patrick.net

This is the second property that I have witnessed that this seller agent teamed up with the buyer agent, to buy the properties for themselves with no competition from the lender. It is an awesome price for this property in its condition. And they are keeping all the commission as well. So the true price for them is probably around $470k. They in turn flip it, a home that doesn't really need any work. This home will sell for $600k after touching up.

Private remarks from the MLS:
Private : BANK IS WORKING WITH AN OFFER. PLEASE HOLD OFFERS until further notice! REO. Send offers to offers@ciriosre.com. Seller requires all non-cash offers to include a pre-approval letter from Quicken Loans, contact: 800.493.4574 or www.quickenloans.com

What was the point of that? As if you needed to give instructions to agents to make way for yourself.

http://www.redfin.com/CA/Daly-City/165-Dennis-Dr-94015/home/916649

How do you know the two agents were making a deal among themselves?

Also, I'm confused. How could they exclude competition from the lender when the lender is the very one selling it via their seller agent?

Maybe you mean the two agents conspired to prevent the public from bidding on it, so that the lender could not get the market price?

How do you know the two agents were making a deal among themselves?
Also, I’m confused. How could they exclude competition from the lender when the lender is the very one selling it via their seller agent?
Maybe you mean the two agents conspired to prevent the public from bidding on it, so that the lender could not get the market price?

Patrick, what had happened was Seller Agent obtained the REO listing from the bank. The Buyer Agent was also from the same brokerage. Which doesn't look too uncommon. But if you search deeper, the buyers were actually the joint efforts of the buyer agent and the seller agent. I remember seeing this listing come out and immediately thought that this guy (seller agent) will pull something scandalous as he had the last time I saw him with an REO listing.

This home will definitely sell for more than $505k. These 2 agents (buyers) will touch it up a bit, and list it for a hair over $600k.

http://www.redfin.com/CA/Daly-City/21-Portola-Ave-94015/home/1065917
Check out the $375k sale price before it was sold for $533k. Nobody stood a chance against them during the REO sale. The buyer agent and seller agent were the actual buyers.

Update: The purchase was from an LLC called Getsen Acquisition Llc. My Realist county record look-up shows it as being recorded under that LLC, but it also showed the people behind the LLC. The LLC was formed by the listing and buying agent.

I guess I shouldn't be complaining since this is the reason why I use seller agents as buyer agents :)

vain says

Update: The purchase was from an LLC called Getsen Acquisition Llc. My Realist county record look-up shows it as being recorded under that LLC, but it also showed the people behind the LLC. The LLC was formed by the listing and buying agent.

Shouldn't this be illegal?

seaside says

vain says

Update: The purchase was from an LLC called Getsen Acquisition Llc. My Realist county record look-up shows it as being recorded under that LLC, but it also showed the people behind the LLC. The LLC was formed by the listing and buying agent.

Shouldn’t this be illegal?

I'm not sure if it's illegal. But the two obviously took measures to hide the true identity of the buyers. But I guess it slipped some how when it showed the true names to me. You can no longer see it anymore since it's been sold. The title history shows Getsen LLC but their names have vanished.