'Double agent?' A rift over how real estate is bought and sold

momopi said:
Ah, Hiroshi Horiike (? ??), aka Peng Hong Ling (???), aka Gen Lin (??), aka...

Paid $1 million to Humane Society to promote his film then decided to sue them:http://www.latimes.com/entertainment/movies/la-et-mn-eating-happiness-review-20151030-story.htmlhttp://www.latimes.com/local/lanow/la-me-ln-dog-meat-lawsuit-humane-society-20151030-story.htmlhttp://www.genlin.org/index.htm

Interesting guy.  I don't blame him, though.  He totally got screwed over.
http://www.bloomberg.com/news/artic...lionaire-roils-brokers-over-shrinking-mansion
 
WTTCHMN said:
momopi said:
Ah, Hiroshi Horiike (? ??), aka Peng Hong Ling (???), aka Gen Lin (??), aka...

Paid $1 million to Humane Society to promote his film then decided to sue them:http://www.latimes.com/entertainment/movies/la-et-mn-eating-happiness-review-20151030-story.htmlhttp://www.latimes.com/local/lanow/la-me-ln-dog-meat-lawsuit-humane-society-20151030-story.htmlhttp://www.genlin.org/index.htm

Interesting guy.  I don't blame him, though.  He totally got screwed over.
http://www.bloomberg.com/news/artic...lionaire-roils-brokers-over-shrinking-mansion

agree.  id be pissed if I was in his position.
 
USCTrojanCPA said:
He bought the house for cash so no appraisal was needed/ordered.

I know that. But just because the bank isn't forcing you to order an appraisal doesn't mean you shouldn't order one yourself. I would never rely on the seller to accurately report square footage. I have the square footage for all homes in my development memorized and 90% of listings overstate it.
 
paperboyNC said:
USCTrojanCPA said:
He bought the house for cash so no appraisal was needed/ordered.

I know that. But just because the bank isn't forcing you to order an appraisal doesn't mean you shouldn't order one yourself. I would never rely on the seller to accurately report square footage. I have the square footage for all homes in my development memorized and 90% of listings overstate it.

Yeah, a lot of agent seem to like to "round up" the square footage.  I like using the accessor's info to verify.  If that's not available, then I'll look at previous listings.  Or you can just break out the measuring tape.  haha
 
9000 does not "round up" to 15000.

2800 to 3000 maybe (although you'll be surprised how big 200 square feet really is, that's a large bedroom).
 
Isn't this noted on the appraisal though and the closing docs?
 
ronaldreagan-300x187.jpg


???????, ?? ????????  (Doveryai, no proveryai)
 
Soylent Red is liquidating an estate so we've had to order appraisals on a property. One came in too hot saying 2100 SF and $700k. The other came in too cold, saying 1900 SF and $625k. We're waiting on the 3rd appraisal to see which bowl of porridge we're going to eat. Appraising isn't an exact science.

The big key in the article isn't so much how this guy didn't do his diligence, but how his realtor kept his eye on the commission and not his clients better interest. It's nearly impossible to serve both seller and buyer by one agent and only in the rarest of cases does it work out.

There's simply no reason to preserve a system with a 1-2 percent success rate. Dual Agency needs to be ended (and many will people disagree...) which is why this lawsuit is making it's way up the ladder. At some point in time this will get settled out of court because the very last thing realtors want is the end of double dipping.

My .02c
 
Soylent Green Is People said:
Soylent Red is liquidating an estate so we've had to order appraisals on a property. One came in too hot saying 2100 SF and $700k. The other came in too cold, saying 1900 SF and $625k. We're waiting on the 3rd appraisal to see which bowl of porridge we're going to eat. Appraising isn't an exact science.

The big key in the article isn't so much how this guy didn't do his diligence, but how his realtor kept his eye on the commission and not his clients better interest. It's nearly impossible to serve both seller and buyer by one agent and only in the rarest of cases does it work out.

There's simply no reason to preserve a system with a 1-2 percent success rate. Dual Agency needs to be ended (and many will people disagree...) which is why this lawsuit is making it's way up the ladder. At some point in time this will get settled out of court because the very last thing realtors want is the end of double dipping.

My .02c

What's interesting is that they may go even further than say that it's not legal for a BROKER (via one or two agents) representing both the buyer and seller.  In the article's case, the buyer had a different agent than the listing agent but both of the agents worked under the same broker. 
 
Back
Top