Realtors:

[Aimster]

I was 5 minutes away from submitting a contract and my realtor e-mails me something very "fishy".

A) Found my realtor on craigslist. He was advertising 2% cashback so long as the buyer's side got 3% back.
Sounds legit. Had proper paperwork. Knew what he was talking about...

B) I go see properties with him and I do not sign anything except a form stating I will receive my 2% at closing and not after where he sends me a check.

C)
I am ready to close. Ready to submit my offer tonight and he comes back with this email

"Just to update you, my Broker reviews all contracts before they go out.

She is in the process of reviewing yours and as soon as I get the ok, it will be emailed to you.

You will want to make the $5000 check out to Take 2 Real Estate, for our escrow purposes. Many times the listing agent will require the check be made to them, but that is not the case here, and it?s actually in your best interest to keep your funds with your agent, rather than with their agent. "


... If the dude owns his own company would he not be his own broker? He expects me to write him a check for $5,000? Yeah f'n right.
Makes no sense to me. I know little about real estate but this makes no sense.

 

[LikeLinus]

"Found my realtor on craigslist."

That's your first problem.

 

[kranky]

What is the $5000 for?

 

[arkcom]

There is always earnest money paid, that is normal, but $5000 is pretty high. How much is the house?

What makes you think he owns the company?

 

[kranky]

His website says he's the owner/agent. He probably works with an outside broker.

 

[se7en]

Originally posted by: LikeLinus
"Found my realtor on craigslist."

That's your first problem.

How can anyone even be an ATOT poster and lead with this statement.

fail.fail.fail.

 

[waffleironhead]

Escrow is held buy sellers company. If he has a problem with that, walk.

 

[Aimster]

I wanted to show Fannie Mae (the owners) that I was serious about buying the property.
The seller cashes this check in when they accept the offer, why should my Realtor ever need this check made out to him?

He told me he owns the company. It's his little company that's why he can afford a 1% commission check without splitting it.

 

[kinev]

Slash his tires while they are off the rims or some such nonsense...?

 

[brxndxn]

Make the check out to the seller's company. If your agent objects to it, contact the seller directly and inform them you'd be willing to work with them and tell them what your agent is doing.

EDIT: I mean.. contact the seller's agent directly - not the seller.

 

[FelixDeCat]

Originally posted by: kranky
What is the $5000 for?

hookers and blow

 

[arkcom]

There really is no reason for a $5000 dollar earnest check - no matter how serious you are. Maybe your agent also represents the seller, since they want the check made out to them. If that were the case he would need to tell you.

 

[Aimster]

Originally posted by: brxndxn
Make the check out to the seller's company. If your agent objects to it, contact the seller directly and inform them you'd be willing to work with them and tell them what your agent is doing.

EDIT: I mean.. contact the seller's agent directly - not the seller.

Yeah conversation went like this

"you already have an agent? Oh I can't help you bye"

 

[arkcom]

Originally posted by: Aimster

Originally posted by: brxndxn
Make the check out to the seller's company. If your agent objects to it, contact the seller directly and inform them you'd be willing to work with them and tell them what your agent is doing.

EDIT: I mean.. contact the seller's agent directly - not the seller.

Yeah conversation went like this

"you already have an agent? Oh I can't help you bye"

There are big fines for knowingly working with someone that has an agent.

 

[minendo]

One up him and tell him that instead of a check you are going to send him the funds via Western Union.

 

[Red Squirrel]

The domain take2realestate.com spells scam imo. That's something you'd see spammed on a forum a gazilion times or something. Just seems very scamish.

Also I just bought a house and only had to put a $500 deposit and that was only when I signed. Zero money was put down before. The realtor helped me find a house for maybe a month or so before that at zero cost. I could of easily turned around and changed my mind and waited if I wanted to, at no charge.

 

[Aimster]

Originally posted by: minendo
One up him and tell him that instead of a check you are going to send him the funds via Western Union.

I'd do that but he asked me for my address so I gave it to him.
He knows where I live. Otherwise I'd have fun with him for wasting my time.

 

[kranky]

Look, it's not a scam. He's listed in the Virginia.gov listing of people with real estate licenses.

But you are entitled to an explanation on exactly how the process works.

 

[Aimster]

Originally posted by: kranky
Look, it's not a scam. He's listed in the Virginia.gov listing of people with real estate licenses.

But you are entitled to an explanation on exactly how the process works.

Just because he has a license doesn't mean it is not a scam.

 

[arkcom]

So you're going to throw away the chance to own a home you're "serious" about because of this? It's not a scam.

 

[kranky]

Originally posted by: Aimster

Originally posted by: kranky
Look, it's not a scam. He's listed in the Virginia.gov listing of people with real estate licenses.

But you are entitled to an explanation on exactly how the process works.

Just because he has a license doesn't mean it is not a scam.

IT'S NOT A SCAM.

 

[Cuda1447]

Originally posted by: kranky

Originally posted by: Aimster

Originally posted by: kranky
Look, it's not a scam. He's listed in the Virginia.gov listing of people with real estate licenses.

But you are entitled to an explanation on exactly how the process works.

Just because he has a license doesn't mean it is not a scam.

IT'S NOT A SCAM.

How the fuck do you know? 5,000 for a deposit is ridiculous. I just bought a house and it was only 500 as well. Why do you say so adamantly that its not a scam?

 

[Cuda1447]

Originally posted by: arkcom
So you're going to throw away the chance to own a home you're "serious" about because of this? It's not a scam.

I think what he's doing is being a responsible person and exercising caution in a situation that could potentially cost him thousands of dollars. How the hell can you criticize him for that?

 

[Aimster]

How is it NOT a scam?

The purpose of an escrow/earnest check is what?
Earnest money could also be called, "sincerity" money. In other words, the seller uses earnest money to determine just how sincere the buyer is about going through with the real estate deal. It is the buyer's money, held by the seller, seller's agent, an attorney, title company, closing company, or disinterested third party. It is accounted for at closing by crediting the buyer's side of the settlement sheet in an amount equal to the earnest money.

If the Seller's company does not require it as he states why the hell does he need a check to begin with?
I can understand with him holding onto the check ... but holding onto a check for someone else with his name on it???
Makes no sense at all.

Hi Fannie Mae. We have a check for you but .. it's made out to me not you.. please see how sincere we are about buying your house

 

[Capt Caveman]

Did you ask for references and call them? Check the BBB for any reports against the company? Ask for information on their contract/purchase process?

And based on your prior thread, you're better off renting.