• Report: #100560

Complaint Review: Real Estate Industry

  • Submitted: Mon, July 26, 2004
  • Updated: Sun, December 05, 2004

  • Reported By:LAKE WORTH Florida
Real Estate Industry
None Nationwide U.S.A.

Real Estate Industry rip-off! Nationwide

*Consumer Suggestion: Way wrong! The seller doesn't have total control of the price.

*Consumer Comment: buyer sets the price

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The low interest rate has made the real estate market a jungle. For some reason people think they are getting a great buy because of the low interest rate and pay 100,000 or more for a overpriced property with multipal bids and auctions. Realtors who don't co-broke so they can keep the full commission and limit the exposure and sellers are not aware of it. Buyers who walk around with their bankbooks in their pockets to convince seller's to sell to them. Buyers who interupt attorney review or accepted offers to stop the sale.

Contractors and investors that flip properties for their own greed and not give a chance to a real buyer. Contracts that have harsh demands and severe penalties. Properties that are sold as is that needs major repair and sellers command top dollar and they never even picked up a paint brush. People are fighting for greed in the real estate and ending up in court all because of the low interest rate.

If you calculate the savings in interest rate for a 30 year mortgage and the overpriced property that seller demands, you actually are not saving anything.
Being a seller in today's market is financially rewarding, the good news is a seller eventually has to become a buyer


This report was posted on Ripoff Report on 07/26/2004 10:19 AM and is a permanent record located here: http://www.ripoffreport.com/r/Real-Estate-Industry/nationwide/Real-Estate-Industry-rip-off-Nationwide-100560. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Consumer Suggestion

Way wrong! The seller doesn't have total control of the price.

AUTHOR: Paul - (U.S.A.)

Guess what? The buyer has just as much control!

Here, the houses sell for $500 and up. That's for an average home. Anything a little above can easily go for a million!

Who is stupid enough to pay that? Not me! That's for sure. Before I pay half a million for some dump, I'll set up a tent in the woods. Or, live in a cardboard box.

There's no way I'm willing to pay $3,900 a month for the next 30 years.

So, guess what? The crazy prices end as soon as buyers decide it's not worth the asking price. If you get in line, and bid even higher than the last offer, then you're part of the problem.

The correct thing to do is laugh and walk away!
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#2 Consumer Comment

buyer sets the price

AUTHOR: Shane - (U.S.A.)

Please keep in mind that the buyer sets the sale price not the seller. As for the low interest rates, it is up to you, if you want to take advantege of this special. If you want a deal on real estate wait till rates rise and then go out and buy.

I am a realtor in KY and I see people buying homes that still should be renting. The lower rates allow them to qualify for purchases that they could not afford in a buyers market. The reduced rate more than offset the the inflated therefore real estate is still a solid buy.

As for your agent, if you are not getting the representation you need, find another agent.
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