Do Realtors lie?

[Landpimp]

I love to hear of some of other unsavory jobs others here have......if they had the guts to admit it, bet Realtor is not even close to the bottom

or let here what makes your job so much better and how your saving the world

my god by nature ALL people lie(to some extent or the other).....if anyone can HONESTY say they have never lied once in there life I would like to meet that person.

I gotta run, I have a widow to kick out of her house so I can buy it for 20cents on the $ then flip it to someone that doesnt speak english

 

[guntownuncle]

Wow, talk about sweeping generalizations. I wouldn't even know where to start with this. In another topic and context this would be probably be called "profiling".

Upon reflection, I must agree that I was painting with too broad of a brush, and I apologize. I will maintain, though, that I was using the correct shade of paint.

You see, I started my professional life as a real estate appraiser. An honest real estate appraiser is the natural enemy of a bad realtor, among others. I've since moved on to higher paying and much more satisfying employment, but still often have to deal with the messes created by bad realtors. I also will do business with some who really do their homework and try to make an honest buck. The really good ones tend to do well. The really bad ones will sometimes do even better, or loose their license.

I guess when it comes to the subject of real estate I sort of look at it the same way Reagan looked at the Soviets. "Trust, but verify."

 

[Forester]

OK, I started this bashing and it is time to jump back in again. Certainly some real estate agents lie, as do some foresters, loggers, land surveyor, etc. Like other folks said, some bad apples in every profession.

I have been on both side of real estate agents. I bought a house using a buyer broker and I think he did a great job for us. The seller's agent was a buffoon. A lying Buffoon, BTW.

I have worked for agents, supplying information about forested properties to potential buyers. Finding boundaries, etc. I have worked for buyers who have asked me to verify forest or boundary information that the selling agents have supplied. I can tell you that in some of these cases, saying the selling agent wasn't lying would be a lie in itself.

Most agents I know will not outright lie. They won't outright tell you the truth, either, unless asked directly.

 

[Capt Steve]

I worked in the title insurance industry for 18 years and dealt with real estate folks every day. Like any industry there are great ones and not so great ones. A couple of things to be noted: The survival rate for new agents is around 5%. Most graduate from school, list and maybe sell a house of, or to a relative and are out of the business in six months. As noted above 10% of the agents sell 90% of the real estate.

To be a successful real estate professional takes a lot of very hard work. Most get into the business under the mistaken impression that they are going to makes lots of money without a lot of work. As Home prices soared over the last couple of decades so to did the fees collected by the real estate industry. If you have an agent who is asking for the standard 6% commission you have the wrong agent. The internet has revolutionized the real estate industry.

After a three month listing period in 2005 that failed to generate a single offer I fired my broker. I went to the internet with a decent set of digital photos and coherent ad copy (two things he had not done despite my protests), and sold the house myself, full price, in two weeks.

So, do real estate people lie? They are like a prospective date; some do, some don't, some will and some won't. You pays your money and takes your chances. (o;

 

[dsoza2003]

I was manager of a mortgage office of about 25 loan officers for 6 years(all licensed agents). My owner/partner opened a Keller Williams office and had close to 60 active agents. I can tell you in this industry you have a pretty wide variety of characters. Some honest, some so full of sh@% you could smell it on their breath. For the most the people that think they are being lied too are not being lied to at all (not intentionally I mean). They are dealing with a new agent. Someone who really does have the best intentions but not all the expiereince and sometimes that leads to false promises or mistakes. Real estate transactions are just really high stress deals in general and any mistake to a buyer or seller seems like a huge one.

The funny thing about loans and real estate is out of all professions people seem to expect the most of these agents and want the cheapest representation possible. No one wants to pay the high commissions but everyone wants the best service. you dont go to the cheapest plastic surgeon for you nose job, or the cheapest tattoo guy you can find...becuase you get what you pay for. Same thing goes for real estate or ANY other profession. I think for the most part, mistakes are made and not intentional, just lack of knowledge. And then there is always the exception to the rule, but we all know one of those idiots. There all over the place...You know washington, government., etc...

I am not really one to generalize people. Its not a job I want. There are great cops and the Aholes who give the rest a bad name. Good mechanics you can trust and the guys that try and turn every oil change into a tranny overhaul. Good hosts and the guys that invite you to a BBQ without any beer in their fridge...Damn I really do hate those guys!!!

 

[Landpimp]

see I love apprasiers(at least I see them in person again, not just driving by at 30mph), never had an issue nor have I asked one to do something they shouldnt....heck I wouldnt even know how to ask.

and your dead right, some of the worst unelthical agents I know make big bucks....often they claim to be very religious...hmmmm, I always worry when someone hides behind god

if you can fire your listing agent anytime, I dont work with buyer agency agreements so I assume there are some "catches" in those but should be able to get out as well.

Originally posted by guntownuncle:

Wow, talk about sweeping generalizations. I wouldn't even know where to start with this. In another topic and context this would be probably be called "profiling".

Upon reflection, I must agree that I was painting with too broad of a brush, and I apologize. I will maintain, though, that I was using the correct shade of paint.

You see, I started my professional life as a real estate appraiser. An honest real estate appraiser is the natural enemy of a bad realtor, among others. I've since moved on to higher paying and much more satisfying employment, but still often have to deal with the messes created by bad realtors. I also will do business with some who really do their homework and try to make an honest buck. The really good ones tend to do well. The really bad ones will sometimes do even better, or loose their license.

I guess when it comes to the subject of real estate I sort of look at it the same way Reagan looked at the Soviets. "Trust, but verify."

 

[gaucho1]

When I first saw the title,I thought it was
the set-up for a joke.

To those people involved in sales that maintain
their integrity,my respect and admiration to
you.

Unfortunately,you are in most cases the exception to the rule.

I see the lying by omission or decieving by
partial disclosure the two main tactics used
by those who like to maintain the self image
of being honest.After all,"it's not lying".

Sales is hard,and people are often unable to think well for themselves.

Oh well,turns out it's not a perfect world.

 

[pharmer]

I found out that here in Florida, "waterfront property" means a drainage ditch or retention pond in your backyard. Joe

 

[ingmansinc]

You need to be careful in Florida, waterfront property may mean you have Cypress trees growing on your property. Wait for the rainy season and you will find the lake or swamp.

 

[jkc]

Jeez, I think real estate sales agents have gotten a bad and unfair rap here. I had a brief and successful foray into that business in the late Seventies,working almost exclusively as a listing vs. selling agent (inevitably, if you're doing the first job right, you'll end up doing the second as well). There was no need to lie to anyone, that I ever knew about. I took some appraisal training, the better to help my clients establish a realistic selling price, and a price at which a buyer could obtain financing. I was quickly a "Million Dollar Producer" when the mean home price was around $50K, so there was a fair amount of effort involved, despite that a fair percentage of new business came from referrals from satisfied clients. I've had other sales work over a long career, and while it's a much maligned job, whatever the product or service, any longevity involves providing satisfactory solutions to customers' problems. No need to lie about anything necessary, in my experience.

 

[Smithfan]

Interesting thread.

There are folks here, obviously, who make their money out of real estate. So do I, although in my case these days, it's residential property management.

Look: Like any other occupation or profession, the industry draws bad apples, exemplary people, and a lot of folks in between.

A lot of what happens, alas, depends on the state laws in your state: it can be a matter of what people can get away with. So step one is, do your homework on this and related matters.

In California, where I live, the laws are a lot tougher -- and frankly, a lot safer for the prospective buyer.

For instance, the law is very clear on matters of dual agency (when an agent represents both buyer and seller), when he or she must disclose the relationship in writing (immediately, essentially), and what competitive info as to price, negotiability, and similar matters can be disclosed to either side (virtually nothing).

Bottom line, things usually are pretty honest and straightforward here. But always read the fine print. If you don't understand it, get help from someone who does. If the agent balks at letting you do that, sign nothing and get out of there as fast as you can. And keep looking; there are agents who meet and exceed that and additional criteria, and who are still making a living and sleeping honestly and well at night.

Bill

 

[BarbC]

As much as I loved our VA real estate agent, she knew when to keep her mouth shut.

On a Sunday afternoon, looking at the house we eventually bought: "Do the jets at Fentress fly often?" "Nah, only when something is going on." Yeah - like Iraq! But at least we only caught the ones who made a wide pass, unlike our friend who bought even closer, where he could actually see the pilots in the plane, and the other friend who bought at the end of the runway of Oceana Navy Air Base. "WHAT'D YOU SAY???"

But a funny:

When Tracy took us around to see houses in the Chesapeake area, one house had a cockroach on the wall. We said, "Eeek! A cockroach!" Tracy laughed and said, "No, they're not cockroaches. They're wood roaches and live in the trees."

We bought the house next door to her and became good friends. She, being a very successful real estate agent, sold her house and was moving to an upscale development where she was an exclusive agent. The weekend before they moved, she was sitting on our back porch having drinks with us when one of the aforementioned critters scuttled across the planks. She yanked her feet up and screeched, "Eeek! A cockroach! I hate those things!"

 

[bk43]

GIS is Geographic Information System, and a lot of counties use it for tax and ownership data.

+1. Between the GIS(drainage, etc.), County Appraiser(taxes, SF, zoning, features, sales history) and Clerk of County Court(foreclosures, mortgages, leins) there is practically nothing you can't find out about a property or neighborhood with minimum time and effort.

Bob

 

[Capt Steve]

there is practically nothing you can't find out about a property or neighborhood with minimum time and effort.

One more thing to consider, the title report. One of a buyers most valuable tools is the Preliminary (Title) Report. It is the equivalent of having a mechanic check out a prospective/expensive used car and put his findings in writing. This report becomes a blueprint for the title insurance policy that will be issued to the buyer at close of escrow. It will disclose the taxes, bonds, assessment, easements, restrictions, agreements etc that the property is subject to. Read it carefully and understand what it is telling you. If you have any questions sit down with the Title Officer that issued it (not your agent), and don't leave until all of your concerns have been addressed. Discuss the coverage you will receive and always insist on an ALTA (American Land title Association), extended coverage owners policy.

In most areas the seller pays for the buyers policy - the buyer pays for the lenders policy which insures the new loan. If the custom in your area is for the buyer to pay for the policy do NOT decline to save a few bucks. It could easily be the biggest financial mistake of your life. For the record I spent 18 years in the Title Insurance business, 16 as a title Officer.

 

[perrazi]

always thought that was part of the job description, along with used car peddlers.

 

[Pisgah]

One thing to keep in mind when house-shopping -- the realtor (A made-up word, by the way, that applies only to members in good standing of the National Association of Realtors) works for THE SELLER. His (nowadays usually, her) job is to sell the house for as close to the asking price as possible. Period. Caveat Emptor applies nowhere so strongly as when buying a house.

 

[smith41mag]

Are you kidding?

 

[Win52C]

This is some kind of Joke right?

 

[Leonard]

Being a custom builder for over 25 years I have dealt with many realtors. It is without a doubt the most un-professional profession there is. It goes beyond being honest or dishonest with few exceptions they just don't understand the product and in truth like our congress they represent their own interest not the buyer or seller.

Len

 

[David LaPell]

my wife and I looked at two different houses being sold by the same realtor. The pictures on their website were not even close to what the houses looked like. The first house had major flooding in the basement to which water made it up to the living room floor. The second house had water pipes break and most of the walls were ripped out. In both cases the realtor's excuse was that they didn't have time to update the photos on the website.
After several months of house hunting, we finally are trying to close on one right now that we looked up, but we also hired a home inspector, a big help, to make sure it was everything we really wanted. The home inspector even told us that in our area, the biggest problem is downstate home buyers coming up here from NYC and New Jersey, buying an old house for nothing, throwing on some new walls and paint, but leaving the old wiring, plumbing, etc to make a quick buck. My wife and I saw several of those such homes. Thankfully the one we are getting was owned by one couple for forty years, it was pretty well taken care of.