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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Violation of 1695 Posted by Jk (the other Jk) on April 08, 2004 at 11:56 PM In Reply to: Re: Violation of 1695 posted by JamieTheone on April 06, 2004 at 5:25 PM : : Hello : : We have a local realtor who went to a seller in foreclosure and got the listing. The price on MLS was about 20% LESS than what the place would have sold for at the auction (at least what I would have bid - and conservatively too). : : The house was sold immediately to a corporation of which this listing realtor is an officer! Thus she in a way sold it to herself. : : I asked the seller if he had ever gotten a 5 day cancellation notice and he said NO. : : Unfortunately the seller is a bit of a doofis and is too timid to do anything. : : What can I do as this violation to the civil code puts us at a disadvantage - since most average folks seem to trust realtors more than us investors. Is this a matter I can report to the DRE directly? If so - is there a format that you have found better to use IE - certain department etc.??? : : Thank you : JK - : WOW! What a mini-ethics lesson in the responses to your question. Ignore Scott and JK (the other jk); those guys are obviously the type of people that tacitly condone fraudulent, unethical and illegal behavior, as long as it doesn't happen to them. But that's their problem. What goes around, comes arond. : Instead, call the local Board of Realtors for that area (ask any local real estate agent) and ask to speak with their ethics officer. Each board has someone responsible for ethics violation investigations. Give them as much detail as possible, including the seller's name and phone number. Also follow Ward's advice and call the DRE to lodge a separate complaint. The DRE will follow-up with the Board. : You're right to be bothered by the conduct you describe. And the Legislature agrees; that's why they assign a criminal penalty for fraud or deceit on an equity seller with up to $25,000 fine (up from $10,000 as of Jan 1, 2004) and one year in jail. : Go get 'em. Not to start a flame war, but... I do not "tacitly condone fraudulent, unethical and illegal behavior". My point is that that JK (the Original JK) was not there during the negotiations. How does he know that the seller was not given a 5 day notice? How does he not know that the realtor did not disclose that he had ownership interest in the corporation? Are you automatically going to assume that every seller in foreclosure that sells his property at a discount is a victim? Are you automatically going to assume that every seller in foreclosure is going to honestly tell the truth about the facts of what really happened during negotiations of the deal? People buy properties every day below market value and that doesn't necessarily mean that someone was defrauded. It is not JK's or your duty to try and act as the foreclosure community police. If the seller thought he was defrauded it should be his responsibility to do something about it. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : Hello : : : We have a local realtor who went to a seller in foreclosure and got the listing. The price on MLS was about 20% LESS than what the place would have sold for at the auction (at least what I would have bid - and conservatively too). : : : The house was sold immediately to a corporation of which this listing realtor is an officer! Thus she in a way sold it to herself. : : : I asked the seller if he had ever gotten a 5 day cancellation notice and he said NO. : : : Unfortunately the seller is a bit of a doofis and is too timid to do anything. : : : What can I do as this violation to the civil code puts us at a disadvantage - since most average folks seem to trust realtors more than us investors. Is this a matter I can report to the DRE directly? If so - is there a format that you have found better to use IE - certain department etc.??? : : : Thank you : : JK - : : WOW! What a mini-ethics lesson in the responses to your question. Ignore Scott and JK (the other jk); those guys are obviously the type of people that tacitly condone fraudulent, unethical and illegal behavior, as long as it doesn't happen to them. But that's their problem. What goes around, comes arond. : : Instead, call the local Board of Realtors for that area (ask any local real estate agent) and ask to speak with their ethics officer. Each board has someone responsible for ethics violation investigations. Give them as much detail as possible, including the seller's name and phone number. Also follow Ward's advice and call the DRE to lodge a separate complaint. The DRE will follow-up with the Board. : : You're right to be bothered by the conduct you describe. And the Legislature agrees; that's why they assign a criminal penalty for fraud or deceit on an equity seller with up to $25,000 fine (up from $10,000 as of Jan 1, 2004) and one year in jail. : : Go get 'em. : Not to start a flame war, but... I do not "tacitly condone fraudulent, unethical and illegal behavior". My point is that that JK (the Original JK) was not there during the negotiations. How does he know that the seller was not given a 5 day notice? How does he not know that the realtor did not disclose that he had ownership interest in the corporation? Are you automatically going to assume that every seller in foreclosure that sells his property at a discount is a victim? Are you automatically going to assume that every seller in foreclosure is going to honestly tell the truth about the facts of what really happened during negotiations of the deal? People buy properties every day below market value and that doesn't necessarily mean that someone was defrauded. It is not JK's or your duty to try and act as the foreclosure community police. If the seller thought he was defrauded it should be his responsibility to do something about it. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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