Recently one of my Agents, we'll call her Mary, came to me with a concern. She had been submitting offers, (25 to be exact), for her daughter, Sue, who had been trying to purchase a Chatsworth/Porter Ranch home for the last 2 years. Finally she found the perfect home for Sue. It had been on the market only a few days, it was the style she wanted and the status still showed active. Yeah!
Mary called the listing agent immediately only to be told that there were too many offers, one of them would be accepted & the owner would not be showing the property any longer. For showing, agents were instructed to call the owner. So..Just for the heck of it, Mary called the owner for a second confirmation. The owner reiterated what the other agent had told her, but something both women had said just didn't sound right!
On a hunch, Mary insisted that her daughter call the listing agent directly to inquire about the home, which she did. Much to her surprise, the agent welcomed her call, stated they had not received any offers & the house was still available for showing! Really??
Sue viewed the home, loved it, & with her mother's urging, placed an offer on the home which was accepted with open arms by the seller! The agent stated she'd place the offer in someone else's name, so it didn't look like she was handling both sides of the transaction. Hm?? Red flag!!
Unfortunately this scenario is happening all the time.. Agents wanting to "double-end" a Real Estate transaction to make a higher commission. With limited inventory, especially in highly sought after areas like Chatsworth & Porter Ranch, there are not enough properties to sell to the many buyers seeking these areas. California is inundated with Real Estate agents, some ethical, some not , all vying for part of the commission. Some agents haven't sold properties in years, may be behind on their bills and are eager to take the whole pie, not just a piece of it!
You are hiring a Realtor to represent you. Please do your "Due Diligence." When selling, make sure your home gets all the exposure it deserves. When buying, make sure you have an equal opportunity to purchase the property. If you suspect fraud, follow Mary & Sue's example. You and your agent deserve a fair share!
The listing agent on Sue's purchase was reported to the Board of Realtor's Ethics Committee & is awaiting a decision. Hopefully she will receive a hefty fine & eventually have her license suspended if she keeps up this type of practice. Buying a home should be a wonderful experience, not clouded by unscrupulous individuals.. That's why we should all "Keep It Honest!"
