Detroit Real Estate

Yes some agents act unethically all in the name of a buck.  Short sale scams are in full swing here in Southeastern Michigan.  I know of one agent that does some short sales.  When the bank does the BPO he tries to influence to a low ball amount.  If the bank does a low BPO and then accepts that low number, the property now has a below market price that the real estate agent knows about.

Then the real estate agent has his "partner" put in an offer at the low ball price.  Of course the bank accepts it.  The partner buys it.  Then the agent re-lists it for the "partner" after some repairs.  The agent has become part of the transaction by influencing the banks appraiser for a low price and then having somebody he knows buy it at that price.

Gone are the ethics of a real estate agent.  We as real estate agents are supposed to work to get the best price for our clients.  The banks in short sales are our clients too.  Not cheat them by having a friend of ours buy at a low price we influenced the bank to take.

THIS IS UNETHICAL.  THIS IS FRAUD.  This agent made $30,000 off the first deal and is in the process of making $50,000 plus off his second deal.  I'm sure he will continue to do it as he is not breaking any laws.  But he sure isn't working in the best interest of his clients.  I'm just glad he doesn't represent me.  

If he does that in short sale would he do it to a private owner too?  I think so.  Making a buck at the expensive of others has never been my way of life.  Life is too short to cheat people, or cheat clients.  Sadly this guy is proud of what he is doing.  He just doesn't get it.  Maybe he thinks it is OK because it is a big bank.  But I myself think it goes back to our core values.  Back to who we are.

Would we cheat or steal if we knew we wouldn't get caught?  That's a question he person has to answer for himself.