The Great Real Estate Hoax of 2010

by Latina Fatale on 11/08/2010 · 1 comment

in Business and Investment

Very Honest For Sale By Owner Sign

I’m beginning to think I am being scammed by practically every real estate agent throughout the entire Southern California area.

Back when I bought my first house in 1999, I was able to see every house that I wanted to visit and there was always an abundance of agents who returned my phone calls immediately. I was 22, with barely enough money to make the down payment and a full-time job of less than a year. I also had a low credit score and a sizable amount of debt from college.

Flash forward to 2009, when I currently have very little debt, a pretty hefty investment portfolio and live in a house that will be completely paid off in a couple of years. I even have a higher credit score than I did back then and can obviously afford a significantly more expensive house nowadays. Oh, and I’ve been carrying around a loan pre-qualification letter. I’m the perfect potential homebuyer. Yet it seems that I can’t get any of those damn real estate agents to call me back.

It first started with me calling and inquiring about local houses that I wanted to invest in. For the first couple of weeks, I can’t even recall anymore how many “Oh sorry, that house was just sold this morning” I heard. I barely even noticed that not one of the many real estate agents that I spoke with never got back to me about other potential houses for sale. Then suddenly the voices on the phone started to parrot something to the effect of “Oh, we don’t know how much the house costs yet. Can you call back tomorrow?” And then they just stopped answering or not returning phone messages.

And then I thought I finally found a decent agent. At one point though I began to notice that he was telling me the cost of the other offers and suggested that I offer over $1000 over the other offers, which would end up being $5000 more than the original asking price of the house. I sort of felt like I was being scammed a bit, but I didn’t really care because it was a really good deal even if I paid over the asking price. Unfortunately the house was significantly under-appraised, and I finally kicked the agent to the curb when he tried to urge me to ignore the appraisal and go with his friend’s loan agency who would loan me anything.

I hit the roads again looking for houses after I kicked the agent to the curb. This time something interesting has lately started to happen where the majority of the numbers on the signs in front of houses seem to be out of order. When I call the main realty companies, no one seems to know who is selling the house. When I finally get a hold of someone it seems that their prices change depending on if I call back later. I even had a friend call the same agent an hour after I called, and she was quoted a slightly higher price than he quoted me one hour prior.

I’m finally convinced that this is some big real estate scam where all of the agents are buying the houses themselves or lying to and avoiding potential buyers in order to save the house for a friend who is investing in purchasing property.

What the hell?! Or am I just being discriminated against and I haven’t realized it yet?

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{ 1 comment… read it below or add one }

Mike P. November 13, 2010 at 7:02 am

There is a lot of discussion that foreclosed homes may not have been foreclosed on by the rightful owners of the mortgage. Perhaps agents aren’t really sure who owns what and don’t want to get caught in the eventual cross-fire? I dunno… seems odd. Why would they discriminate? A sale is a sale.


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