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Never write an earnest money check to the agent directly or to CASH

Over the past couple weeks I've been getting more and more calls from potential clients wondering if I could take over where their broker had stopped in the purchase of their home. You see what has happened is there is another agent / company in the Portland area that advertises that they specialize in lease options and owner
financing.

The problems seems to be that the owner may have gotten themselves in financial trouble and has been taking deposits and never putting them in escrow and using the money to pay off his debts. Some times clients would put down between $2500 and in one case I've heard of a $50,000 down and then never the agent is never heard from again.

In two cases the clients put $5000 down and the company did put a contract together with the potential seller, but with only $500 earnest money. So where did the other $4,500 go? The contracts both expired and these potential buyers said they didn't want to lose their dream home and wanted to know if I could take over and negotiate on their behalf.

I've had to advise them to contact a lawyer as this is a legal matter that I can't get involved in. I feel sorry for
these people, but I have no way of helping and I'm afraid that they are going to lose their hard earned money. Rumor has it the real estate company has signs on their doors that they haven't paid their lease to the office building and have let some of their agents go.

This is a sad situation for these people and I know that I am only hearing one side of the story, but when I try to contact the previous broker to see if they would release the buyer to me to try to save this I get a "This number has been disconnected message" and since I have no idea how to help these people, I have had to refer them to the state agency and a real estate attorney.

It is sad when a few bad apples can make what I do so hard and make clients so distrusting of all agents. If you are thinking of buying a home, please deposit the check with a title company and never write a check directly to the agent in there name.



Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739

                       

                                                        

©2008 Todd Clark - Never write an earnest money check to the agent directly or to CASH


Todd Clark (broker w/ Ken's Home Team)
Keller Williams Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573

 

 

 

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 I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.

 

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25 commentsTodd Clark • January 20 2008 12:55AM
Never write an earnest money check to the agent directly or to CASH
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