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Posted by PaigeTurner on 6/5/23 7:29am
That's just ignorance and stupidity then. Like PT Barnum said, "A sucker is born every day". People don't know much about real estate, or contracts that are binding, but not an excuse for thinking 3 steps ahead of the game and understanding the basics of what they sign, too cheap to hire an attorney to explain it. It happens everywhere from joining a gym to buying a car...play up the good parts and not tell them verbally the bad parts and various ways they can default. Maybe they did, IDK was not there to verify. The few I did, people were happy, and excited for that check, the hassle of not having to hire a listing agent... Sometimes those things go in one ear and right out the other too. They also have to think the mortgage is typically 30 years, this out last that by 10 years!
For that reason, I stopped doing them. I like conversations with my people, and can't in full disclosure have them sign this and not actually discuss what they are signing and the ramifications of what it all means, good or bad. We keep our opinions to ourselves, but sometimes something like this is pretty difficult, so I just don't do them.
Is it a scam? Nope, but I am sure 10 years later when they want to refi, sell or someone gets an inheritance they will think so.
IMO, if a broker needs to stoop this low to acquire properties and listings, they are not much of a company to begin with. Good companies have plenty of listing on traditional ways of acquiring them, not by hitting the backside of a contract looking for a quick buck just lurking for them to default in that agreement and pouncing on them. |
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