A Member has reported that a Seller has victimized them as well as another REALTOR®.
The Seller approaches the REALTOR® to list their property and says they need to borrow money from them for renovations to improve the selling price.
The Seller borrowed $5,000 in the first instance and, once their listing expired with the first REALTOR®, they borrowed $10,000 from the second.
In both cases, after receiving the money, the Seller asked that the REALTOR® hold off on posting the listing until renovations were complete.
When the Seller agreed to post the listing, they would refuse all showings. They continually negotiate on the selling price and open houses, and make it difficult for a REALTOR® to sell their property. Once the listing expires, they move on to the next Brokerage.
Accordingly, Members are encouraged to be vigilant with respect to all Sellers who request to borrow money.
Did you know? The following are all accessible from the Stratus home page via the Your Resource Centre button.
- Member Alerts (including archived items);
- A Fraud Red Flag Checklist;
- CREA’s ‘The Safe Side - REALTOR® Safety Issues’ brochure; and,
- REALTOR® Safety Tips.