A real estate agent in Modesto, CA had a client who’s credit wasn’t good enough to buy a house. So she offered to buy the house for him, using his $22,000 for the down payment. She then turned around and rented her buyer the house she bought for him … for $300 MORE than the mortgage payment.
She didn’t even try to turn around and do a type of owner financing.
When the buyer realized he was paying more than the mortgage payment, he complained. The agent promptly threatened eviction. The buyer then realized that he wasn’t the buyer at all, and she’d stolen his money to buy the house.
The agent is defending herself in court, saying she was only helping her client live in the house he wanted to buy. She also claims she tried to return the $22,000 to him. As unlikely as that is, it’s a moot point anyway. She NEVER should have used his money to buy the house herself!
Obviously, a predator scammed a client. Let this be a lesson to everyone of the power an agent has to influence their client in a transaction the client has little to no knowledge of.
- What’s the role of a real estate agent? (firstnationalnews.com)
- How can I tell when it’s time to ditch my real estate agent? (hsh.com)