Wow, well done Indo tell us something we dont know…
A year late and a couple of hundred thousand dollars short.
How long has it been since Primetime exposed this?
I wonder what constitutes permission.
“Now Mr. Jones, could you just sign here…
No, there’s no need to read it, just the normal legal mumbo jumbo”
Could never understand the financial naivety of buyers giving their financial details to someone acting for the seller. Mind boggling stupidity.
There is either very little news to print or the majority of journalists must be on their holidays for a newspaper to re-hash this shit.
I mean horse-door-bolt.
It was in December 2006 so not far off **two years ago **since this was on, thought I was stuck in a time warp reading this this morning
This was also uncovered in the UK, especially in those “one stop” EA/Brokerage establishments. Although essentially two separate businesses, Estate Agent and Mortgage Brokerage, both sides would share information on the poor unsuspecting ‘client’. This is illegal.
The brokerage would tell the EA just how much the ‘client’ was approved for and the EA would phantom bid up the property accordingly.
There was an undercover TV programme about it. As I recall, following the programme, there was discussion here on Today FM or similar with a representative of either the EA’s or brokers denying that any such practices happened in Ireland. He must have been simply mistaken.
When brokers the pass on the information to the EAs , do they say; Mr X is is approved for ‘in the region of’ €400k ?
I remember seeing that expose. Even ‘reputable’ Foxton’s were up to those tricks. It was really shocking because it seemed to be happening everywhere. One undercover trainee EA in Foxtons was told about the ‘game’ after 5 days on the job.
An even more worrying expose in the same programme was an EA who took back-handers off developers / flippers to imply to their client seller that there were no buyers around for a particular property, trying to get the seller to accept a price far below market rates. In one example, they stiffed an 80 yr old man into selling his home for 350k when app it was worth closer to 500k. He had no clue and considering he prob paid 5k for it he went ahead with the sale. EA gets 25k, developer instantly 125k in positive equity
My eyes opened up when I saw that programme.
In any case, the mortgage mess in the US has every Spitzer like character all over the industry. I would expect that alot of seriosuly dodgy practices will get exposed from this mess here as well.
Indo in “Dog bites Man” exclusive.
I have to confess I was done up like a kipper on this one in England in 1990. Allen & Harris were the name of the shower. The A&H mortgage broker sat in the same open-plan office as the estate agent.
I still think that we should have some dos and don’ts in a sticky on the 'pin. When you are thinking buying a house, you need to know all this stuff before you even start looking.
I think that it would be a good idea, people could post their suggestions and those that are valid could be edited into the original post, there are lost of suggestions around the forum on the dos abd donts but they are not collated anywhere.
God save us.
There is another thread discussing grammar and spelling, I hope it doesn’t start on this one, it is an interesting discussion but I don’t think that we should take every article apart in terms of grammar and spelling, focus on the message, my two cent worth
The only thing more pedantic than people being pedantic, is people being pedantic about other people being pedantic. IMHO.
A downward spiral from here.
i think its great that this is re gurgitated so that the public are informed as to just how they were shafted
Clueless or Corrupt Estate Agents and Mortgage broker sharks are like athletes foot fungus.
Once its been brought under control it must be eliminated with recurring extra strength treatment to prevent it from re appearing when one is off their gaurd.
IMO it’s all part of the same message. If the Indo cared about the content, they’d care about the grammar and spelling too.