A tale of two real estate agent’s shady dealings. The first, a commercial real estate agent in Colorado lost his license when he neglected to present an offer to his own seller. Carol Price, owner of a dance clothing store on the brink of foreclosure, contracted with Mark Dyson of CORE Holdings to sell the property. When an offer came in for $268,000 Dyson neglected to present the offer to Price, and the property fell into foreclosure. Here’s the kicker. Dyson himself purchased the property when it went to auction, flipped it, and sold it to the man whose original offer was never presented for $265,000. Talk about an abuse of power!
For his mistake, and Dyson himself admits he made a mistake, Dyson lost his real estate license and was faced with a fine of $22,500. The penalty was voted on by the Colorado Division of Real Estate. The Colorado law states that a real estate agent representing a seller must present all offers to and from the seller.
2500 miles away in Florida, a similar situation occurred when Dominick Marchica, a gun retailer was looking to expand his business to a store front. Marchica put a $52,000 offer on a foreclosed retail site only to hear from the listing agent, Cary Williams that the bank had turned down the offer. You can imagine Marchica’s surprise when few months later he noticed the same site sold for $40,000 to none other than Williams, the listing agent!
Marchica cried foul, however Williams maintains that in the months following Marchica’s original offer, the bank had become more desperate to sell the property. The president of Heritage Bank, who held the mortgage, claims he did not authorize Williams to tell Marchica the bank would not negotiate.
Read the full story at Aol Real Estate.