Real Estate Frauds
Since narrowly escaping a house sale at a loss, Cow has been eagerly gathering knowledge about the real estate business.Neil Jenman, author of "Don't Sign Anything" has written a fascinating book wherein he alleges than not just individual realtors but the entire real estate industry, is basically corrupt and ripping off buyers and sellers.
In example after example, he exposes the tricks of the trade, tricks used to get a seller to accept "low-ball" offers, tricks used to buy houses from sellers themselves and then turn them around a few days later at an obscene profit, tricks used to sell properties at auction.
Because this author is Australian, not all his examples apply outside that country, but so far it is the only book which exposes the inner workings of realtors to "condition" buyers to sell quickly, at a loss to everyone but the real estate agent. Must read for anybody buying or selling property. Has Topiary seal of approval. Plus his website lets you read quite a bit of the chapters before purchase.
Moo!
posted by The Topiary Cow at
3:18 PM
5 Comments:
Thanks for this.
The real esate industry is so self manipulated.
I think a lot of our problems right now go back to stuff like this.
Sandi:
Please be careful out there. Topiary learned that even with realtors who have been "friends" for 20 years they will still sell you down the river without a second thought, to make a buck on a commission.
The chapters on how realtors "condition" sellers to accept a lower price were especially relevant, since those manipulations are what got Cow.
The chapters on how realtors typically, on their OWN homes, wait an extra month and get an average $10,000 more than for their clients, were also instructive.
Supermom: Realtors certainly know how to play the media.
Doghouse: Cow would like the entire multiple listing system be forced public, since that is the only advantage realtors have over self-sellers, an advantage which results in trillions of dollars of commissions for that industry every year.
Appraisers were also crooked, rubber-stamping high valuations of houses so that owners could get re-financed or home equity loans on the inflated values. Honest appraisers were forced out.
Moo!
RE your words to doghouse ... Realtors are powerful lobbyists.
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