I have a house for sale in another city. Was my grandmother’s. It used to be a run-down neighborhood but is now a super hot market. I asked a real estate agent in the neighborhood to take a look and let me know what he thought it would go for.
He calls me 10 minutes later and says he wants to buy it himself for $XXX, cash. This sounded super shady and I think it’s worth a lot more, so I put him off. I fish around to try to find some other agents, they were all flaky, or wouldn’t talk to me unless I drove to their city to talk in person.
Meanwhile, first agent is pestering me to sign a listing agreement. He agrees to put on market for about 100K more than he had offered me for the house. I figured what can it hurt, I’ll list it and get offers.
He finally puts it on the MLS, the worst pictures you can imagine. I’m talking pics of mud puddles on the ground, you can’t even tell which house it is from the outside.
Now, people had been tracking me down and calling me about this house, even before it was listed. This is a hot area for developers, and it’s a big house on a large lot.
My agent gets back to me and says he has a terrific cash offer. It was for more than list price. He said there was another offer but not for as much. He sends me the offer and pressures me for days to sign. I relented and signed the offer.
Never heard from him again, but had some interesting conversations with some neighbors who were shocked that the place had even been for sale, said they would have put in offers had they known about it.
I asked him who he had shown it to, and why no other offers? He said there was another offer but for way less. I said send it to me anyway. He sent me an offer on a different house, not mine.
There are more details to the story, but I pieced together that the real estate agent is in on the cash offer, and is selling it to himself way under value. IS THERE ANYTHING I CAN DO???