Author Topic: Concerns about local unethical real estate practices  (Read 4314 times)

Offline smok

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Concerns about local unethical real estate practices
« on: February 07, 2008, 09:34:48 PM »
Is it ethical for a realtor to continue to list a property after they have recieved an offer and it has been accepted by the buyer? It seems slimey, but my understanding is that if the realtor represents the seller, it's ok. I have noticed that JH Landmark realty is doing that with some listing on craigslist and it just struck me as pretty unethical. Does anyone know for sure?

Offline Shelby2

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Re: Concerns about local unethical real estate practices
« Reply #1 on: February 07, 2008, 09:40:51 PM »
My understanding is (as a layperson) that it's perfectly fine.  Plenty of deals that are in place and seem like they are going to go to closing don't close.  This is especially true with coops, where even if a contract is signed and both parties would like the deal to go to closing, board approval has to happen first.  If the potential buyer doesn't get approved, the deal doesn't close.  Perhaps if I were the seller I would like other interested parties to know my place is for sale just in case the closing with the first party doesn't end up happening.

Again, this is my understanding of how things work and may or may not be correct.

Offline smok

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Re: Concerns about local unethical real estate practices
« Reply #2 on: February 07, 2008, 10:05:45 PM »
I guess if I were using a local realtor who I trusted and I put a bid in through them and they continued to actively list the place when I *thought* they were on my side - it would bother me. Ethics is about what is fair - and this doesn't seem fair to me.

judibean

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Re: Concerns about local unethical real estate practices
« Reply #3 on: February 08, 2008, 10:25:06 AM »
As a coop buyer, I can attest that the agents for both parties represent the seller.  There is no such thing as a "buyer's agent" in New York City like there is in other places.

Offline sgnmath1234

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Re: Concerns about local unethical real estate practices
« Reply #4 on: February 08, 2008, 08:08:34 PM »
The name of the game is "bait & switch". One sees a 2 BR coop with detailed explanation that just makes one's eyes pop. He/she calls the broker to be informed that it "just sold". Of course the actual unit was not revealed so no fraudulent advertising is made. Once you are on the line with an egent, you are enticed to do business because they "have lots of other units" they want to tell you about. This practice occurs not just in R/E but in many commission/sales jobs to lure a buyer via a "too good to believe deal."

Offline toddg

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Re: Concerns about local unethical real estate practices
« Reply #5 on: April 03, 2008, 01:01:50 PM »
A blogger suspects an online phishing scam relating to JH apartment rentals...

http://justsayyes.wordpress.com/2008/04/03/phishing-real-estate-message-starting-at-cl/

Beware of complex arrangements like this.

Offline Shelby2

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Re: Concerns about local unethical real estate practices
« Reply #6 on: April 03, 2008, 01:46:45 PM »
I think this is a common scam though it's the first time I've heard of it in JH.  The other places were Far Rockaway, Manhattan and Staten Island.  Guess they like to cover as much geography in NYC as they can.

The scam comes up fairly frequently on the craigslist housing discussion forums.  The language varies but the scam is always the same.

Offline Greentea822

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Re: Concerns about local unethical real estate practices
« Reply #7 on: April 09, 2008, 03:04:13 PM »
I felt pretty upset when this happened to me, too, and I've never heard of agents re-listing apartments for which they've just received offers (though it would seem fair that they could continue to show it if they had already made appointments, prior to the offer). 

I guess I see both sides of the issue: the realtor wants to make sure the apartment is sold (on behalf of her client, the seller), but as a buyer, I felt like I had a disloyal agent who was trying to get a better price than the one I offered.  I think that in the interest of PR and customer relations, it's not a good idea for brokers to re-list apartments on craigslist the very same day that an offer is made.

Offline Marlene

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Re: Concerns about local unethical real estate practices
« Reply #8 on: April 13, 2008, 04:38:36 PM »
If you have a personal issue that you would like to address, please feel free to contact me directly at 917-208-6709 so that we can meet, discuss the personal issue that you may have and move on.  Thank you and be well.  Marlene Flores
« Last Edit: April 13, 2008, 08:24:07 PM by merm »

Jackson Heights Life

Re: Concerns about local unethical real estate practices
« Reply #8 on: April 13, 2008, 04:38:36 PM »