By: Meg White
In reply to <a href="https://theclose.com/real-estate-scams/comment-page-2/#comment-378514">Holly Mitchell</a>.
Hi, Holly—so sorry to hear about this. It's tough to give advice not knowing where you are or what kind of professional license this person holds. But I would start with your local tenants rights organization or the office of professional regulations/licensure in your state.
By: Meg White
In reply to <a href="https://theclose.com/real-estate-scams/comment-page-2/#comment-438608">katherine J exter</a>.
I am so sorry to hear about this, Katherine. It sounds like a very frustrating and stressful situation (which is the last thing you need when you're trying to sell a house!)
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By: Meg White
In reply to <a href="https://theclose.com/real-estate-scams/comment-page-2/#comment-443192">Joanne</a>.
If it sounds too good to be true, it probably is! Obviously I don't know about your particular offer, but John Oliver's recent episode about timeshare was a bit of a shocker: https://www.theguardian.com/tv-and-radio/2023/mar/20/john-oliver-last-week-tonight-recap-timeshares
By: Katherine Smallwood
My 81 year old dad was bamboozeled into signing a contract where the realtor promises 75k in improvements without a contractor bid, that comes out of the sale of the house AND 8% commission.
We are hoping he can get out of the contract.
By: AJ Allen
In reply to <a href="https://theclose.com/real-estate-scams/comment-page-2/#comment-438608">katherine J exter</a>.
I would need to see the CMA, know your local market, and how long your home was on the market to get an accurate estimate of value to compare to your accepted offer and reduction before forming an opinion. As I’m sure you found out, contingent transactions have a lot of moving parts and one misunderstanding could cause the entire process to fall apart. I understand price reductions from a Broker’s perspective, particularly when a home hasn’t had an offer accepted and the seller has a contingent offer on another home. What I don’t understand is the last minute 3% reduction in price. The agent may have performed an illegal dual agency transaction by not protecting your interests to the highest degree and protecting the buyer’s interests of the buyer didn’t have representation. He may also be in violation by not disclosing his relationship with the buyer. Real estate agents are generally encouraged to disclose whether or not they have a personal relationship with a client. But they’re obligated to do so only if they are a Realtor®. The National Association of Realtors® explicitly states that its members must make this disclosure in its code of ethics.
Article 4 of the NAR Code of Ethics states the following: “REALTORS® shall not acquire an interest in or buy or present offers from themselves, any member of their immediate families, their firms or any member thereof, or any entities in which they have any ownership interest, any real property without making their true position known to the owner or the owner’s agent or broker. In selling property they own, or in which they have any interest, REALTORS® shall reveal their ownership or interest in writing to the purchaser or the purchaser’s representative.” I obtained my real estate license in 1993 and am currently taking mandated advanced real estate law and business management courses to stay informed.
By: AJ Allen
In reply to <a href="https://theclose.com/real-estate-scams/comment-page-2/#comment-443192">Joanne</a>.
Don’t do it! Timeshares were bad investments 30 years ago and they are still bad investments today. With companies like AirBNB providing on demand rentals, timeshares are obsolete.
By: Joanne
Do you know of Buy timeshares scams. We got a “true good to be true” proposal but don’t know what to be looking for to prove it a scam.
By: katherine J exter
Upon selling our house, which is now under contract, the buyer waived all contingencies and inspections. Our realtor, who also helped us buy our new house, had us lower the price of the house we were selling by about $30,000 at which point he pressured us into accept the offer immediately with the abovementioned buyer. It all seemed fair but a bit odd at the time. We were set, under contract, for firm settlement 06/30/2023. Then our realtor pretty much ghosted us, giving us no updates for weeks. Yesterday, 5 days before closing, he texted that the buyer had a "very important" death in the family and now has to pay funeral costs. Buyer needed us to reduce the cost by 3%. He would back out if this wasn't provided and we would retain his $2,000 contract deposit, which we would have to split with our realtor. Our real estate agent requested we have "sympathy" for the buyer's great loss. He also said it would be difficult to sell the house again if we put it back in the market. Understandably, I felt suspicious and frustrated by the pressure considering that I was currently paying 2 mortgages and house utilities, etc. By the way, both our realtor and buyer live in the same general neighborhood, appear to be the same age with young children, are publicly pronounced Christians and are both real estate agents. My suspicion is that they are friends and are propagating this mini scam to earn an extra 3% . There is no way I can prove it, I think.