Good day everyone. I need some info.

**Heshup** · 02-25-2009, 08:23 AM

Hello everyone. I hope all are doing well.

The wife and I are looking to buy a home in northwest Tn. We are pre approve. We will be here for about 5 or so more years. After that we can stay or move on. I figure move on will be the best thing. We have been looking in the town we live/work in and pickings are slim unless you want to live with the cracker heads and they have about 3/4 of the town.

This is what I have ran in to looking and getting prices from the two RE offices in town, the only two. They are trying to drive up the prices of homes here by saying that our town is not affected by the economic conditions the housing market is going through. Now keep in mind that we can go say to the next town to us and they will tell you the housing market is down in a bad way and the prices show this.
After looking at a few homes and then doing some research on them and the values of homes in the neighborhood it is clear to see they are trying to drive the prices up. Now this can be good for only two people the seller and the agents. It is very clear what is going on after a few calls. We have good o-boys going on. You feed me I will feed you. The few agents here are able to get the few appraisal people to get the prices up.

The town/county did a revaluation in 2007 for the 2008 tax year. This one house was listed at 126 then came down to 111. The tax papers are saying 86600 and all other sources say maybe 75 to 86. This one agent/broker is telling me that you take what the taxed value is and add 25 to 30% to get the true value of the home. The county is saying the total value on the tax papers are FMV in 2007. So much for all this I think you get my point as to what is going on here. You feed me I feed you.

This is wrong for the people buying homes here, the few that can anyway. What I see if you buy with these good o-boys here you will be upside down right from the get go. If an honest appraisal from an outside source these homes will not come in with these prices. This is the same thing in a way that started the housing to fall, dishonest dealings.

So what steps can I take to stop this? I don't let things get to me and turn the head to things that don't involved me. This is.

Any info will help. This has to stop.

BTW....... We will be buying our home in the town next to us.

**donrock** · 02-25-2009, 11:59 PM

I wouldn't lose any sleep over it if you have decided not to buy there anyway. Their way of valuing a home is pretty unique and also completely wrong. If an agent told me that I wouldn't be able to get to the door fast enough. If you want to find out what the real value is you'll have a hard time if what you say is true about them selling the houses over market. This means all the comps will be over market too.
One way you can defeat this is when a listing expires be there with an offer to the seller. Just don't talk to an agent about the property or the seller could have to pay a commission after all. Remember the seller won't have to pay a commission so you both can save.
Good luck.
donrock

PS: Do you Twitter? I just joined and would like to follow and get followers that are into the internet and real estate like I am. Please follow me at twitter.com/donrock1 and I will immediately follow you. Thanks!

**Heshup** · 02-26-2009, 07:11 AM

I understand what you are saying. I think this still has to stop as people are upside down when they close. Is it not defrauding the lenders as well?

As far as when the listing expires this will not work as they have a clause that you can't resale for three months or they still get their % same as a buyer they have same clause stating that if a buyer does not buy from them then you cannot buy from others agents/brokers for same time, even a FSBO for three months or they will get a %. I laughed at her and gave that forum back to her and told her not on her life, in fact they was 20 pages and had to sign about 6 times just to make an offer. I thought damn lady I am not buying the house. She did not like the fact that I sat there and read these forums.

I would think that other agents would have just a bit of concern about this as it has put a real bad taste in my mouth about RE agents even though I know they are not all doing this. But one bad apple will screw it for the rest.

Who would I go to to report the Agent/broker and the appraiser? I know they have to be licensed through some state office.