We always have to be fair to all parties, but at the end of the day, if a property is 200k, for example, and the vendor says to me on the quiet he'll take 180k but I know the buyer will pay 190k, I'll do everything I can to get the buyer to 190k without losing the buyer. All the way through I'd be consulting with the vendor because, although I can advise a vendor, the decision is his (or hers) ( and if the buyer walks, it's because the vendor has made the decision to not accept an offer etc) (I'm rambling, I know )
Yadreamin, if I was in your position, I'd be calling the ACCC or the appropriate government body. The REIWA isn't the body to intervene in this situation.
Agents like that are the type that give us a bad name in general.
My 2 cents
Sounds like they're way undervalue. Would be interested to know if it was a group of " friends " who are planning this so they can split the money between them .
The first sale if the one where the major unethical behaviour is occuring . the rest sounds like collaberation.
See Change
Hi duncan
not nessarily and that why I did say as long as he hasn't done the rest of the post.
there are many time were a real estate agent will be asked to sell a property and because of a change of circumstances the property come back on the market and the same agent sells again and if lots of times thats not problem the problem is if it can be shown that he is recommending this in some form of structure and thats very different.
you do need to find out the whole deal and I did split my post for that reason.
I find being unethical, fraud and unconsciencable conduct in business very different and i for one don't pin any until I know the whole story on the face of the post from yadreamin I did give him a few areas to look at before jumping to to many conclusions.
but thats me.
the other thing with the reference to the three types of buyers is that you may find that there requires to be for tax reasons some distribution of funds and if this is the case again I don't see this as unethical.
there are 7 townhouses in a development near mine and the sale price for the are is 650k on average but these 7 townhouses have been sold for between 790k to 950k and the same size is that unethical again not for me.
there are reason in business for doing different deals and from the outside might seem to be a rat but when you look at the detail it could be avery different matter.
the first seller will know what the deal was and if it is a rat then there legal eagles should and in most case would pick it to death and get asic involved.
to get the price changes there is a reason and I don't jump at anything until I know all the facts so duncan I wouldn't and don't take things on face value and if you ever did invest with me you would find out that I am one of these people that checks detail very carefully even to the state of taking 3hrs to check contracts even if I'm told that there standard.
and I don't post my ethics as they are a very individual thing.
my .002
not nessarily and that why I did say as long as he hasn't done the rest of the post.
there are many time were a real estate agent will be asked to sell a property and because of a change of circumstances the property come back on the market and the same agent sells again and if lots of times thats not problem the problem is if it can be shown that he is recommending this in some form of structure and thats very different.
you do need to find out the whole deal and I did split my post for that reason.
I find being unethical, fraud and unconsciencable conduct in business very different and i for one don't pin any until I know the whole story on the face of the post from yadreamin I did give him a few areas to look at before jumping to to many conclusions.
but thats me.
the other thing with the reference to the three types of buyers is that you may find that there requires to be for tax reasons some distribution of funds and if this is the case again I don't see this as unethical.
there are 7 townhouses in a development near mine and the sale price for the are is 650k on average but these 7 townhouses have been sold for between 790k to 950k and the same size is that unethical again not for me.
there are reason in business for doing different deals and from the outside might seem to be a rat but when you look at the detail it could be avery different matter.
the first seller will know what the deal was and if it is a rat then there legal eagles should and in most case would pick it to death and get asic involved.
to get the price changes there is a reason and I don't jump at anything until I know all the facts so duncan I wouldn't and don't take things on face value and if you ever did invest with me you would find out that I am one of these people that checks detail very carefully even to the state of taking 3hrs to check contracts even if I'm told that there standard.
and I don't post my ethics as they are a very individual thing.
my .002
My 2c, it could easily be unethical and could be ethical. The first sale is probaly more the key. If the person was happy to sell at a discount to get a quick easy transaction where there would not be issues cause he could pay cash, no big deal. If the agent lied about the value and took advantage of that person because they believed him to be honest and an expert, then this is a real issue. 1st investor knows he is getting a bargin he can onsell .. great .. 2nd one probaly gets an ok deal .. 3rd probaly some sucker he has lied to again pushing up information. How he is acting at these points are the real key if he is being unethical or not. If he can do this regulary, then it would be very questionable.
