I have a habit of mentioning specific names, both in praise and in condemnation of people with whom I?ve dealt with little thought to real estate complaints it might cause.? I always mention that these are my personal experiences with them and that you may have different experiences with them resulting in different opinions about them.? When I was a kid, I remember how people told me never to mention specific names if someone was dishonest or in any way a scumbag to you or your community since this was the job of the local newspaper and TV station to do.? I grew up by that creed and lived by it for many years.? Then one day it hit me that many people, including me, often learn more from the mistakes made by others than from their successes.? Well, I recently made a big mistake that I hope others can learn from and avoid making the same mistake.? It involves real estate complaints about a dishonest Realtor? in my local markets named Mason Barrett.? Lemme give you some background on my beef with Mason Barrett and why I have real estate complaints about him.
Back in August of last year (2011), a fellow investor approached me to help short sale an investment property of his.? Just to clarify for those who aren?t regularly involved with real estate, a short sale in real estate is when a property is sold for less than what is owed on a mortgage loan with the blessing of its lender who agrees to discount the balance owed rather than require the seller or buyer to bring cash to the closing table.? Basically, it?s the lender taking a haircut on the loan and agreeing to take whatever money is left and run rather than try to squeeze blood from a stone-dry seller who either can?t or won?t pay off the loan.? To make my specific deal a bit more convoluted, the property owner in my deal is not the mortgagor or in any way a guarantor of the mortgage loan, but he does own the house and has every right to dispose of it as granted to him by the mortgagor/guarantor (and original owner who deeded it to this investor with full disclosures given to all parties).? This investor has no real estate complaints against him as far as I know.
Prior to my real estate complaints about Mason Barrett, I was looking for a good Realtor? in the area who is familiar with short sales to help me with this.? I don?t focus just on short sales in my business but I keep up to date on them to avoid legal problems with the ones that I do take on, especially now in an economic environment where our government is paying very close attention to short sales since dishonest investors have made investors look bad by ripping people off.? It?s bad investors who ruin things for those of us who stay true to the laws.? Likewise, its dishonest Realtors? like Mason Barrett who give investors like me good reasons for valid real estate complaints and who make all Realtors? look bad.
When I do take on a short sale as an investor, I typically buy the property just long enough to resell to someone else and hold on to it with my own funds for anywhere from a few minutes to as long as three months, whatever is required to resell the property without real estate complaints.? But lenders who are considering releasing their liens at discounts often have problems letting investors buy properties by discounting their loans and then making profits by reselling them quickly and most of them require that the properties first be listed with Realtors? for a period of time before letting them be sold via short sales.? In fact, there have been investors and Realtors? who went to prison for mortgage fraud for not following proper procedures to make this kind of short sale investing legal.? As of the time of this blog post,? a key to making this kind of property flip legal is to have the Realtors? list the properties with the short sale investors, not the owners/mortgagors.? This way, a Realtor?s? fiduciary duty (responsibility) is to the short sale investor, not the owner/mortgagor/lender so, by law, they don?t have to disclose anything to anyone except to their clients, i.e., the short sale investors.? This one little change minimizes real estate complaints.
Getting back to what caused my real estate complaints about Mason Barrett, this guy knew my short sale model from the start but now claims that he doesn?t understand it and used this feigned ignorance to steal the deal from me.? This short sale started back in August of 2011, got stalled, and recently started back up again when the lender waived a bunch of the requirements that stalled this deal.? Mason Barrett is an experienced Realtor? but pretended to have taken a stupid pill by claiming not to know the difference between a client and a customer, which is taught in basic Real Estate 101, i.e., the very first licensing course (I know this since I went through the licensing requirements as well).? Mason Barrett?s feigned ignorance of basic real estate law adds to my real estate complaints about him.
The owner gave me contractual authority to market his property any way I see fit so as to avoid real estate complaints from anyone so I brought Mason Barrett on board as my short sale Realtor? who would list the property with me, not with the property owner.? Mason Barrett knew this up front, he knew my short sale model, and he listed the property with? me back in August 2011 with full knowledge of why he was doing that even though I was not yet the property owner.? When the short sale stalled, I set aside the file as did Mason.? But now that the lender has requested that this house be put back on the market, Mason Barrett went around me directly to the owner with claims that he doesn?t understand my plan.? Our last phone conversation on April 26, 2012 goes something like this?oh heck, it?s easier if you just listen to it yourself by clicking the link below and you?ll see why I have real estate complaints about this guy:
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http://soundcloud.com/aesir-2/april-26-2012-thursday-mason
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From the April 26 phone call, in which I blanked out specific names except for mine and Mason?s, you can hear Mason Barrett playing dumb and asking the same questions repeatedly to stall for time to think of how he is going to weasel out of his moral responsibility to me.? To add to my real estate complaints about him, at the end of the call, Mason said he would set up a conference call between us and his Broker-in-Charge for Friday, April 27, but he never did and instead just sent me the following email late on April 30:
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Monday, April 30, 2012 11:27 PM
FROM: Mason Barrett <csrahomes@gmail.com>
TO: Bob Kim <rkim777@yahoo.com>
I spoke with our Broker, Kathy, and she said we couldn?t list with you until you
owned it. You can still make an offer and/or I could pay you a referral fee if
your license is active. Mason
Sent from my iPhone
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An interesting thing about this situation is that I recently spoke with yet another investor in the area from whom Mason Barrett tried to steal a deal as well.? I?ve known this investor for several years and yet my hubris prevented me from contacting him to ask about Mason Barrett before ever getting him involved.? Had I called this investor and my other contacts in the area, I?d have found out that Mason Barrett is well known for stealing deals from investors and I never would have used him or had these real estate complaints.? But live and learn.? I won?t make that mistake with anyone ever again.? I?m not a psychology expert but one thing I do know about human behavior is that how we do? anything is how we do everything.? Translation: If Mason Barrett will rip off established real estate investors, I predict that he would readily do the same to those who wish to buy homes for themselves and their families in which to live, if he hasn?t already done so (in my humble opinion).
It?s interesting how Realtors? claim that they have higher ethical standards than just real estate agents who are not Realtors? (I blogged my opinion about this a while back).? Yet, Mason Barrett is a Realtor? and he just stole a deal from me after I gave it to him as a listing to work on with me.? Does this strike anyone else as being a bit strange given that Realtors? spend so much money advertising how much more ethical they are than non-Realtors??? Or are my real estate complaints about Mason Barrett invalid?? For those of you who believe that I?m not being ethical by putting Mason Barrett?s name out there, I?m just following the laws governing full disclosure regarding real estate by pointing out as a material fact that you take your chances when dealing with a Realtor? like Mason Barrett, especially as an investor.
Whether you are someone who wants to buy a house in which to live or an investor who wants to make money from it, be sure to perform thorough due diligence to avoid dishonest Realtors? like Mason Barrett and to avoid having your own real estate complaints about these weasels.
Here are a few related sites that may give you more information relevant to your needs. Thanks for visiting Aesir Group commercial finance.
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