patrick.net

I've heard rumors this happens every day. Agent hides offer from the bank REO department, then the agent claims the place can't sell, then agent buys it themselves (or through a straw buyer) for a big discount.

Potential buyers always find that the price escalates beyond what they're willing to pay, because they are actually competing against the agent himself!

Where the hell are the cops?

I can't believe what is going on. This is 100 times worse than the S&L scandal and almost nobody is being prosecuted.

Bankers, real estate professionals, they're all robbing banks in broad daylight.

It is in the nature of our current real estate agent system that all bids are secret, not known even to the seller! (Which is the bank in this case.) And asking prices are not binding. They can change even if you meet the asking price.

Both buyers and sellers are forced to trust real estate agents, which is about the worst idea ever.

The fix for this is PUBLIC and BINDING asks and bids on all real estate.