I know the situation very well, I am the friend but didn`t have time to post the question so Nir did it for me. My offer had one condition and that was `conditional upon viewing`. The view time was set up with my agent however when the day came to view he contacted me and said it had been sold to the listing agent. My agent was upset with the deal and feels uncomfortable not only for the price it sold at but also because a house next door became part of the deal and no one knew about it. The 5 plex sold for $165,000. and the house next door (a single family building) sold for $100,000. very good prices. I did go to the building and did an onsite inspection without looking at any of the units and told my agent that I would buy it without viewing the units because of my experience at inspecting buildings - I now own twenty. The price, location and my quick analysis told me this was a good deal and I wanted it.
I do feel that the listing agent had an unfair advantage. I would like to investigate this further but not sure if Ontario has a overseer to the real estate boards or if I should start out at the local real estate board. Does anyone know of such a body? Thanks
Gregg
QUOTE (brentdavies @ Oct 15 2009, 10:32 AM) Realtors must follow a code of ethics, but this does not prevent the listing realtor ( selling realtor) from purchasing.t doo
The price may have been only 1 factor in the seller`s decision to sell to the listing realtor. Other terms and conditions are not knowen. Commision payable, inspections waived, etc are other parts of the contract that may not be disclosed. Your friend`s offer may have had a number of conditions that the sellers did not like.
However, why would I as a realtor want to show properties listing by the realtor( who buymes) if my client`s offers are just being shopped around. Fair and honest dealing with clients are important.
There are situations that I do buy properties that I have listed, such as "your home sold in 90 days or I buy it". or a good investment property that other investors are not interested in.
If you still confused, go the CREA website and read the code of ethics for REALTORS.