Special offer

You make the call..IS That even legal?

By
Real Estate Agent with Premier Real Estate Group 20060473

You make the call...IS that even legal.....

Agent calls to tell me an offer is on the way...from a property he,or his client HAVE NOT even previewed. I was sketchy in the first place. I get to reading the offer and it is a full price offer, more then full price. Buyer asks for an inspection, asks to be able to"reassign " the contract, and that the seller pay a "Finders Fee" to some third party( who I later find out is the originator to the offer) for finding a buyer. They have an inspection period for all "investors" to approve the property. The buyer even went as far as to ask to show the property to potential buyers , before they had clsoed on the deal. (trying to find a renter before the property was purchased) Of course my seller declined , but the buyer came back a second time asking with a definite buyer, but a $5000 fee for finding the buyer. Sounds to good to be true...right?

Turns out that the originator seeks people online and "qualifies them, and /or seller finances in some way. The agent told me he submits like 10 offers a week to sellers to see who bites. I replied that agents don't make that much when they sell a property.

My question was "is this legal"? You make the call...

Posted by

Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production

I think it's sleazy at best, but really not legal.  Is this governed by state law?  I know the fed supercedes the state, but I"m curious as to the results here.

Aug 31, 2009 01:54 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

 If it smells funny...looks weird...feels creepy....be afraid, be very afraid...do not pass go and send him directly to the all gone machine.

Aug 31, 2009 01:54 AM