Real estate agents breaking the rules: Hidden camera investigation (CBC Marketplace)
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- Опубликовано: 3 ноя 2016
- With bidding wars for houses cloaked in secrecy, how do you know your real estate deal wasn't already rigged?
Watch more: • Erica Johnson's best M...
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Every single episode of marketplace makes me heated.
imboredsauce Break down their powers of old and chain them to the new. Currency shall bind them to sin and through sin, their fates will be in our hands!
dafuq you on about?
It was after his comment they decided to do that video on weed!
yeah man always. i can't watch every episode anymore, too stressful! too much info about things you can do little about. I just check the Marketplace weekly emails(SIGN UP) and watch stuff that directly concerns me.
then get a fan. ^^
The fine is only 3k? Lol one sale the commission on that house is like 20k no wonder the realtor isn't scared
At that point it’s just a labour fee
Maybe they're corrupt too
The fact it's even legal is a problem. I'm an auditor in the US and if we've worked for a company even 5 years before we wouldn't be allowed to assist in the audit, let alone lead one. If this was in my world, it'd be like letting me audit my own work for a company I'm a partner at.
@@andrewmcnicoll4268 It'll be a very long time before I'm able to afford a house here in the US, but what you're saying is that the double-ended deal thing doesn't exist in the US? Except for a few house buying shows, I don't know much :)
@@BewareTheLilyOfTheValley Idk about the US housing industry, but that's the regulations over the external auditing industry. In comparison, I'd be surprised if that's legal in the US.
If they’re fined their names should be published in all the real estate newspapers and online.
You can actually look up on the RECO website each and every licensed salesperson or broker, and see if they have ever had any fines or convictions.
I appreciate the money that CBC spends on their investigative reporting. They sent an entire team to Australia to cover this story. Much respect.
I appreciate NOT ruining our planet by completely unnecessary plane travels around the globe!
@@Celisar1 dammm Karen
This is in Canada I think lol
It's our (Canadian's) tax money that pays for this
I already knew this lol. when I was a kid my Dad always told me, "Son when you ever want to buy any kind if property, find and talk to the owners first"
I will remember to tell my son that.
Ricky, I would not sell to someone that knocks on my door and then comes with an agent. I mean, if they’re offering to match my price right then and there I don’t mind, after all it’s business. But if you come into my house and talk to me and then bring an agent/broker to negotiate a lower price, there’s no deal.
I generally don’t deal with the buyers, I don’t like when people go I like this house, it’s perfect, bla bla. And then try to negotiate. If you like, buy it. I don’t go to the grocery store and try to haggle the price of the tomatoes because they’re delicious, I buy them.
That’s my two cents.
Yhup me too.. which is why I say owners u deal with that Banks URSELF n buyer..not an agent..
Your father smart. God bless him
@@EuroGuy85 come buy my house, just the kinda buyer i need... 🥳
Marketplace is addictive. Don't even live anywhere near canada and I've now watched 50+ plus episodes. Shocked at how poor their legislation is, I always thought they were ahead of the curve.
That’s Canada eh!!! This is just one thing. Everyone from higher up is involved in the process
It's an ethical issue. Doesn't matter where you go. There is always people with no morals and ethics
We are ahead of the curve in public relations/image management😭
I left real estate because it was so unethical, then I went into the medical field and found out it was even more unethical- and much more deadly. Come to USA and do investigations in the medical field.
Dee Dee I decided not to pursue med school for multiple reasons including hospital/pharm contracts. What are some of the unethical aspects you have seen?
U r so right n the medical one is deadly coz so many have lost their lives due to unethical practices. What do u investigate? Am a nurse, but right now am just disgusted with low quality care patients get, n it seems like the field has turned to who can cover up better! maybe I can come work for u? 😀,
Sunrise & Sunset wich state do you work in
STRICTLY HARD RAP, Am in PA state and u?
STRICTLY HARD RAP, Am in PA state and u?
Why isn't double-ending illegal? Like, seriously?
It's CLEARLY a conflict of interest.
I still don't understand what it is
In America both the seller and buyer have their own agent. The buyer's agent wants the house to sell low. The seller's agent wants it high for obvious reasons. Both agents get a percentage of the sale price. In Canada one agent can work for both the buyer and seller. That's a problem because he is always going to want it to sell high, that's not fair to the buyer. It can also be unfair to the buyer as well but that get a bit more confusing if you don't understand the house buying process. The whole reason I know is because I manage my parents real estate and buy and rent houses out. If there anything you don't understand let me know.
@@mitchellmaytorena1137 Or like in the case in the video, the agent will not tell the seller about the higher offer from another agent because they won't be getting that commission. So they only tell the seller about the offers from their own buyers.
Mitchell Maytorena In the USA the same firm can represent the buyer and seller, just use different agents in same firm. Still incentive to cheat to make your boss happy. That’s why when I found a house myself I made the offer thru the selling agent.
As long as the government gets their cut, why would they interfere with money bags rolling.
Overpaid, under-skilled and corrupt. The real estate speculation industry is spiralling up the cost of living.
+OH Yeh! 90%
even the rules allow for some legal stealing but if they wouldn't be there.. people still wants to rip of others but are frustrated themselves if they got ripped. And that crap that's he market and "natural" ways of it works.. Boy overpopulation would sort itself out if all bans are lifted. Ok utter chaos but since humans prove on daily basis over all centuries they are incapable to co-exist ...
Anyone can become an agent. The industry attracts narcissists with a God complex. Most would rather kink a deal then boast about it than do it with integrity. Most are starving.
Government sold out the people like the liberals in BC
Well said. And not really necessary 🤔
We live in a society where there is so much of cheaters and liars, and the authorities seem to turn a blind eye to these scumbags.
Agree ! Where is any honest people out there ! The problem is - authorities not putting a stop to it ! Dishonesty is blooming !
@@CharlieBrown-zr9wk In their defense, it seems more like poor regulation/lack of oversight than something such as laziness or lack of effort from authorities.
I just got to the second half where they go to Australia, and their style seems to suit me a bit more. I got to thinking about it and I'm not 100% one way or the other, but at first I thought blind auctions on houses was utterly ridiculous.
The more I see the more I prefer the way Australians auction houses, especially compared to the way Canadians tend to sell them.
It seems strange to me too, dude.
Scumbags🤣🤣🤣🤣🤣
..... but businesses always work in their customers interests! Markets manage themselves!
when he said “that was the house, that was it” i cried
Never trust people that call something they don't own, "their inventory".
Double ending should be banned in Canada and the US. It creates a conflict of interest that hurts consumers.
Double ending isn't a problem in the US like in Canada because the US doesn't have the same restrictive real estate laws and market controls that Canada has.
double ending is the same problem here in the US. maybe even worse. So many of the realty firms in the US also handle the mortgage services. So now , you have one office who wants to represent both sides.. and will steer yoy to their INHOUSE financing agent. potentially one person making comission on the sale (both sides) and the mortage comission from bank.
polivo0111 I’ve run across some agents that try to push clients to their in house lenders. That’s actually not allowed. I’ve called out some agents on it. And these agents are shady in the video. Makes realtors look bad. Smh. Hate agents like that.
Brett Vogel well I live in Florida and I went and got my real estate license I don't really use it other than helping my friends and family which does make me some money because we'll usually split the commission so instead of them having to get a realtor and pay 6% no pay me 3% or if they're buying a place since they're using me I get a percentage of the seller's Commission but if he has a real estate agent then I only get half. so somebody selling their house I'll take only 3% versus somebody taking 6 and if they're buying a house I can save them anywhere from 1.5% to 3% off the price. Now in Florida there's three different types of contracts and the best one to get and to have a real estate agent sign on to it which I can't think of the name of it find you to say that you have their best interest in heart and you cannot represent anybody else in the deal. So if you were going to sell the house you want to make sure that you could get into that contract with your real estate agent and then you don't have to worry about this.
It boggles my mind, how any countries law can allow double ending and hope that the agent is an honest person.........
I'm not even Canadian, but I love Marketplace so much. Great work, CBC! I wish we had a show like this in America.
When she was at the auction and reacting by putting her hand up I was like, "watch yourself! You're gonna accidentally buy a house in Australia!"
Lol!
I'm not even Canadian and I'm addicted to this show haha.
Why is it the government never ceases to disappoint me. ....
Crash Burn that's our mistake to think governments are there to protect us. But they are the one who steal from us in the first place.
Screw the government, let's demand change for ourselves because we know voting will not do anything.
First step is rallying support.
Please sign this petition
www.change.org/p/tracy-maccharles-bring-public-real-estate-auctions-to-ontario-transparency-real-estate
Richie D I'm glad we have some common ground.
I thought the petition a beneficial place to start, even if it doesn't do anything at first, it raises awareness that there are options, and the people can demand them.
Dude, look how far minorities advanced (good on them, much of it was owed); they did it by struggling in any way possible. big and small, whatever helped the cause in any form.
I'm not saying this petition will solve the problem, but it's a start, if anything to organize thoughts, plans, and awareness.
Because you keep voting in politicians that are sponsored by corperations.
It isn't rocket science dude.
So this is why my sister decided to sell and market her own home instead of going through an agent.
Not an answer. You need a wide field of potential purchasers. Under the best of circumstances, fewer house seekers will see the house. Worse than that, realtors are known to blacklist properties which are not listed with one of their own. Either way, "FSBO" is usually a money loser.
@@jimwerther Not really. Not everyone goes to real estate web sites. lots of people look at zillow and other places that have agents listings and seller listings. I know someone who just closed on a house where the seller listed it themself and the house was in the 600k range. The internet has really shown that you can expose your house far better than that sign on the front lawn from a real estate agent.
Realtor: "I use my pover to get the house.."
Marketplace: You use your what?!
Realtor: POVER...
Lmao
3000 or 5000 fine is the biggest jokes
"I use my pover in order you get the house"
Pay attention will ya.
Omg lol
I was a broker for 15 years and constantly ran into these breaches of the rules. Part of the problem is the winning bids dont want to complain and the losing bids dont know the details so it is hard to get evidence to prosecute.
Wow. Having that Australian system would be amazing! Imagine the auctions in Toronto; you could probably make a reality show about it. 😂
SimmonSays I'm a proud Aussie and glad that we have progressed in some areas more than others
SimmonSays no the actions would be horrible
Australians don't have a perfect system. We have Gazumping, which is rampant. The people who did this video, didn't fact check properly.
I can imagine that show now: instead of ''Storage Wars'', ''House Wars''. Or ''Home Wars''.
The Lonely Sapphire same!
I'm a Realtor myself, seeing these agents breaking their fiduciary duty and being selfish. disgust me.
Bad News with Trump get Ready to get more of this without Rules, and Regulations Bravo America!
This is Canada too and their rules may be different
So I add frosting to the top of the cup cakes
Oh please, the entire industry is scam.
Are they genuine fiduciarys tho?
Taking $30000 less offer agent loses $450 but being double agent on $800,000 gets them extra $12,000 for $24000 total
The rich get richer, and the little guy keeps getting shafted. Sick and tired of richer people constantly screwing over everyone else!
The end of the video shows perfectly the problem with government. They aren't interesting in solving problems. They are interested in ensuring there are problems in which they can create more government regulators who won't ever solve it. Just like how double-ending benefits the sleazy real estate agents, that it exists benefits bureaucrats too by ensuring they always have a job.
I would like to know how much the Lady in charge at the Government is getting paid under the table from the realtors not to push for a change. Only hear there is no problem and passing the buck.
Well...the fact y ou have to have a realtor's license to sell houses that aren't yours seems like a crock to begin with to me. Get rid of licensing requirements and make it optional. Step 1 to ending the corruption is to stop the gatekeeping.
The government needs to prosecute. There are too many crooks in this world. (I live in Canada)
Fire that government officials and the people responsible for RECO. They lack accountability and competency
I feel that mans pain. We put an offer on our dream home and the buyer accepted a 10k less offer than ours because they had cash. The deal still ended up taking over a month to close. I am sure they regret it everyday.
“his job is disciplining agents”
-has a torture chamber-
How about they reveal the information regarding bid amounts to all buyers. Bids should be transparent so people can decide for themselves how much more they are willing to pay over another bid. Like an auction. Having the bids hidden you could pay way more than even market value by trying to compete against some unknown number. Its ridiculous.
Its either that or show the listing agent too
The problems is false bids don't buy. If the seller does that they run the chance of chasing off the highest bid. I think the process should be open.
Wait, are the bids not transparent there? How do you know if someone bid above you then, and how much to increase? This sounds like a potential disaster.. All bids have always been open where I live - if the realtor recieves a new bid, he calls up all other potential buyers to inform of this bid, and asks if they want to go over.
@@90gdv If a false bid is accepted and the person doesn't have the money they lose the down payment, if they even have money for that. The solutions is simple, open bidding and if you get selected and cannot even provide a down payment that knowledge is released to everyone as a name and shame. After that the rest can adjust their bids as they feel is correct and the client can then select another.
Also bids are not open in Canada. Either your bid is accepted or rejected by the client and they don't have to provide a reason. They can also counter-offer at a different price though, but you have no idea if that is because the client just wants more money or they are driving a hidden bidding war.
As a realtor myself, I find your comment infuriating. Realting is tough business and we don't get much transactions around to survive, honestly. Any more transparency coild mean we won't be living well anymore.
If you want to improve the industry, report those agents, let RECO discipline them and set an example.
I’ve done real estate deals as a buyer and a seller a few times. What I find fascinating, is how people “fall in love” with this or that house. And I noticed it’s only those that have been born here or have lived up here for a very long time for the most part.
I’ve never looked at a house as I’m in love with it. It’s a piece of property where I put my stuff, and I plan for at least a good part of my life approximately 2/3 of the day to be around the property, and half of that time will be sleeping. So that gives me about a 1/3 of the day to be at home as if I just stay home after work every day.
Find a place that you’re comfortable having your family live there, have friends over to visit occasionally and make sure you can afford it.
I’d only “fall in love” with a house that I built from the ground up.
Be smart and don’t get taken for a ride.
This is why CREA wants to ban sites from listing sold prices online because they could inflate a price without the buyer knowing.So you can pay more for a house that was sold recently for less but the agent would tell you its a great price.Agents are like used car sales men with a higher commission.
This is going to sound harsh too but we’ve dealt with a married couple as agent in Ottawa Ontario Canada and now they work for Remax. We put a house for sale but the agent requested that we lower our price a couple time during the contract which was weird. The house was sold to someone one but now I have a feeling that the agent bought the house and put it on someone else's name and that is called a “prete nom” nominee in English so basically they use someone else’s name to put on the contract instead of their name. They ask us to reduce the final price by $6000 for some odd reason that didn’t make any sense but now I understood why they wanted $6000, it was to pay for the house for the full year until they put it back on the market to make a huge profit. I’m pretty sure that’s illegal.
The real estate industry is so corrupted.
and that is only one story, I have more.
Why would they make a huge profit? That only means your house was sold way under market value. $6k is not much for a house.
$6k is not much to gain if they asked you to reduce by $10 -$20k then thats a different story.They would make more money from the commission if they didnt ask for a reduction. That $6k isn't a huge reduction at all
The price wasn't reduced just by $6000, read it properly. They said that the agents requested them to lower their price a couple of times during the contract, then asked them once again to reduce the final price by $6000 more. So all the missing numbers add up...
I tried to help my parents FSBO and the scummy scammy lying realtors came out of the woodwork. It’s really really sad and angering how they control the market the way they do.
I'm Australian and I was so confused at first with the whole buying agent and secret bidding thing until the Aussie segment.
Thought most places just bid out in the open or made offers until the seller accepted.
Realtors seem like the biggest Crooks out there!
Yep, in order, lawyers, dentists, realtors. Top three group of douchebags!
God is the biggest crook
We aren't all like this, this is sick I agree! All traits have their share of RATS!!
Realty has its crooked actors, as readers of Freakonomics would know. I truly doubt, though, that politicians, lawyers and realtors are statistically more corrupt than the population at large. Some people will always take ethical shortcuts whenever they can, no matter what they do for a living. Personally speaking, I report cash earnings to the IRS. Do you?
I'm a journalism student and man, CBC News is great. Interesting topics, straight to the point reporting and credible sources from all sides. Besides the camera shakiness, this is the kind of video story I hope to one day have under my belt. Good job CBC
Good luck to you in journalism!
I’d love to see you gimbal stabilized under cover footage 😂
one thing you dont see in CBC is two sides to a story. They portray everyone as crooks and never give other side of the story. But I guess that is journalism 2018...
I would love to see house auctions in Canada out in the open like that. Go Australia. the real estate business is so grimy here
I am not surprised about these greedy double dealers, the public needs to be aware of these cons, thanks for the heads-up.
Dear CBC even with two agents double ending can happen if they are friends or with mutal intrest. simple way is to offer to be given to the owner and not the agent. and owner will make the decision based on money vs conditions.
A friend of mine selling his house had some experience working in a real estate agency prior. Everytime he looked for a selling agent, he told them he will not sell his house to any buyer where the buyer is represented by their own agent or any agent from the same agency. Because of that, it took them 8 months to find a selling agent because most agents had a problem with that. Don't forget you are the seller and you have the power. If you don't want them to double dip, you can request them to agree to it in writing or no contract.
As a fellow realtor in the USA it is truly saddening to see agents with this behavior and no morals. My reputation is so much more important to me that what these other "agents" seem to value. Agents are the people who need the buyers or sellers, and these people are just taking advantage of them. So wrong. These agents taking practically double commission from a double deal, I always just take my half even if I work both sides.
My dad owns a house inspection company and he sees every day which realtors actually want what is best for clients rather than just making a commission.
So maybe tell us who these top real estate sales reps are so that you can INFORM THE PUBLIC.
Is a little bit of comprehensive journalism too much to ask for?
Montgomery Bojangles And some phone numbers so ownage can call them.
The bigger the ads the agents put out in the public the higher the rank they are.
Pay attention to TV or even bill board ads in the public.
Montgomery Bojangles that would open cbc to lawsuits
Plus, it would screw up any prosecution that might be going on.
Why tho? How? We have lots of investigative reporters here in the US that expose scams and what not. They are usually called by viewers to help shed light to these things. They are doing a service to the public and, since they catch them red handed, they aren't slandering anyone.
Real Estate agents are like car dealers. Their only concern is for how much money they can put in their pockets, regardless of what's best for anyone else.
Hiring a licensed Realtor improves the likelihood of getting someone ethical, but not by much.
It should be illegal for the same agent or agency representing both buyers and sellers.
What's truly sad, is that the government agencies responsible for controlling corruption refuses to do their own jobs.
I am sooo glad that we were able to get our house through a private sale without the need of a real estate agent. My father-in-law was selling his house (the house my husband grew up in) and buying a new one with his girlfriend.
My aunt who is an agent got a bit pissy at me for getting such a good deal and not using her services.
She got pissed because she was denied an income. It is tough for Agents too making ends meet if they don't have a day job.
3:10 You don't need an agent to buy a house. Also you don't need need an agent to sell your house.
Amen
Nice to FINALLY see this in media, about time. Thank you Marketplace.
when I sold my condo couple years. I let all my iPad, tablet, computer, phone recording.
This way, we knew how much the buyer was ready to spend
Alex Bosse
Lol I did that in our house in Canmore, the agent was horrified and kindly asked me to delete it citing the possible legalities of it. Mind you I did not use to to get prices just uncensored feedback.
SMH
You would probably need permission from the recorded. What you did may have been illegal.
+hhiippiittyy *Why* would it be illegal to wiretap your own home? It makes no sense even if you're not currently present. It's your home, you should be able to do what you want with and in it.
Now, what you do with that recording though is a different matter. If for personal use, it's IMO perfectly fine. That's actually the law in many places. In many places around the world, only one party has to be aware that a recording takes place for it to be legal. So if you're recording a conversation on the phone(check your laws first), it'd be legal because you know about it.
For businesses the law is different. They can't do that. They'd have to ask for your consent before recording or they'd be in gross violation of the law.
madman2u
Yeah, I hear ya. I'm not saying it is illegal with certainty. I would definitely expect there would be no concerns if there wasn't a business transaction, like if you were simply hosting guests. I just know that real estate transactions are heavily regulated and that there *may* be a legal concern depending on jurisdiction. Likely not, but still possible enough that I would want to consult a lawyer if I were to do the same, given the size of the potential consequences (a sale being found null and void or something like that).
- Your what?
- My *pAwVeR*
real estate agents grind my f**king gears. You need a lawyer and that’s it! Waste of money.
Always a good thing either have a clue in what to look for in what is sound when it comes to a construct or a friend. willin' to lend their knowledge.
If you want to spend double what you would for the traditional real estate transaction, then by all means go get a lawyer.
lol didn’t think i’d ever see snowcat here
@@taylordenman6105 Spoken like someone who has the means to hire a lawyer.
@@janeguarnera7700 your point?
Was anyone else bugged by the guy tearing up because he didn't get that one multi-million dollar house and had to buy some other million dollar house. Talk about the peak of a first world problem.
Can you imagine an Australian type auction in front of a house in Edmonton in -50 windchill? The house would never sell because no one can raise their frozen arm to bid!
Krypt Sanies lol
Hahaha I guess spring time to fall would be auction season :)
Krypt Sanies have you ever bought an item online? You set up a time line where bidders will continue to fight and when the auction end the higher bidder buys it.
Fair point! But what if you could do this online? ;) www.suuty.com
What if they just go inside the house and bid inside?
Hey CBC, can you do a part 2 to this episode? Maybe a Covid version.
based on how dude was acting its clear he had a deeper connection to that house like he literally saw it in his dreams
tears over losing out at 12:55 omg!
Wow, he is pretty torn to pieces over this situation. To be honest, I cannot say I have EVER witnessed someone so hurt because of their dream home being sold to another bidder. All I can think of is the old saying "do not place all your eggs in one basket."
CT! yeah but you would think the sellers would be the ones crying for they're the ones who lose the extra $30g ! not exactly chump change
J Tenn yeah, I'd image the sellers being upset then the guy who missed out. Can't always get the dream home but don't cry over it
I bet he voted for Hillary.
Phuck Ewe Hillary is an American who was running in a American election, so no 😕
The solution is simple. Change the Law that allows the same realtor to represent both ends of the deal. Problem solved.
Electra Den - consider the agents may be different but have same broker/brokerage house. So commissions are still under same umbrella. Agents still deal under the table.
The solution is even more simple than that: Make all bids public and easily available.
MyName Jeff have u been in an ebay auction? That is the worst. I wouldnt wanna do that with Real Estate, C’mon now
CBC Marketplace has to be the most informative news program that has helped me become less ignorant about shopping, investing, and living. These people are honestly a godsend because they are not afraid to expose the evils of humanity. Although this stuff is recorded from Canada, I know a lot of these scams and bad deeds occur in America, too. I watch both CBC Marketplace and Dateline NBC. I avoided making many mistakes than the average young adults and 20-year-olds that are ignorant and naive because I watch programs like these, and I'm only 19 years old! Thank you, CBC. You guys are awesome!
Marketplace is the best show that all Canadians should watch !!! It educates us to reality .
Bidding increases the actual cost of house. Check the housing prices in Australia & New Zealand,. Holly molly super expensive.
It is not not good for either side.
The agent can make the price higher so they can get better commission.
This service has to ending.
Ending real state service.
Boy I’ve done construction too. I can imagine all the dirty deeds before they sell a house, cutting corners and junk
My prominent hot shot agent had all parties meet in the same room...then spoke in Italian to the other agent who appeared at that moment to be friend....needless to say I lost out on many thousands of dollars.
One of these agents works at Willodale area and she has absolutely no believe and respect to the Code of Ethics whatsoever.
the realtor should not be paid as %of price but their compensation should be based like other professionals such as lawyers, accountants. It will stop all manipulation they do.
muhammad aleem oh shut the hell up
commission does not have to be based off of a percentage. commission can be flat fee
@@Elena-gv5wi if commission is a flat fee then there is no incentive for the realtor to sell for as much as possible
@@mynameisname77 ...You are right. People are so totally naive about business corruption. Look who pays the highest price when a huge industry executives like the Wells Fargo scam is forced to finally be exposed after thousands of their customers got scammed. The execs blame low level bankers and fired many of them. Now it's back to business as usual for Wells Fargo. They now are using warm and fuzzy tv ads using a lovable dog in their ads. Tip of the iceberg.
Thank you for doing this.
Scammer lady : “I use my pover in order you get the house”
Spy girl: 🕵️♀️ “ you use your what?? “
Scammer lady: “Pover “
Sorry but That took me out !!! I’m wheezing 😭😭😭😭😭😭💀
Love your investigations!
Let's all go to Australia! North America (US and Canada) has to many slippery politician.
australia is a great country if you can handle the millions of immigrants taking you jobs and buying all the real estate.
@@silvana8246 🤦🏽♀️
Absolutely happens. Once blocked by an agent from placing a bid claiming his client was ill that day and my agent recorded that phone message on tape. Went back to the homeowner in person to advise my initial offer was higher than what he accepted on that day and told him I was prepared to go higher. Later on the OREO did an investigation on my agent's initiative and the listing agent had clearly paid off the seller. The seller provided a written statement that they were aware of all offers. The taped evidence was never considered.
Limited or dual agency is freaking awful and really shouldn't be legal. These types of deals aren't legal in several states here in the US. Don't let someone have both sides EVER!
Corruption Corruption everywhere Car insurance cell phone I can go on and on people sleep don't complain government let's them companies do what ever they want the most expensive phone bills in the world you pay so much for nothing.
I fail to see any corruption going on here. The seller wants the most out of the sale. If one buyer brings a higher offer and the other people don't welp its going to the highest bidder. Simple
It's not going to the higher bider! Didn't you see the guy that offered $30.000 more for the house and the realtor just ignored his offer to get the double comission?
This is why you look for houses that have sat on the market 100 days or more
That doesn't exist right now, and hasn't for the past 4 years!!
If they've been on the market for that long there's a reason and that's usually a reason that will cross the house off your list.
@@phakeAccount Agreed. If a house has been sitting for more than a few months. The first thing I think is there must be something wrong with it. Usually, there are more buyers than sellers. That's why you have bidding wars. At least in the U.S. now that the interest rates are at it's lowest, more are buying. So if a house isn't sold, it does create some red flags.
There is something very wrong with that house then. Most houses are on the market for only weeks and they usually go for way more then advertised.
Thank You Marketplace
We need this for the Truth in Everything
Thank You for the Truth
Many Blessings
So glad I found this Chanel, so educating! I love it. I really felt bad for Kevin losing that house, but Kevin if u read this, take it as a blessing in disguise coz your son will probably have the best childhood memories where u r now than If u had gotten that house! N u might even find something that u love more in the future when decide to but again.
Are your agent allowed to tell you how many other bidders there are? One of my family member was buying a house her agent told her there was another bider so she need to raise her offer. We later found out from the seller's agent that her offer was the only one they received at that time.
So, bidding is 100% perfect with no negative aspects? Would a bidding market drive the price of homes even higher? Is it better for consumers to buy a home in a hurry, based on fear and stress, as opposed to going through a slower process? Can everyone in the bidding have the chance to calmly inspect and visit the house in order to make a well-paced and educated decision? I don't know much about Aussie real estate market however, it looks Marketplace picked only the aspects that could seem positive. Good intention Marketplace, but really poor outcome.
My thoughts as well on the actual bidding environment. They do allow for homes to be inspected by the buyer prior to closing and homes are listed and available for showing prior to the auction. The buyers don't just show up. However, I wouldn't want to bid on a house in that environment.
Real estate agents, car salesman, some contractors...all are the most untrustworthy occupations.
As a frequent buyer, I have learned to always buy from the listing broker.
It is a good thing for market. There are too many middle mans between transactions, RECO is source of this problem and it should be eliminated
In the US the final selling price becomes public information. So even if the buyer and seller use the same agent they will know how much the house sold for eventually. The seller and buyer has the right to sue under breach of duty if the agent is shady. There is still the issue of the agent inflating the cost to the buyer and fudging on the condition of the home. But it's a start.
certainly better but I do like the auction thing.
This is not 100% true. Cash buys can be just title transfers. I own a house and it was traded. No cash involved. So zero dollars spent. Though I had to pay 6 years in back taxes. I have warranty deed on all of my land and house.
Not always. I know a property that was sold for $600,000, but for some reason the public records show it sold for $25,000, so I won't be surprised that there could be some shady dealings going on with the records department.
@@spirittammyk Sold price can be altered in a few ways. Some people buy a home with cash money and then only get a loan for a small part of it and that may be why it shows as sold for 25k, they never reported the real price. Even if they decided to pay cash out right on that large of a home a loan would be ideal to keep credit scores high. Which also allow one to borrow more against it. It could also be reporting error as well.
So for the auctions. Do they show up with a lenders letter? What about contingencies or are they mostly “as is” ?
As a realtor in the US thats pretty mess up,we do have intermediary representation ,but now most of the brokerage companies dont want to take the risk to get into legal issues for dishonest agents,so they either represent the buyer or the seller but dual agency is banned in Texas but not Intermediary representation which at the end of the day is kinda the same thing but in a sophisticated way
So for buyers double ending is great, but for sellers it is bad.
The truth is finally out!
This is why I love Australia!! 👏👏👏
This is a great channel love marketplace
A $3-K fine on a home where the commission if they don't get caught are $78K on an average home sale? that doesn't sound adequate at all.
EVERYTHING has to do with $$$$$$ and don't you forget that.
Phuck Ewe duhhh! OK I won't .
Why not investigate realtors like CBC just did? You can fine the non compliant realtors and improve the industry. Unless the industry is happy with making lots of money in a hot market market and not concerned with the consumers...
I learned so many new words from this guy, impressive
This is a great show.
It doesn't surprise me that they guy wearing a baseball cap at an open house is unprofessional. You aren't at a sunday bbq. You are handling a large transaction, take it serious, dress the part or get out of the business. Just screams part timer.
Taureg yeah and not to mention his arm tattoo collage and inability to articulate his craft
Taureg He has forgotten about his ethics.
"dress the part"? I dont think you've been surrounded by successful people. The only people who constantly have to dress up are people like me who are pawns in a business just out of college/high school. All the millionaires I know, whether lawyers or doctors or IT or real estate, all of them dress casually at least half the time while at work
Hell, the millionaire lawyer I worked for has a dog cage and a pitbull in his office while he himself wears gym clothes at work
These kind of people impress with their actions and reputation and results and likeliness. Sometimes they feel like dressing up, sometimes they dont. What they do, unlike many, is they do what they enjoy so if they feel like wearing shorts with a baseball cap, they will
Drugs man
With today's technology, professions such as real estate agents, car sales persons, or any other middle man is completely unnecessary. CREA goes out of its way with its protectionist policies and makes us think buying a property is somehow less productive without one of its crooked agents. I got double-ended on my last property. Real estate agent picks a selling price that is "what the market will bear" (ever heard that line before?) and brings me an offer for full asking price 3 hrs after I sign the contract. A for sale sign was never placed on my property. In hindsight I never actually got my asking price .... I got "his" asking price. He benefitted from both the sale and the purchase.
my heart goes out to these poor unfortunate people. its so sad they can't live in these homes. the loss is unimaginable! i cant imagine the horror. i cant stop crying for these poor poor people.
Marketplace has some of the best journalism I have ever seen for consumers.
I've been binge watching market place!!
Anyone wanna start a company that is going to change this? open application where buyers publicly can make bit, with their informations hidden.
As a realtor, I double ended my third deal my first year of real estate. It is too difficult to walk that fine line and will always refuse to do it in the future, regardless if it is legal or not. I will refer the buyer to another agent at another office so that there is no conflict of interest. Imagine having the same lawyer representing both plaintiff and defendant: it not only shouldn't happen but can't work.
I love CBC marketplace. I wish america had something similar (I'm from Toronto).