# 2 different real estate brokers have mentioned "Maybe I'll buy it"



## Stratford55 (Feb 3, 2013)

This has happened in the case of a large island acreage (Bruce County, ON) which my brother and sister are in charge of. Our mother (the previous owner) died just over a year ago. At 34.75 acres/14.06ha it could hopefully sell for a lot. It even has the oldest building (2 roomed,thick walled built by Scottish immigrant fishermen who wintered in Michigan, now in quite recognizable stone ruins) in Bruce County on it. My sister dealt with a broker who said to her "Maybe I'll buy it." And I searched and found a broker from a big world-wide company when I saw they had a property listed on a neighboring island with a Big price-tag. Well it is a father and son who listed that and the son actually lives in that spot. So in my E-mails with them the same 'Maybe I'll/we'll buy it' has come up.

Now this brings the possibility of 'Buy Low....Sell High' I was worried, with a broker buying the land and then selling it later for significantly more money which we should have gotten. So is there some sort of law regarding that and/or a realtor/broker Code of ethics? I'm guessing there is otherwise they'd be screwing almost every case they handle, or maybe there isn't?

Googling I found this forum and figured there should be knowledgeable people hear regarding this. Thank you for your time and any helpful responses.


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## kcowan (Jul 1, 2010)

There is a code of ethics in every real estate bureau. But it is seldom (/never?) enforced. So most likely they have learned that hinting at them likely buying it might encourage you to list with them. To the contrary, if they are really interested, look for a low offering price, and insufficient showings.

(I put offers in on two properties and the listing realtors bought them for my offered price. I would bet the owner never saw our offers. One in the GTA and the other in Muskoka. At least I knew that our offer was in the right range.)


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## Cal (Jun 17, 2009)

Call 2 more brokers.....then you will have a better idea of what it is worth.


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## sags (May 15, 2010)

You should be able to get a list of comparable "sales" prices, to have a better idea of what properties in that area sell for. Also check out how long those properties were on the market before selling and how many other properties are currently on the market.


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## andrewf (Mar 1, 2010)

Brokers buying properties that they represent is a huge conflict of interest. 

Professional ethics in the RE don't exist. RE agents are not professionals, they are commissioned salespeople, akin to used car salesmen. Treat them accordingly.


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## dougboswell (Oct 25, 2010)

You could pay for an appraisal by a licensed appraiser. This would give you an idea of what the estimated market value is at the time the appraisal is done. They will look at comparable properties listed and sold recently. There is a difference between an appraised value from a real estate agent and from a licensed appraiser. If you do decide to sell you now have a value to list at and if you allow potentials buyers to see the appraisal they will see that a low ball offer will not cut it.


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## kcowan (Jul 1, 2010)

Just beware that appraisals tend to lag the market, both up and down.

In one case, we sold for 5% above the appraised value and on the day we listed (damn).


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## Rusty O'Toole (Feb 1, 2012)

A licensed RE agent or broker is obliged to tell you that he or she is a professional if they buy your property. They are also supposed to tell you if they plan to sell it for a profit.

This is called full disclosure. I never heard of anyone refusing to sell to a broker or agent but suppose it could happen.

If I ever have an agent or broker bidding on my property my attitude will be "great! Tell your friends! The more people bidding, the better I like it. If you can make a buck good luck to you as long as I get my money first".

I've been involved in RE for a long time and have sold properties for low, low prices because it was time to get rid of them. I wish some speculator had come along and made me a better offer. Hell I wish there were 10 speculators all bidding against each other. As long as I get my money I'm not choosy who I get it from.


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