LIPPSTUH

iTrader: (2)

Here's the story my father told me:

My father and his client worked hard to find the perfect house. The clients finally found a house they LOVED and were well qualified (financially).

Uptown Realtor and CEO, Hector Alvarado, listed a foreclosed property (listed for $575,000) that my client was highly interested in. My father made an offer of $603,000 and Denise Farfan (Transaction Coordinator) confirmed the offer. Yet Hector Alvarado continued to ignore my father's offer making some excuse. Two months later the property was sold for $545,000 and the buyer is a client of Hector Alvarado.

My father's client then spoke with the new home owners and they showed them that the paper work that they offered $545,000 and, in addition, they told him that they had to pay $20,000 in cash to Hector Alvarado.

Thus, Hector Alvarado not only made commission as a selling agent, but also a buying agent as he represented both parties. My father's client submitted an offer of $58,000 more and it was never submitted to the bank.

Cliff notes:
-Hector Alvarado ignored a HIGHER OFFER
-Hector sold the forecosed property to a LOWER OFFER but his own client
-He made double commission by selling it to a lower offer.


Business information:
Uptown Realty
12501 Philadelphia Street
Whittier, CA 90601
(562) 907-4004
uptownrealty.net/




So what can be done?

Eggplant-EX

you need to file a complaint with the Realtor's Assoc....

6MTUA5

iTrader: (2)

What can be done?

I'm pretty sure he can sell the house to whoever he wants.

LIPPSTUH

iTrader: (2)

my father's client submitted a complaint to BBB as well.

Eggplant-EX

No. He is bound to send any offers made to the Sellers. There are repercussions for him.

MWalsh9152

^ there is an ethics board for realtor's too that you should forward that info to as well.

My dad just bought a 2 family house, and the listing agent was also the owner. There ended up being several issues pre and post transaction. Dads best friend was the buyers agent, and has sent a letter to the ethics board about the matter.

Also, I wonder if you could figure out who the bank was and get in touch with the powers that be there? Im sure they would love to hear about the realtor that screwed them out of 65k

knight rider

iTrader: (1)

What's to gain by reporting this guy other than that he might not do this to anyone else. Your dad's clients still would not get the house. I'm not saying that it is not worth it, just wondering.

noshow_nogo

Eggplant-EX is correct. by law, he must submit every offer regardless if the agent feels it would be accepted or not. I've been out of the realtor game for a few years, but I can only imagine a $5k - $10k can be imposed?

1StGenCL

Aren't they all unethical? Everyone I have dealt was pulls crap like this, I don't know how they get away with it. Def. report Hector

MR1

No most agents are not unethical.
The government agency this needs to be reported to is the California Dept. of Real Estate.You might also report him to the local and state board of Realtors. I'm surprised that the OP's father doesn't know that if he is a licensed real estate agent. Aicense is required to sell real estate in California.

MR1

It is also necessary to know what the 'some excuse' was that caused the agent to 'ignore' the offer. It's dangerous for parties removed from the situation to draw conclusions without benefit of all the facts.

1StGenCL

Fair enough. I was a mortgage broker for a few years and dealt with TONS of relators and well over half were super shady. Yes, yes I know, mortgage side was worse and look at the mess WE got everyone else in.

Mother is also an agent and it seems everyone she comes in contact will suggest something a bit unethical.