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Started By
Message
How shady is this (real estate situation)?
Posted on 11/17/15 at 8:32 pm
Posted on 11/17/15 at 8:32 pm
Property owned in another state. Currently leased to nice tenant until March 2016.
Listing agent who "found" this tenant hasn't done a great job in the past, is kind of a jerk, and just not nice to deal with.
Listing agreement says that if the property sells to this tenant within three months of the end of the lease, any extension, any renewal, including month-to-month renewals and holdover tenancies, listing agent is entitled to a 3% commission. That would be about $5500.
Tenant has an adult son who lives nearby. I'm thinking of leasing it to the son for a day, then leasing it back to the mother, waiting three months, and selling it to her and avoiding the commission to the listing agent. (BTW, he already got paid a month's rent, which was $1475.
Do you consider such a move unethical?
I don't know if the Tenant would even go for it.
Listing agent who "found" this tenant hasn't done a great job in the past, is kind of a jerk, and just not nice to deal with.
Listing agreement says that if the property sells to this tenant within three months of the end of the lease, any extension, any renewal, including month-to-month renewals and holdover tenancies, listing agent is entitled to a 3% commission. That would be about $5500.
Tenant has an adult son who lives nearby. I'm thinking of leasing it to the son for a day, then leasing it back to the mother, waiting three months, and selling it to her and avoiding the commission to the listing agent. (BTW, he already got paid a month's rent, which was $1475.
Do you consider such a move unethical?
I don't know if the Tenant would even go for it.
22
Posted on 11/17/15 at 8:34 pm to baybeefeetz
quote:
Do you consider such a move unethical?
Yeah, maybe even illegal im not sure though
Posted on 11/17/15 at 8:34 pm to baybeefeetz
Sort of a dick move but any real estate agent who has been around long enough is full of shady shite so do whatever you can get away with.
Posted on 11/17/15 at 8:35 pm to SlowEasyConfident
Would love to hear a theory on how it's illegal.
Posted on 11/17/15 at 8:35 pm to Purple Spoon
To be honest, I feel as though it is time for a real estate agent not to make out like a bandit.
This post was edited on 11/17/15 at 8:36 pm
Posted on 11/17/15 at 8:36 pm to baybeefeetz
Subtle brag thread.
And the answer is you're.accountable
And the answer is you're.accountable
This post was edited on 11/17/15 at 8:51 pm
Posted on 11/17/15 at 8:36 pm to baybeefeetz
Is he selling the property? No, therefore frick him.
Posted on 11/17/15 at 8:37 pm to The Mick
bragging on a condo worth $180k? yeah, no.
Posted on 11/17/15 at 8:39 pm to baybeefeetz
Than you shouldn't have signed the agreement. Sounds to me like you are not the nice guy.
And if I'm the agent and this happens you hear from my attorney.
And if I'm the agent and this happens you hear from my attorney.
Posted on 11/17/15 at 8:40 pm to baybeefeetz
There was a question like this on "Handle on the law". He basically said the agent does not have a right to the commission if he doesn't actively list it ( or something like that ).
Posted on 11/17/15 at 8:41 pm to baybeefeetz
Should've written a better lease, have a lawyer write the next one
Posted on 11/17/15 at 8:42 pm to baybeefeetz
Yeah, yeah.
mm - misread your op
mm - misread your op
This post was edited on 11/17/15 at 8:46 pm
Posted on 11/17/15 at 8:42 pm to baybeefeetz
Why would you not be able to look at yourself in the mirror for $1475?
Posted on 11/17/15 at 8:42 pm to baybeefeetz
$1500/month seems high for a house valued at $170k.
Posted on 11/17/15 at 8:43 pm to baybeefeetz
Of course it's unethical
Eta: and you'll probably get sued
Eta: and you'll probably get sued
This post was edited on 11/17/15 at 8:45 pm
Posted on 11/17/15 at 8:43 pm to baybeefeetz
All in the game, yo.
Posted on 11/17/15 at 8:44 pm to SlowEasyConfident
quote:
maybe even illegal im not sure though
You're right. You aren't sure. Nothing illegal about it. Could it be a civil issue? Yes but there is not any law against it.
Posted on 11/17/15 at 8:46 pm to TheFranchise
quote:
Should've written a better lease, have a lawyer write the next one
Well, like I said, the issue is not in the lease. It's in the agreement with the guy who listed it for the lease. At the time I would have not minded having this guy arrange a P&S with the tenant at the end of the lease and get him a little commission.
Turns out he's a dipshit and I would rather him not profit.
Contracts are contracts. What I describe here would not violate my contract with him. It would purely be a judo move to avoid paying him for not doing any work in terms of arranging a sale.
Posted on 11/17/15 at 8:47 pm to GRTiger
quote:
$1500/month seems high for a house valued at $170k.
Come on down to Lake Charles. PoS houses in the ghetto are bringing $800 per month right now and nice houses are ridiculously high but hard to come by. It's crazy. Houses that would get $1000 just a few years ago are $1600+
Posted on 11/17/15 at 8:47 pm to GRTiger
quote:
$1500/month seems high for a house valued at $170k.
Does it? Then I'm glad I didn't listen to dickhead when he wanted to lease it for less.
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