I think my buyers agent hustled me and did not act in my best interest.
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Anonymous
No they don't. If they use a title company that is affiliated with their brokerage, the brokerage benefits financially but the agent does not. |
Anonymous
So, you admit to receiving "kickbacks", just not from home inspectors. And yes, what you describe are kickbacks - favors granted with the expectation of a return, unless you believe there is such thing as a free lunch, free "fancy" dinners, free education... Nothing is free but nobody needs to be reminded of this. And, bizarrely, you "+1" the statement that people who say agents get kickbacks are "stupid people". Really? Your response amounts to calling yourself stupid. |
Anonymous
What is described above is not an automatic kickback. Certainly the provider who gives the lunch and info session HOPES for more business because of it, but there's no obligation for the serviced to provide one. Not any different than when doctors attend info sessions with drug reps during which a meal is provided (often enough at Ruth's Chris or they get nice takeout to bring to the hospital to serve to staff while they listen, etc.) |
Anonymous
The kickback doesn't need to take the form of money. If I provide you with training or education that would otherwise cost you money, that's the same as giving you money. |
Anonymous
NP but this is pretty standard in a LOT of industries. I work for a software company, we take potential clients out to lunch because we hope that they will buy our product. We take sales people at consulting firms out to dinner because we hope they will recommend our products to their clients. It's not a "kickback", it's good business. |
Anonymous
My sister is a physician. Pharmaceutical companies regularly sponsor training events and provide nice meals as part of those. Kickback? |
Anonymous
Ummmmmm...
-tried for a year to sell me a house that was above my budget and that she knew needed $50K septic system replaced (didn’t tell me that part until after it was sold to someone else) ***That's pretty standard, and maybe she didn't know about the septic issue until after it was sold? -told me I’m the first person who has ever actually read the entire offer contract ***That's entirely possible, and good on you for doing that.Most buyers are idiots. -told me things missing from sellers disclosure (incl age of water heater and whether ac was working) were nbd ***I'm not sure why you would expect the seller to disclose that when they are easily discoverable upon visiting the home and/or getting a home inspection (in your case, you should have had a pre-inspection if you were going to waive the inspection contingency). You need to check these things, OP -told me basement moisture evidence was nbd. ***Basements have moisture, but again, why didn't you get a home inspection? -told me loose stair pavers were nbd ***That is pretty easy to repair and also obvious upon inspection by you or a home inspector, you are stupid for not getting one. -scheduled walkthrough an hour before closing ***This is standard. We've bought two houses and sold one. This is what happened in all three instances. When would you expect the walkthrough to occur? -did not recommend an escrow for these and other things wrong I noticed that weren’t in the disclosure or inspection ***I don't know what you mean by this. That's also not standard in this area. If you want the seller to fix something, you write that in the contract or mod the contract for them to fix those things after the inspection. -told me if I didn’t close over these things I’d lose my whole deposit ***Yes, that's how escrow money works unless you have a home inspection contingency, it was stupid of you to waive the inspection contingency without doing a pre-inspection. [qupote]I found the house myself and she was in it for ten minutes without me once and then only at the walkthrough. On her advice I bid $100K over ask with $50k deposit, no inspection or contingencies and 30d close. I'm sorry but you don't have to do what the agent tells you to do. You should have done your research. It doesn't sound like you got scammed, it sounds like you are a complete idiot. |
Anonymous
Yes it is and that is why there was such an issue with opioids. A friend of mine was a nurse practitioner who gave out free or reduced birth control in a city years ago. She said she got kickbacks from that (even though she didn't want them- stuff sent to her office and home- no free trips) and knew of doctors who allegedly got free trips for "training or education" which were essentially (allegedly) just free luxury vacations. She said you allegedly prescribed more you got more. She left the profession as it really bothered her as she saw an uptick in people getting medication. Again, this was a decade ago, so maybe it is different now (?), but she still talks about it openly. |
Anonymous
What was alleged was "no kickbacks". So I will assume for your response that meant "direct". The indirect kickbacks you describe only serve the best interests of the consumer if they are not being abused. This is what we ultimately are trying to avoid whether the kickback is automatic or not. Your are drawing an comparison to the medical industry. This is a false equivalence. I'm not about to treat doctors with the same scrutiny as I would an agent belonging to a cartel with almost zero barrier for entry no regulation by comparison. Considering indirect kickbacks, a comparable industry for real estate would be the car sales industry. Both have similar barriers for entry. Both have a well-deserved reputations for abusing consumers (see NAR antitrust violations). I will give you the drug industry. Those people are comparatively notorious for price-fixing and cartel-like practices. The question isn't if, or to what extent, the real estate industry abuses indirect kickbacks. The question is, how much benefit of the doubt, given the repeated antitrust violations and resistance to competition, should consumers provide this cartel when it comes to indirect kickbacks? None. The answer is none. |
Anonymous
Does your software company operate as a cartel? Can you provide recent examples of class action lawsuits and settlements and antitrust cases that demonstrate anti-competitive market manipulation and many other consumer abuses? If the evidence shows that your software company is anti-consumer, you would not expect consumers to give you the benefit of the doubt when it comes to kickbacks. This is why you are in software and not in real estate. Real estate people don't understand this. |
Anonymous
Yes. It's not the kickback alone. It's about to what extent these practices serve the best interests of consumers in a given industry. "Does [INSERT INDUSTRY HERE] deserve the benefit of the doubt, based on relevant evidence, that kickback practices are serving the best interests of their consumers?" Pharmaceutical: No |
Anonymous
Throwing around the word "cartel" makes you sound like a college freshman. |
Anonymous
Throwing around ad-hominems makes you sound like a bed-wetting toddler. See? I can reply to your condescending remark with a condescending remark. Now we are even, I guess. A common reference found in legal failings and market analysts is "cartel-like schemes"; however, this distinction makes no difference with respect to the substance at issue. But you already knew that which is why you avoided substance entirely and made the conscious decision to regress this into when-you-can't-attack-the-argument-attack-the-person-making-the-argument territory. |
Anonymous
I'm new to the thread and would like to add my perspective. Having spent two decades in various roles within a lending corporation, I can affirm that you clearly have no idea what you're talking about. Lenders recommend agents with whom we have strong, knowledgeable, effortless relationships with, and they reciprocate. This is to ensure that your deal will close without any hiccups or surprises. However, there is definitely not a systematic kickback arrangement within the industry, lol. Since you seem to know much more than we do, please do enlighten us... - What code should we instruct accounting to use when issuing these "bribes"? - What should be recorded in the system ledger for this kickback that won't trigger red flags? - How do we determine the amount of kickback? Is it factored in to our loan-to-value ratio calculations? Remember, whatever you suggest would have to evade detection by our stringent internal processes, because such unlawful activities would undoubtedly raise red flags within our tightly controlled operations, and no doubt attract unwanted scrutiny from regulatory bodies like the IRS and SEC. I just don't think you have any concept of how heavily scrutinized our industry is. We must adhere to underwriting guidelines -- that is paramount above all else, as mortgage lending undergoes extensive oversight to ensure compliance within the regulatory framework. This safeguards transparency and security for all parties involved. This is the year 2024, it's not like we're still living in the heyday of the 90's, when agents and lenders would share a bag of coke on top of a mirrored table in a strip club, lol. Maybe unethical relationships of this sort were prevalent before the crash of 2008, but they are definitely not reflective of widespread practices within lending institutions today. That's a fact. Do smaller, sleazier lenders or agents still utilize these kinds of relationships? Maybe? I have no idea. If you're implying that individual lenders/agents are participating in this kind of unlawful kickback relationship behind their employers back... you're insane. This industry is small. Everyone knows everyone else. Thus, your reputation preceeds you everytime you go for a new job within the industry. I certainly don't know anyone who would risk their career, their reputation & future within the industry, just to engage in this kind of thing, lol. I can't even begin to imagine how someone who works for a reputable corporation would try to start that kind of conversation with someone that they want to engage in this relationship with, because if it were me, I would be terrified of the other person turning me in for even suggesting it. That's how strictly regulated we are. If this were occurring today, as you continue to imply, word of it would undoubtedly spread like wildfire, and those involved would be fired. No lender would risk scrutiny from the SEC in order to give a kickback to an agent for a referral, lol. So again, please try explaining to us how entire industries of lenders and agents are getting away with this without anyone else knowing? To imply this is occurring on a grand scale is absolutely absurd. You really need to stop believing everything you see in movies and on tv, because you just sound silly. |
Anonymous
| It's a corrupt and shady industry and you could sue them for negligence and they settle quickly. A couple of lawsuits on their insurance would teach them a lesson to act ethical. Done it and received a nice payment. |