AN OPEN LETTER REGARDING PREDATORY PRACTICES

By
Real Estate Agent with Charles Rutenberg Realty Inc. 516-575-7500 NRDS ID#641625055

AN OPEN LETTER REGARDING PREDATORY PRACTICES

 

Dear Prospective HomeBuyer,

 

Yesterday, you learned that the elderly owners of the Queens house you toured were prematurely forced to move out of their home. A chronic illness has stolen some of their independence and they were faced with the difficult transition of moving in with their adult children. The homeowners are greatly motivated to sell and are willing to entertain all reasonable offers. The asking price is the lowest in the area and represents great value for that particular neighborhood.

While fresh paint throughout and resurfaced wood floors would brighten up the rooms tremendously, the current condition of the home is reflected in the listing price. A new roof and new windows may also be necessary in time but are not required immediately upon purchase.

What then would explain your offer of 200K less than asking? Taking advantage of a person's dire circumstances is a phenomenon we've seen recently usually in conjunction with short sales. Reveling in someone else's misfortune and using their bad luck to your extreme advantage is unfair but becoming more commonplace.

Searching for a good deal? You've found a good deal! The home prices have dropped 35% in this neighborhood since the peak years and have barely started to go up.

While you're out shopping for that "deal of a lifetime," try not lose sight of your moral compass.

Fair market value is all we desire.

Sincerely,

 

Your friend in the business,

 

 

 

 

 

 

 

 

Posted by

No matter how you spend your day, come home to this

 


 

Long Island Real Estate Needs? 

Reach me @516.395.8376

 

Long Beach is a diverse community that is never short on entertainment. Interested in moving to Long Beach?

Don't hesitate to call me and we can begin our tour.

 

 

CHARLES RUTENBERG REALTY INC.  *****  516-575-7500  *****

ABOUT THE AUTHOR: Graduate REALTOR Institute 

Jill Sackler, NYS Real Estate Broker Associate based on Long Island's South Shore
 
 

Sunny Isles, Fl 

 

  

     Specializing in Lifecycle Real Estate Transitions

"When your family doesn't fit your family home, I can help."
 
 
 
 
 
   
   

   

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©Jill Sackler 2010
 

 

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Show All Comments
Rainmaker
2,056,039
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Jill- good post.  Unfortunately not all people  have a moral compass.  Seller beware!

Jun 27, 2014 05:27 AM #16
Rainmaker
1,400,598
Jeff Jensen
The Federal Savings Bank/Lending in 50 states - Greenwich, CT

Bravo!  I am glad to hear someone who cares about the people.  There are many more of you out there.

Jun 27, 2014 07:24 AM #17
Rainer
108,849
Brian Olsen
Portland, Lake Oswego, West Linn & Dunthorpe Neighborhoods, Waterfront, Luxury & Floating Homes - Lake Oswego, OR
Cooper Jacobs Real Estate Group | Keller Williams

Great concept Jill and thank you for the BLOG.

Have a wonderful weekend. Thanks again!

Jun 27, 2014 12:56 PM #18
Rainmaker
755,981
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

The good thing it's just an offer and hopefully in due time a better offer would come in.

Jun 27, 2014 01:56 PM #19
Rainer
389,543
Anna Hatridge
Goodson Realty - Farmington, MO
Missouri Realtor with Goodson Realty

I love how you stand up for your sellers and what is right. We all love a bargain, however there is a difference between getting a great deal and taking advantage of the elderly.

Jun 27, 2014 03:36 PM #20
Rainmaker
2,304,602
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Jill. My compliments for sharing your open letter. I honor your message, but it may not matter to the person that would make the offer.

Make it a great weekend!

Jun 27, 2014 08:43 PM #21
Rainmaker
925,849
Ron Marshall
Marshall Enterprises - Saint Michael, MN
Birdhouse Builder Extraordinaire

This is enough to make my blood boil.  Scavengers, bottom feeders, predators.....go buy a foreclosure!  Leave these poor people alone or offer fair market value.  Well done, Jill!

Jun 28, 2014 01:55 AM #22
Ambassador
2,153,310
MichelleCherie Carr Crowe Just Call...408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

In my experience, this is usually a mistake of unexperienced buyers.

Jun 28, 2014 05:21 AM #23
Rainmaker
1,356,326
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Hi Jill,

I couldn't agree with you more.  We do a lot of research on pricing and when we get a ridiculous offer ( we have to tell the seller) it is always a waste of time.

Jul 05, 2014 12:45 PM #24
Ambassador
1,723,845
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Jill - I can understand it as a way to vent yourself, but I doubt you would send this letter to Buyers/Buyers agents. I stopped at one time fuming about it. I am a middleman, and I am bringing even lowball offers to Seller's agents. Sometimes because I expect them to reject it, and this helps my clients to get the feel of the reality. And the other reason was that there were quite a number of instances, where the offer, that made me flush, was accepted without even the counter.

In situation, when the Seller is represented by the agent, it is the agent's job to advise their clients that they should counter, or ignore the offer if it is low.

Jul 05, 2014 03:25 PM #25
Rainmaker
2,115,511
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Jill,

As more and more people become new agents, I pray they have a moral compass and can be the professional agent that seniors and those who have suffered misfortunes can count on. Your professional skills and compassion is a beautiful combination. I would be honored to do business with you any time.

Jul 07, 2014 12:57 PM #26
Rainmaker
575,343
Maria Gilda Racelis
Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington - Manchester, CT
Home Ownership is w/in Reach. We Make it Happen!

Hi Jill: That is a very ennobling letter. Truly, your soft and big heart is reflected in the letter. Your clients are very much in good and caring hands.

Jul 07, 2014 09:41 PM #27
Ambassador
2,303,844
1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

There are those that look for weak or vulnerable people.. they are predators.  Good post.

Jul 11, 2014 01:39 PM #28
Ambassador
1,954,562
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Well back, and happy to see the date adjusted. :) I do love this post as it showcases why you are such a great real estate advocate for seniors.

Jul 15, 2014 04:00 AM #29
Rainmaker
3,777,112
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good afternoon Jill. I am really taken with this and agree with your premise. From the amount of comments here I think you probably hit a nerve. I think you are special and I suggested it.

Jul 15, 2014 05:17 AM #30
Rainmaker
765,992
Jill Sackler
Charles Rutenberg Realty Inc. 516-575-7500 - Long Beach, NY
LI South Shore Real Estate - Broker Associate

Debb - just a glitch in the system. No worries.

Grant - I know. It's only business - nothing personal.

Jeff - When I hear something not quite right, it just irritates me.

Brian - thanks for taking the time to read it.

Pete - of course, we don't have to accept it. It just upsets the homeowners and wastes everyone's time.

Anna - Everyone wants good value but 200k off a house that costs 300kis ridiculous.

Joe, no, of course not. I guess I was ranting like Jon suggested.

Ron - there will always be those that see an opportunity. No harm done, I suppose.

Michelle - or not serious buyers or horrible people.

Wayne & Jean - Yes, comps are done for a reason.

 

Jul 16, 2014 06:09 AM #31
Rainmaker
765,992
Jill Sackler
Charles Rutenberg Realty Inc. 516-575-7500 - Long Beach, NY
LI South Shore Real Estate - Broker Associate

Jon - well said. I haven't encountered instances where the lowball was accepted but this is still relatively new.

Patricia - That's very sweet and I say the same to you. I would love nothing more than to elevate our industry to a new level of professionalism.

Maria - Nothing works quite as well as being true to yourself. I couldn't pull off, convincingly, being anything else and I already know, you're exactly the same. Most of the people here on AR seem to be a step above the ordinary.

Judi - predators - well said.

Debb - I do what I can.

Sheila. Thank you and right back at you.

Jul 16, 2014 06:17 AM #32
Rainmaker
81,449
Christopher Ohlsen
Credit Werx, LLC. - Malone, NY

Jill, great post. It's really unfortunate when people try to take advantage of other people's misfortune!

Jul 16, 2014 09:11 AM #33
Ambassador
1,770,150
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

It's horrible Jill. I have heard stories about people getting screwed like this and it is so upsetting. 

Jul 17, 2014 12:15 PM #34
Ambassador
912,700
John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

There are people out there that will take advantage of anyone to make a buck.  Some people can't see in any color other than green.

Aug 15, 2014 11:29 AM #35
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Rainmaker
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Jill Sackler

LI South Shore Real Estate - Broker Associate
Long Island Living - Where Memories Are Made
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