Worst Broker Ever

Started by nycrenovation
over 13 years ago
Posts: 3
Member since: Feb 2007
Discussion about
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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

To be fair, you should at least offer a reason why this guy was no good.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

Again, you should list actual examples of what they did, so people can make up their minds on whether they are really that bad. You would not be happy if they posted a "worst customers" discussion with your name on it without back-up. I have had a few bad experiences with brokers, but some people may not agree that what they did was so bad.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

yes i agree with #4/#6.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

you should forward your concerns to the department of state to remove their license if you are that concern

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

I think this is not a forum for personal broker-bashing. It's discusting and I hope that the street easy team pulls topic fast.

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Response by SunAmerica
over 13 years ago
Posts: 1
Member since: Feb 2007

i think it is reasonable to warn others about bad experiences with brokers as long as you describe what happened in detail.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

yep! i agree with #10

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

#9, although you would like this site to be free from broker bashing rants, that will never happen. I think they need to provide specific information and not just unsupported conclusions though.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

For what it's worth, I think that this IS a great forum for outing crappy brokers.

But I think we should start another thread for good brokerswho we've had excellent experiences with. But with out giving away state secrets, you have to tell WHY they were good and not just list names

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

It's fine if you list the reason and the circumstances, but just trashing someones reputation without offering any explanation is pointless and wrong.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

sounds like a good idea for a new RE blog where you can rate brokers. Similar to www.wallfly.com (rates coop boards). After all, re agents are in the public domain and exposing them could keep them honest.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

#16--good idea in theory, but in practice given the vitriolic comments people make about brokers in general I doubt it would have any helpful info and just be a place for disgruntled people to vent in a cowardly way.

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Response by streeteasy
over 13 years ago
Posts: 4
Member since: Oct 2006

Within the team here at StreetEasy, there is certainly a difference of opinion that pretty much mirrors what you see in Talk, and we frequently discuss ways to rate agents or otherwise share experiences. We'd love to hear more ideas from people about how we might do this. Feel free to "send them to us":http://www.streeteasy.com/nyc/feedback/beta.

While we're all for the free exchange of info, we're also decent people, and this just doesn't seem like a fair fight.

Please don't post unsubstantiated claims.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

#18, thanks for giving us the inside view. But consider sites like tripadvisor.com and the various cruise ship discussion boards -- they let people state exactly what they liked and didn't like about their vacations, so the reader can be informed. The readers of such posts can discern what's just malicious, or empty complaining, or simply not relevant to their experiences. For example, one poster wrote about how terrible the food was on a cruise, and how there was nothing she and her entire family could eat for the whole week. She went on to explain that they don't like all that fancy mediterranean food, and just eat "regular" food like hamburgers or spaghetti with Ragu. So that wasn't relevant to me, because if she were the executive chef I'd have chosen the bottom of Caribbean instead. Don't protect bad brokers, but instead let people explain why their experience seemed bad to them. Nobody needs façadish "decency" in NY -- promote full, honest discussion.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

#18 again . . . please get rid of that cross-out effect on pre-posted edited replies.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

Problem is most people cannot be bothered to submit detailed, specific and fair reasons for their complaint. I mean if you look at the level of discourse some people on this board find appropriate, it is hard to imagine that there will not be endless names thrown around with no information, complete with inappropriate insults by brave posters hiding behind their anonymity.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

#18, thx for the insight. And I agree with #19; here's what I suggest - having a separate board for rating specific brokers/agents, and to (hopefully) get more constructive feedback, have posters check off standard ratings criteria in addition to posting comments, akin to the ratings on amazon.com or citysearch.com.

Unfortunatly you'll always get riff-raff but I think the posters on streeteasy do have more inelligent comments than on some other boards.

And the purpose wouldn't just be to complain about brokers but also compliment. There is so much shadiness in this business so the more transparency the better.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

the reason why is because we had an accepted offer and he took something hirer-- all after I signed the contract and submitted the 10% check (over a week ago) and he blamed me because I wanted to see board minutes (which delayed the process for three days!) brokers wonder why they get such a bad reputation and do things like this. i would just highly recommend not working with him. there has to be better ones out there. now i am stuck with a lawyer fee and fees from selling stock

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

#24, that's too bad. Once you have a signed contract it should be done; Did you receive your deposit back? You should have. Also complain to the REBNY.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

I will resist the temptation to turn this into yet another buyer vs renter thread, but I will instead point out that while perhaps "unethical", this broker made more money for his/her client.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

#24, maybe your broker objected to your destruction of the English language. He answered a "hirer" call! ;)

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

The reality is that brokers work for the sellers, and are obligated to present all offers. If a higher offer comes in while there is a contract out, before it is countersigned, the broker MUST bring it to the owner. The owner will decide whether to go with the first deal or take the 2nd offer. It sucks, but it happens often. With or without brokers.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

#25--it is not done until both sides have signed.If the seller does not countersign then obviously the 10% is refunded.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

#26 - this broker did not necessarily make more money for his client. Would that change your opinion about the broker's ethics?

This would be much more interesting if the owner signed two contracts. And no, that would not be fraud.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

26 here, for #30, poster specifically said "something hirer" and see 28. An all cash deal would probably be preferred to a financed one as it would move quicker.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

I don't have a high opinion of real estate brokers but why in the world would it be his fault. He's just the messenger--- the decison maker was the seller. I think the seller is the one whose sole responsibilty was to make the decision to take the other offer. The monetary advantage to the broker over who got the apt was microscopic but not so to the seller.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

#30--what do you mean if the owner signed 2 contracts?Couldnt the deal the seller ultimately discards (after issuing a fully executed contract)sue for specific performance?

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

#30 here. In response to #33's question, no -- that's the beauty of it. Whoever records the mortgage first gets the property. You cannot get specific performance in that instance. That would unfairly prejudice the other person who signed the contract. You could, however, sue for damages, but then things get tricky + we would need more information. I'll double check the law in NY later tonight, but that's how I remember it.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

Wow--have to admit I never was aware of that.What if neither party has a mortgage to record?

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

Is it ethical for a broker to continue taking offers when their client has accepted an offer, has a signed contract for several days, and knows that the buyers have liquidated stocks to draw up the check for the down payment? Taxes have to be paid on the buyers end for such actions, as well as lawyer fees. Why would a broker screw over a buyer like that?

I know they are working for the seller - but isn't it a matter of ethics?

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

I would write a letter to the seller letting him know how much it has cost the potential buyer - send it registered mail for legal purposes - and let him know that the buyer expects to get their money back.

I also like #25's idea of contacting REBNY

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

#36--generally in a circumstance in which an accepted offer is thrown over for a new one(though not always--sometimes brokers and sellers do indeed play ugly games like that) but generally what happens is that after the offer is accepted but before the contract is signed any further offers that come in are still conveyed to the seller. Sometimes if a more alluring offer comes in during this time, the owner may decide to go with the better deal despite having given his word. Taking it a step further an owner may wait to make certain that both parties do follow through and sign so that he does not end up dumping a real deal for an offer that then fails to materialize.I am not defending this, but that does happen.For a broker (and by extension a seller) to actively accept offers AFTER a buyer has signed the contract and put down funds goes beyond the "normal" ickiness that more often happens. And I fully agree it is disgusting,dishonest and unethical on the part of both broker and seller.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

what the hell rebny going to do! lmao! they are just a private membership organization that assists brokers. they will not defend the public. created by brokers for brokers

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

we should create a website or blog away from this site that lists all of the corrupted brokers.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

I agree that an accepted offer is just a small step in the process - but getting to the point of a signed contract is a whole different level.

I guess when I get to that point in my apartment search I will have to remember not to get a check ready until the seller has signed his name to the contract. It is too bad you can't trust the people you work with in this market.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

#41--The way it works is that the buyer signs first and puts check down, only at that point does the seller sign.Best advice is work fast once you have an accepted offer. It happens the other way too--buyers making an offer, the seller has his lawyer send the contract, the seller thinks he has a deal, and then...the buyer is uncommunicative, doesnt return calls, and flakes out. Really sucks either way.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

According the the REBNY code of ethics...

(6) when representing a buyer, seller, landlord, tenant or other
client as an agent, protect and promote the interest of their client.
This obligation of fidelity to the client’s interests is primary,
but it does not relieve Members of their obligation to treat all
parties honestly. When serving a buyer, seller, landlord, tenant
or other party in a non-agency capacity, Members remain obligated
to treat all parties honestly and fairly;

It doesn't sound like in the situation above the buyer was treated fairly as the broker was "obligated" to do. Complain to REBNY

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

#41 - how do you work fast if you've signed the contract within a day of receiving it only to be held onto by the seller for multiple days?

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

#40 - Set up a Wikipedia page? Or there needs to be a NYC broker version of www.isawyournanny.com

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006
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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

avoid small brokerage firms! inexperienced con artists

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

#24, did the seller sign the contract? Unless BOTH parties have signed the contract it is not considered fully executed. And until that happens the broker is legally allowed to continue showing the unit.

If the seller DID sign the contract then something fishy is going on.

Same thing happened to me once except the listing agent I dealt with didn't make such a horrible remark.

Sounds like this agent had an attitude problem. Thing to remember is that listing agents are working for the SELLER not the BUYER....but the good ones recognize the value of customer service and have the foresight to know that some day buyers can turn into sellers.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

#44--noone ever signs a contract within a day of receiving it, their lawyer needs to do due diligence. I don't think it is a bad idea, when returning a signed contract to the seller's attorney for countersignature, to put a timeline on it. Like 48 or 72 hours or you will pull out. And to #47--not true that small firms are inexperienced con artists. The really small firms (just 1-5 brokers for example) often have to be VERY good to make their way in this business, as they do not have the cushion and automatic respect of a big name like elliman or cororan.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

I think listing agents need to recognize that buyers are CUSTOMERS. Interesting to see how guys with attitudes like this will succeed in a softening market.

ps: reading board meeting minutes is part of the due dilligence....if the seller or broker ever gives you a hard time about it then run - may indicate the bldg is hiding something.

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Response by aguttman
over 13 years ago
Posts: 1
Member since: Mar 2007

How does this broker sue for slander?

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

would be tough....streeteasy pulled the post with the broker's name and contact info.

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Response by anonymous
over 13 years ago
Posts: 8501
Member since: Feb 2006

who is this broker, name, contact info, being talked about.

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