You would think that the insider knowledge they could obtain by working closely with you to sell your house would put them at an unfair advantage against other potential buyers who may be willing to pay you more.
2007-11-30 20:51:31 · 6 answers · asked by James II 1 in Business & Finance ➔ Renting & Real Estate
I'd get a new agent so that you don't get screwed!
2007-11-30 20:59:21 · answer #1 · answered by generalms02 3 · 0⤊ 1⤋
As an agent, I have purchased a couple of properties which I have also listed for sale. Not sure where 'rose' practices real estate law, but it's surely not illegal or unethical if handled appropriately. The issue is to insure that the seller is treated fairly and 'at arms length'. A real estate agent who lists a property is obliged to try to obtain a buyer for a property at the best price and terms possible for the seller. Those words do not mean that a listing agent cannot be that person.
2007-12-01 01:28:46 · answer #2 · answered by acermill 7 · 1⤊ 1⤋
Many states have ethical rules that apply to this situation. Those rules are often found online, at the website of the real estate licensing or registration office.
If the real estate agent suggested the listing price, then makes a purchase offer in the amount of the listing price, there is a conflict of interest, or the APPEARANCE OF IMPROPRIETY, or actual fraud. These are all prohibited by the law and the State licensing office.
Remember, no one can force you to sign a contract to sell your property. I would take any contract from a real estate agent directly to an attorney, BEFORE you sign it.
I have been a real estate attorney for 22 years.
2007-12-01 01:03:17 · answer #3 · answered by LUCKY 4 · 0⤊ 1⤋
Yes, anyone can buy a home from you. Including the agent that represents you. In this case you may want to see who the agent's broker is and request that the broker negotiate on your behalf and that the agent represent themselves. An agent (and any buyer) has only the advantage you let them. They can't make you accept an offer. If what they are offering is a good deal then accept it.
2007-11-30 23:39:39 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If the agent is buying the property it is most likely selling at below fair market value. Real estate people and car salesmen. Any time a lot of money is changing hands beware!!!!
2007-12-01 05:09:01 · answer #5 · answered by hotdogseeksbun 6 · 0⤊ 2⤋
There are some agencies that will buy your home if it hasn't sold within a certain time period, usually at 70% of list price, sometimes as high as 90%.
2007-12-01 01:11:46 · answer #6 · answered by RuthAnn A 1 · 0⤊ 0⤋