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 a $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 compentent 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 from the same company says they are the seller’s agent, they lying. If they are in the same office they are either designated buyer & seller agents or dual agents. They are 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 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.
