We saved a home buying couple from being defrauded

Author: admin  //  Category: Uncategorized

Just had a closing on a home where the buyers almost fell into a trap where a couple real estate agents tried to get them to pay an $8,000 bribe to cheat a home seller and lender.

Fortunately the buyers stumbled into an ethical home inspector who strongly suggested they talk to a competent  company.

I’ll be writing more on this in the future, but here are some quick learning points:

1. If a real estate agent doesn’t give you copies of your agency disclosure, agency agreement, and purchase contract, they are going to try to cheat you. Run the other way.

2. If one agent from a company says they are your buyer agent and another agent from the same company says they are the seller’s agent, they are lying. If they are in the same office they are either designated buyer & seller agents or dual agents. They are either too stupid to know the difference or too unethical to explain the difference to you. In either case you should still run the other way.

3. If a real estate agent wants you to bring cash to pay someone, they are trying to do doing something illegal or unethical. Run the other way.

4. If a real estate agent complains about the home inspection taking too long after 90 minutes they are not on your side. One person can’t do a reasonable home inspection in 90 minutes if you are asking questions. And you should be asking questions. If they say they are your buyer agent then they are too stupid to know how long a decent inspection takes or they are tying to cheat you with a “quick and easy” inspection that benefits the seller. Run the other way.

Ann Arbor - The Listing Agent’s Assistant Wants To Be My Buyer’s Agent?

Author: admin  //  Category: Uncategorized

I heard this from a confused Ann Arbor home buyer recently:

They found a conflict between common sense and what they heard when they visited an open house.

The woman hosting the open house said she could be their buyer agent if they were interested in that home. The buyers asked a few questions and found out the hostess was an assistant to the agent that had the listing.

So, the buyers are thinking… “How in the world could this woman negotiate against her own boss for us???”

Well obviously they are right. That is a nonesensical idea.

The hostess can’t be a buyer’s agent on an office listing. That would be illegal as it would be undisclosed dual agency.

What she can be is a designated buyer’s agent.

Designated agency is a concept created to help large real estate companies sell their own listings and sweet-talk buyers into using their services. It is not the same thing as buyer agency, where a company represents a buyer’s best interests. In fact is is a variation of dual agency, it was created to hide the dual agency in this exact situation.

So if the hostess had wanted to tell the buyer the truth they would have said “I can be your designated buyer’s agent because my boss is the designated listing agent” but that would have probably scared off any buyer with an IQ over 40.

Thus, it is a common scam and it starts with the host saying buyer agent when she should be saying designated buyer agent.

Welcome to Ann Arbor open houses!

Author: admin  //  Category: Uncategorized

With the demise of the Ann Arbor News we were thinking that more and more home buyers were going to be going online for openhouse information.

And, since the other companies all are focused on selling you their listings or trying to capture you as a buyer at their own open houses, there hasn’t been a single site that has the different open houses sites linked. Until now.

I hope you find the open house links useful and I know you will find the other information worthwhile.