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Real Estate Agent; Real Estate Agent tried to rob me of my home
Topic Started: 28 May 2012, 09:11 AM (5,323 Views)
NotFooled
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The Bear Whisperer

ausinga
28 May 2012, 11:03 PM
An agent got me a buyer for $1.4m, from his hit-list. I declined. I wanted $1.6m for a quick sale, since a year before, the house was valued at $1.8m by the Melbourne lender's valuer.

I approached another agent, he got me $1.2m, after putting only two classified advertisements in the Saturday issue of 'The Sydney Morning Herald'. I declined this, also.
Do you realize that the price you want may not be what the market will pay, especially in the current environment? How long ago did you purchase you property?
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hoofarted
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"An agent got me a buyer for $1.4m, from his hit-list. I declined. I wanted $1.6m for a quick sale, since a year before, the house was valued at $1.8m by the Melbourne lender's valuer.

I approached another agent, he got me $1.2m, after putting only two classified advertisements in the Saturday issue of 'The Sydney Morning Herald'. I declined this, also."

It always makes me laugh when I see the greed. You just cannot get your head around the fact that this is what you place is worth. Then again, you have been lied to by so many REAs and the media so how can you make any sense out of the market anyway.
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peter fraser
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ausinga
29 May 2012, 01:00 AM
peter fraser
28 May 2012, 09:21 PM
I would love to discuss your vintage watch collection (Any W & D or Patek Phillipe, Cartier)
but perhaps we should leave that for another day.

You will be black listed with your old lender, and perhaps any subsidiary of that lender, but I suspect that they didn't record a default on your credit file. Check that at Veda and Dun and Bradstreet, it will be worth the small cost to get that information.

You won't have a problem with a mortgage insurer because your LVR was below 80%.

You had to sign that declaration that your loan was for business or investment purposes because the short term lenders don't want to deal with retail borrowers, it means extra hassles and compliance issues for them. You signed the form, so you can't take that back, still it was what you wanted at the time - but seriously 20% per month is a financially suicidal rate of interest. That is on the highest rate available, it is usually cheaper than that - I advise people to avoid them like the plague, but they have their uses at times.

I sense that your from a culture where borrowing and paying interest is not part of normal day to day activities. How did you ever end up in this position? Even we crazy westerners know there are limits.

If there have been no defaults recorded, just avoid the lender that you used - it's no big deal, and you will recover without too much of a problem. If there has been a default recorded, choose a specialist to remove the default - don't let just anyone touch your case.

Best of luck.



We were black-listed with Baycorp Advantage, hardly a few days after I put my foot down and told the real estate agent, if he had only one buyer all along, we could always refinance.

We tried getting a specialist company to remove the black-listing but it was a waste of time and money that we had to borrow. When down and hopefully not out, you will be surprised at the number of vultures hovering above my head.

The last borrowing from the 'lender of the last resort' was just to make sure, we did not lose our home to an academy-award actor, always pretending to help us out with our grievances. I agree the interest rate was suicidal. We had to rely on our lawyer to get us that loan. He did approach other reputable lenders but it was not successful, since time was also against us.

We borrowed, not that much, from our lenders in Melbourne, since our business was doing fine. However, when I tried to help out a family-friend, who wanted to start her own business and subsequently, when she back-flipped, i decided the best solution was to sell our home and down-grade. I did not realize, I gave my trust to a wolf in a sheep's clothing, who regularly claimed that he wanted to help me out.

Regarding vintage-watches, I was more into Patek Philippe, Rolex, Omega, Longines and Girard Perregaux, etc, as well as, some other lessor known brand-names like Cyma, Eterna-matic and Bulova, etc. I just love watches, since a tender young age and I would pick up anything, as long as, the dial and case sing to me. Unfortunately, I never owned any W & D, Cartier, Audemars Piguet and Piaget, etc., though are very lovely watches.

It is hoped, those who have to get involved with real estate agents, as a buyer, seller or tenant, be wary at all times, even though most real estate agents are professional and respectable.

(Without prejudice. Posted for educational purposes and to fore-warn other vulnerable parties, only.)
Yes the Americam watches pre 1960 were handsome timepieces - Bulova, Gruen, Hamilton, Lord Elgin etc are very collectible, especially pre 1950.

It is quite likely that in this market the few offers that you were receiveing, were the only ones available. Higher value homes are luxury items, not essentials like homes in working class areas, and people are not paying premiums for those homes at the moment.

If you have kept your home then the value will still be there but not convertible to cash, and it won't be for quite a few years. I have seen many many homes worth many millions of dollars pre-GFC suddenly lose 50% of their value on the Gold Coast, and elsewhere the story has been much the same although not to the same extent. People are prepared to spend the money on a modestly priced house because they need somewhere to live, but the wealthy are keeping their money in cash and they are not buying luxury homes unless they are priced to sell, and in a buyers market that means a heavy discount.

It is quite probable that the agent was right, and that your expectations were too high in this market.

Any expressed market opinion is my own and is not to be taken as financial advice
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ausinga
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NotFooled
29 May 2012, 01:54 AM
Do you realize that the price you want may not be what the market will pay, especially in the current environment? How long ago did you purchase you property?
The price we wanted was less than what properties in the surrounding vicinity got.

A year before we put the property on the market, the property was valued by a professional valuer for $1.8m, when we got the home-loan from the Melbourne lenders. Subsequently, when we managed to get a home-loan refinance from the lender of last resort, again the property was valued by and independent professional valuer for $1.875m. Land value alone was $1.4m.

This incident took place in 2005, when there was a boom on Sydney properties, some while before the global financial crisis.

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ausinga
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ausinga
28 May 2012, 09:11 AM
It is hoped, I am welcome in the forum and this is my first posting.

I have evidence, a real estate agent in Sydney tried to rob me of my home, when he was asked to auction the property.

Who and where, should I report this matter to?

Thanks.
After the Tribunal Hearing was over, the authorities investigated my allegations regarding the two contracts, I was asked to sign. When asked, I was not allowed access to the report. The reason given, if I was given access to the report, I could expose the contents to the world at large (OFT have no control over it) and it would cause an adverse effect to the company's business.

If my allegations could not be proven, surely the investigations report would not cause an adverse effect to the company that was investigated.

At the same time, the OFT gave me a copy of the agent's licence/certificate. There was nothing negative there. It was as clean as a whistle. He is still on the job, despite what he had done to me. Why is the licence not taken away?

(Without prejudice)
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ausinga
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peter fraser
29 May 2012, 10:06 AM
Yes the Americam watches pre 1960 were handsome timepieces - Bulova, Gruen, Hamilton, Lord Elgin etc are very collectible, especially pre 1950.

It is quite likely that in this market the few offers that you were receiveing, were the only ones available. Higher value homes are luxury items, not essentials like homes in working class areas, and people are not paying premiums for those homes at the moment.

If you have kept your home then the value will still be there but not convertible to cash, and it won't be for quite a few years. I have seen many many homes worth many millions of dollars pre-GFC suddenly lose 50% of their value on the Gold Coast, and elsewhere the story has been much the same although not to the same extent. People are prepared to spend the money on a modestly priced house because they need somewhere to live, but the wealthy are keeping their money in cash and they are not buying luxury homes unless they are priced to sell, and in a buyers market that means a heavy discount.

It is quite probable that the agent was right, and that your expectations were too high in this market.
An agent with 25 years experience and from June to December, he managed to get me only one buyer. When the new agent I enlisted got me a buyer at a higher price, despite the property had been grossly over-exposed, why did the unscrupulous agent still insisted that I should sell to his buyer, who subsequently matched the new agent's buyer price.

After his boss agreed to the sale of the property to the other agent's buyer, why did the unscrupulous agent still rang me up and demanded that I sell to his buyer?

Who is the real estate agent representing, the principal or the seller?

Yes, all the vintage-watches have lots of characters, especially some of the earlier American watches.

(Without prejudice)
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peter fraser
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ausinga
29 May 2012, 10:48 AM
An agent with 25 years experience and from June to December, he managed to get me only one buyer. When the new agent I enlisted got me a buyer at a higher price, despite the property had been grossly over-exposed, why did the unscrupulous agent still insisted that I should sell to his buyer, who subsequently matched the new agent's buyer price.

After his boss agreed to the sale of the property to the other agent's buyer, why did the unscrupulous agent still rang me up and demanded that I sell to his buyer?

Who is the real estate agent representing, the principal or the seller?

Yes, all the vintage-watches have lots of characters, especially some of the earlier American watches.

(Without prejudice)
I have seen the time frame of the sales period since I posted that.

I can't explain the situation. I'm surprised that you didn't change agents when you became dissatisfied. Although you may have signed an exclusive agreement, most agents will let you off them if you are really unhappy - they don't gain any benefit from a hostile client.

I have known quite a few real estate agents over the years, and they all tell me that even they are staggered by the results that they see - often properties sell well over what they expected, whilst better properties at better prices are unwanted by the market.

If you didn't lose your house, then perhaps it's time to put this behind you and concentrate on your future.



Any expressed market opinion is my own and is not to be taken as financial advice
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ausinga
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peter fraser
29 May 2012, 11:13 AM
I have seen the time frame of the sales period since I posted that.

I can't explain the situation. I'm surprised that you didn't change agents when you became dissatisfied. Although you may have signed an exclusive agreement, most agents will let you off them if you are really unhappy - they don't gain any benefit from a hostile client.

I have known quite a few real estate agents over the years, and they all tell me that even they are staggered by the results that they see - often properties sell well over what they expected, whilst better properties at better prices are unwanted by the market.

If you didn't lose your house, then perhaps it's time to put this behind you and concentrate on your future.


I enlisted another agent, after the first agent's agency agreement expired. Even then, he threw a tantrum and insisted that I sell the property to his buyer.

After the new agent was enlisted, the first agent refused to take down his advertisement in the internet.

Generally the basic aim of an agent is to sell a property for his principal and get his commission. Whoever buys is immaterial, as long as, he gets his commission. Why he insisted on selling the property to just one particular buyer is indeed very unusual.


(Without prejudice)
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Trojan
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ausinga
29 May 2012, 11:57 AM
(Without prejudice)
You might want to read up on the "Without prejudice" rule before adding it to every post you are making here.
My google search returned this http://www.wisewouldmahony.com.au/index.php?id=308
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
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ausinga
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Trojan
29 May 2012, 12:12 PM
You might want to read up on the "Without prejudice" rule before adding it to every post you are making here.
My google search returned this http://www.wisewouldmahony.com.au/index.php?id=308
A friend of mine advised me to put those words. I really do not understand its meaning and thanks for pointing it out to me. It is appreciated.

Whatever I discuss in this forum is supported by documentary and circumstantial evidence and not hear-say. Personally, I am not worried, if the perpetrators were to bring the issue to the attention of the Court. There is nothing to stop them from taking action against me, since what we discuss is of public interest so that those who have to use the services of a real estate, be wary.
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