Realtors snatching up houses

[mjoekingz28]

I found a 3/2 house in decent enough shape on a good street for $47k on the net. Went to check it out and everything outside was great. It was built in the 70s with slab, brick siding, good paint on the eaves/soffits, no visible structural defects. This listing just came up on realtors.com so I call my realtor to ask for an inside viewing and she goes to tell me she bought it last week to rent out.

I was ready to pull the trigger and get this place and she just gobbled it up. Says she bought it at night when it was offered to her. I know she's just making money, but it seems if ever a good place for good money every comes available it will be gotten by someone on the inside before I have a reasonable chance to check it out. Oh well

 

[Burt]

time for a new realtor?

I know legally they are not working for you, but it would be refreshing to get one that is looking out for your interest rather than lining their own pockets.

 

[The_Jeff]

And or she's letting people like you do the searching. Call the listing realtor, maybe she didn't go through with it yet. Make an offer, maybe your realtor doesn't have financing yet or something.

 

[JHZR2]

It is one thing if they had more insight or an inside setup... but it sounds like you did the legwork and they struck first. No good.

 

[PhillyJoe]

If she was the listing realtor and told the seller this property is only worth $47,000 in order to grab the house, I see a problem. But if another realtor listed it, it's fair game. Same thing goes for concert tickets or car trade-ins.
Ever wonder why you can't buy front row tickets even if you are the first in line? They pulled the best tickets for in-house employees first. And if a plum 10 year old car comes in with 10,000 original miles, everyone in the dealership will have first shot at it before it goes on the lot.
Don't forget the bank teller who screens the coins coming into the bank looking for silver. You'll never get them in change.

 

[PandaBear]

Most real estate agents make money on flipping rather than dealing. Many I know get a license just so they can get the first hand listing info to be one step ahead of the competitors. The scary thing is, the most competitive one buy with CASH so they can close the deal faster than their competitors.

The ones that are still left are usually borderline good deals or near market values. You just cannot have the efficiency to compete with someone that does this full time.

 

[PandaBear]

Originally Posted By: PhillyJoe
If she was the listing realtor and told the seller this property is only worth $47,000 in order to grab the house, I see a problem.


Usually there's rule and regulation that the listing agent cannot be buying or selling him/herself, and must go through another agent for that.

 

[stockrex]

trusting a realstate agent is like leaving your retirement in cash to a crack addict.

they are in collusion with each other. yeap, they keep any good deals and ONLY push the pooooopiest stuff to you.

 

[mjoekingz28]

Originally Posted By: PhillyJoe
If she was the listing realtor and told the seller this property is only worth $47,000 in order to grab the house, I see a problem. But if another realtor listed it, it's fair game. Same thing goes for concert tickets or car trade-ins.
Ever wonder why you can't buy front row tickets even if you are the first in line? They pulled the best tickets for in-house employees first. And if a plum 10 year old car comes in with 10,000 original miles, everyone in the dealership will have first shot at it before it goes on the lot.
Don't forget the bank teller who screens the coins coming into the bank looking for silver. You'll never get them in change.



Thanks for explaining the reality of it. Just one of those things I've never thought about, but if I worked there I'd enjoy first dibs too! Sorry if I seemed to badmouth her.

 

[Steve S]

That has been happening since day 1!!