What is this Spat Between Kevin Padrick and Stephanie DeYoung Really About?
I mean this Stephanie Studebaker DeYoung is an unlikely Source to be standing up, somehow for the very consumers her dad's company is said to Have "ripped off". But that is exactly what she is doing. You see it is said that Financial Consultants and Attorneys are Eating up the Money that the Real Estate Consumers Should Be Getting.
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Tough to Belief Stephanie Studebaker - DeYoung when she is VERY connected to a part owner of Summit 1031 Exchangers, and it is kind of an us against them right.. Consumers that were Trying to do a 1031 Exchange against the Big Bad Summit 1031? The Media, we know they always tell the truth and the whole story, well the Media feels sorry for the Real Estate Consumer, as do I but they are NOT getting down to the Nitty Gritty to Expose where the money is REALLY being tied up at, who or what is holding up Millions upon Millions of Dollars ? What if there is more to the Story and the More is the KEY to you getting your Lif Back?
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Well there seems to be some sort of Smack Down between Stephanie DeYoung and Kevin Padrick, and Being the Real Estate Industry Whistleblower, I wanted to dig deeper and see if there was anything to all this, if the real estate consumers really need to know, if their was signs of Real Estate Corruption, Real Estate Lies that My Real Estate Consumers ( thats YOU) NEEDED to know and it turns out there is a TON of information that you truly do need to know.
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The shareholders of the company were not familiar with bankruptcy law because their company was not in danger of bankruptcy for the last 15 years. It was only when the real estate market collapsed that they found themselves with a liquidity problem.
They couldn’t get temporary loans, the could liquidate property, they couldn’t get paid back on loans owed to them. However, when they declared bankruptcy, they still had $13.6 Million in the bank account.
Kevin Padrick, Senior Principal of Obsidian Finance Group, LLC, saw the cash in the bank and decided that a few million of the cash should be his. Instead of helping the debtor facilitate the exchanges and liquidate the assets, he and his company did nothing except stall and go to the other side (creditors’ committee) with priviledged information (debtor’s gave him) claiming he had done all the research and somehow convinced them to give him the job as Chief Restructuring Officer.
Originally, this was a bankruptcy that was a debtor in possession with a Chief Restructuring Officer (CRO) in charge of the restructuring efforts.
Obsidian Finance was supposed to be working for the CRO. Obsidian Finance or Padrick did not communicate with the CRO or the debtors. Instead, they communicated with the creditors. All of a sudden, the Court said their needed to be a trustee and Kevin Padrick was appointed as bankruptcy or liquidating trustee.
The CRO had already figured out there was no Ponzi scheme and he was doing his job working with all the parties and liquidating properties. He approved $750K of sales before he was dismissed. Obsidian Finance & Kevin Padrick charged the bankruptcy estate $184K to get their Senior Principal the job of Bankruptcy Trustee.
Then simply by transferring the remaining cash (cash not distributed to creditors) OR $6 Million, Kevin Padrick charged the estate 3% or approximately $1/2 Milllion for a simple bank transfer & money in checking when he got the job. Then Kevin Padrick hired legal counsel, Tonkon Torp, to harass innocent people until they run out of money and energy and give up their interest in properties where they put their hard earned money in and have every right to still own that interest.
Tonkon Torp is charging the estate $270K of which most is for services that bring no benefit to the creditors, but hike up their hours and legal fees earned. The more time they waste, the more money they are able to charge. Total charges between these 3 entities is almost $1 Million in just 5 months. The only amount of money they have brought into the estate is $10K.
Pursuant to 11 U.S.C. Section 330 of the United States Chapter 11 bankruptcy code, (3) in determining the amount of reasonable compensation to be awarded to a Trustee or professional person, the Court shall consider the nature, the extent, and the value of such services, taking into account all relevant factors, including…
(A) time spent on such services (Who gets paid $184K to land a job)(B) the rates charged for such services (Kevin Padrick’s rate is $600/hour and all he does for the hourly rate is waste time, allege things without proof, and harass innocent people until they throw up their hands and give them their property)
(C) whether the services were necessary to the administration of, or beneficial at the time at when the service was rendered. (Who gets $164K to transfer money from one bank account to another???? The remaining is simply 3% of what was in the Summit 1031’s bank account when Kevin Padrick took over the job as Trustee)
(D) whether the services were performed within a reasonable amount of time commensurate with the complexity, importance, and nature of the problem, issue, or task addressed (Kevin Padrick makes it look like it is more complex than it is, he does nothing to make things move quickly, he ignores and loses offers on properties ($900K worth so far), and he has caused the majority of the delays in this case)
(E) with respect to a professional person, whether the person is board certified (Kevin Padrick is an attorney so he does fit this part of the code)
(F) whether the compensation is reasonable based on the customary compensation charged by comparably skilled practitioners (The attorneys are trying to finish the 1031 exchanges and the estate is paying for their learning curve…The attorneys have charged $125K more than a Qualified Intermediary would charge for the same work)
(4) (A) The Court shall not allow compensation for…
(i) unnecessary duplication of services (I identified almost 200K is for duplication of services)(ii) (I) services that are not reasonably likely to benefit the debtor’s estate (Kevin Padrick knows this is not a Ponzi scheme and there was not any Embezzlement, but he is trying to use this to drum up claims against innocent third parties.
The fees that have been charged to go after innocent third parties is $111K. By the time everyone figures out there was no Ponzi Scheme or Embezzlement, Kevin Padrick will be $6Million dollars richer and on his way to benefit from someone else’s misfortune. He has only netted the estate $3K, but has charged the estate almost $1Million.
How is this benefitting the creditors? It seems that it is mostly profitable to Kevin Padrick, Obsidian, and Tonkon Torp for providing absolutely no value to the estate)(ii)(II) necessary to the administration of the cased (This if for the Court and/or US Trustees Office to determine)
On 7/2/09, I filed an objection to these fees. To view this objection, go to http://www.Summit1031BKjustice.com/?page_id=1196 .
There is also a taping of Kevin Padrick & Obsidian Finance’s presentation to interested parties and shareholders included on this site at http://www.summit1031bkjustice.com/?page_id=254 . At this presentation Kevin Padrick does not want us to take notes, does not tell us who sent him to the creditors’ committee, and does not tell us how he is going to bring value to the estate. From this presentation, it is difficult to tell what type of professional competence would warrant costing the estate $1 Million in Attorney and Professional Fees."
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Come on Does Summit 1031 REALLY want the creditors to get their money back!
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http://www.youtube.com/user/Summit1031bk
Stephanie DeYoung says "I Object" - Kevin Padrick - Obsidian Financial
We are Interested Parties who are concerned about the cost of this bankruptcy case to unsecured creditors, LLC’s and LLC Members all of whom are suffering financially from the aftermath of this case. On April 22, 2009 Century Drive Mobile Home Park, LLC filed a proof of claim(1) with the Court for $585,584.68 (Exhibit A) representing shareholders’ share of proceeds from a 7/31/08 sale of 20.17% of the property to Jim Hull via a Tenant in Common Agreement. Checks were written directly to Inland Capital Corp (debtor’s affiliated lending company). Pursuant to the Century’s operating agreement, capital contributions were required to be made to cover the $80K per year of negative cash flow arising from distribution of these funds without paying down the related debt associated with this sale.
We are Interested Parties who don’t understand how the actions of the Trustee, i.e. no cooperation(2), no communication, and conducting activities that violate our operating agreements are able to create value for the estate. We believe these actions are a wanton waste of time and money, which increase legal and professional fees and decrease the assets in the estate, while increasing estate liabilities.
Who is David Aman of Tonkon Torp and what motivates him to do as Kevin Padrick Says and Interfere with the Truth being Told ?
Well I Read on the Link Below that David Aman at Tonkon Torp is Kevin Padrick’s legal counsel and that he wants to somehow Silence the Truth about Kevin Padrick and Obsidian Financial.
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The Thing is the Real Estate Industry Whistleblower, ME, Demands that the Real Estate Consumers THE Real Victims here have access to ALL the information so that they can make Intelligent, Educated Decisions.
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Treating the Real Estate Victims (Consumers) Like Mushrooms and Keeping them in the Dark and Feeding them Bull is NOT Good for the Real Estate Consumer and I simply Won't Stand for it.
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My goal is Justice for the Consumer and it is True that Summit had 13 Million, a 10 Million Dollar Bond and an E and O insurance Policy - then there Was and still may be a bit of Money for those Real Estate Victims and They deserve their life back and RIGHT NOW. If Kevin Padrick is the ONE main glitch between my real estate consumers and their MONEY - well then we have a right to know. How can we know where to head for the MONEY, if David Aman of Tonkon Torp. - Kevin Padrick of Obsidian Financial Fight to Silence the Truth.
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What Plays out with the Bankruptcy of Summit 1031, David Aman, Tonkon Torp, Obsidian Financial, Kevin Padrick, and all the other players will EXPOSE the whole 1031 Exchange Business from Top to Bottom as Well as Bankruptcy Laws and anything else that may hurt the real estate consumer in all this.
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Real Estate Consumers Deserve nothing less then the Truth and I Intend to Tell it.
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I will Get to the Bottom of this. The Real Estate Victims may Never Get their Money back, but they WILL NOT blame the wrong person, and they will get justice somehow.
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Kevin Padrick of Obsidian Finance Presentation and Some Old Fashion EVASION..
of Obsidian Financial.
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Well with Enough information
You the Real Estate Victims
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Summit 1031 - Kevin Padrick - Bankruptcy Law - Obsidian Financial - Seems to Me that Consumers Take it From ALL Sides. I Demand Accountability.
Did Summit have the Money to Pay the Real Estate Consumers whose assets are tied up in a legal nightmare? Did Summit 1031 have the Cash, the insurance, the assets to Make these Real Estate Consumers Whole?
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If so Who is tying up this Money and Who is Really the One Keeping the Real Estate Consumer Down?
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Could it be that Bankruptcy Law, Greedy Attorneys and a Nightmare of Paperwork and Legal Paperwork is What is Really Stopping Accountability, what is holding up the justice process in all this? From What I know of Real Estate and Legal Games, the Consumers Lose, the Attorney Wins. Should the Attorneys get the Money that the Consumers, the Real losers in all this could have had? Shouldn't the Department of Justice or other Powers that be Step in and DEMAND Consumer Rights or is paying Zillionair, Land Baron, Financial Consultants, Greedy Lawyers
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Demand to Know Who is Really Tying up YOUR MONEY. Do not take One Story, One News release and Call it Done. Look Deeper, knowledge is Power, if your affected by this YOU - Real Estate Consumers.. DEMAND that you state governor, senator and ALL powers that be intervene on your Belief and STOP Greed from taking your Lifes Work.
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Summit Says, ya we screwed up Take It. The Asset, Financial Consultants say NOPE - we want a piece of that though we already SOLD and Organic Dog and Cat Food Company and we
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I am a Free Thinker and I intend to get to the bottom of this for the Real Estate Consumer Protection STANCE I have Made as and Industry Whistleblower.
Kevin Padrick - Umpqua Holdings - and the Game of Clue
"Court-appointed trustee seeks $30 million in damages from Umpqua Bank"
filed a lawsuit Friday in Multnomah County Circuit Court seeking more than $30 million in damages from Umpqua Bank for allegedly aiding and abetting Summit in operating what the complaint called a Ponzi scheme.
Kevin Padrick, trustee of the Summit Accommodators Liquidating Trust, alleges in the complaint that Ray Davis, the president and CEO of Portland-based Umpqua Holdings Corp., the bank's parent company, along with Dave Edson, the company's commercial banking president, learned Summit was operating a Ponzi scheme in a series of personal meetings and telephone conversations with Summit's principals beginning in March 2007 but did not stop Summit from depositing its clients' money in Umpqua Bank.
The complaint alleges that even after learning of the Ponzi scheme, the bank solicited more business from Summit to earn more fee money, increase its market share
of deposits and profit from interest on loans it made based on the increase in deposits. Summit filed for bankruptcy in December.
Steve Philpott, the bank's general counsel, said the bank will "vigorously" defend itself against the claim, that it has a "reputation for honesty and fair dealing" that it will uphold and that the claim against Davis and Edson is "outrageous." "To imply that Ray or Dave or anyone at Umpqua knowingly aided and abetted a Ponzi scheme is outrageous. I mean, it's nonsense," Philpott said. "And frankly, I don't know how you can attach a Ponzi scheme label to what Summit was doing." U.S. Bankruptcy Judge Randall Dunn also said Summit "arguably ran a Ponzi scheme" during a Summit bankruptcy hearing in Portland last month.
Philpott said Umpqua did not loan money to Summit or invest in Summit and only provided standard banking services to the company.
Padrick declined to comment on the case. Messages left for Padrick's attorney, David Aman of Portland-based Tonkon Torp LLP, were not returned.
The Summit Accommodators Liquidating Trust was established in May after Summit's liquidation plan was approved in bankruptcy court. Padrick, who was the Chapter 11 trustee in the case, was then named trustee of the liquidating trust.
Pursuant to his role as liquidating trustee, Padrick is attempting to return more than $40 million in asserted claims to the company's roughly 120 unsecured creditors. He's authorized to do that by, among other things, selling real estate throughout the Western United States and Mexico that was purchased by Summit's principals or related third parties through as many as 91 separate legal entities formed by the principals.
In a May 7 story in The Bulletin about Summit's bankruptcy, Jeanette Thomas, the attorney for the official committee of unsecured creditors, said Padrick also is authorized to seek damages.
Summit, which was incorporated as Summit Accommodators Inc. but did business as Summit 1031 Exchange, filed for Chapter 11 bankruptcy protection after reporting on its Web site that it had a liquidity problem that left it short more than $14.2 million due its clients.
The Bankruptcy Court judge overseeing the case later approved motions by Padrick and the creditors committee to liquidate the company's assets.
Bankruptcy filings also say Summit is the subject of FBI and state investigations.
Throughout the complaint filed Friday, Padrick alleges Summit's principals embezzled money from Summit and operated a Ponzi scheme.
Padrick alleges that as far back as 1995, Summit principals Mark Neuman and Brian Stevens began embezzling money from Summit by loaning the company's funds to a separate business entity they controlled named Inland Capital Corp.
The complaint alleges Inland then made "substantial" loans to Neuman and Stevens, and later to Lane Lyons and Tim Larkin, who became equal shareholders in the companies when they joined Summit in January 2006.
According to the complaint, the principals and related entities they formed benefitted personally from the loans from Summit. The complaint also says the embezzled money from Summit was primarily invested in real estate.
Due to the amount of money embezzled from Summit, according to the complaint, the company had insufficient funds to pay off its obligations to its clients, and "the only way that Summit was able to continue meeting its payment obligations was to bring in new clients -- in other words, the principals engaged in a classic Ponzi scheme." Summit, in its exchange contract, stated it would place its clients' money into deposit accounts at financial institutions and use those funds only to accomplish the contracted exchange, according to the complaint.
The complaint alleges Umpqua bank began in mid-2005 to "aggressively solicit" business from Summit, which had used Columbia River Bank as its primary bank. In late 2005 or early 2006, Summit and the principals switched their banking to Umpqua, according to the complaint.
The complaint then alleges Umpqua and Summit began discussions about "a potential business relationship beyond that of depositor-bank," and discussed a "strategic alliance of some kind." In early 2007, the discussions began to escalate, resulting in a series of face-to-face meetings and telephone conversations between the Summit principals and Davis and Edson, according to the complaint.
The complaint alleges that no later than March 2, 2007, Summit's principals "described in great detail all relevant aspects of their Ponzi scheme to Davis, Edson and other Umpqua officials" by providing them "a PowerPoint presentation and a memorandum describing their business model in detail, including the diversion of funds to Inland for the principals' personal benefit." The complaint also alleges Summit's "principals practically bragged that they had used the embezzled exchange funds to build up substantial net worth for themselves" but that they faced a serious liquidity problem because of the embezzlement and needed a loan or equity investment from Umpqua to cure the problem.
The complaint does not allege Umpqua loaned money to Summit but that Umpqua did make "substantial loans" to Summit's principals and their related entities between 2005 and 2008. The complaint does not specify how much.
The complaint argues that Umpqua knew of the principals' scheme as far back as 2005 due to detailed financial information provided to the bank by the principals and their related entities in order to secure loans from the bank and that "the financial information disclosed in detail how the principals had used money embezzled from Summit through Inland to their personal benefit." As the real estate market began to deteriorate in 2007 and 2008, Summit's liquidity problem worsened as the number of new clients dropped and the principals' real estate investments struggled, according to the complaint.
The complaint argues that the principals -- "with Umpqua's encouragement and substantial assistance" -- continued to cause Summit to contract with new clients during the market's decline.
Summit filed for bankruptcy on Dec. 19.
In his claim for relief, Padrick argues Summit's principals breached their fiduciary duties to Summit by embezzling funds and that Umpqua "knew or had reason to know" that the principals' conduct was wrong and was done so "pursuant to a plan or agreement among the principals and Umpqua."
Padrick further argues Umpqua actively encouraged and substantially assisted the principals in their conduct, that Umpqua is liable in an amount exceeding $30 million and that Umpqua acted with "malice" and "a conscious indifference to the welfare of others."
Philpott, Umpqua's general counsel, said "the complaint is one side of the story, and in due course, we'll have the opportunity to file our answer and go through the typical civil litigation process, but Umpqua has a solid reputation for honesty and fair dealing and we're going to uphold that reputation."
Reached early Tuesday evening, Larkin, one of Summit's principals, said, "We disagree strongly with the allegations, and we look forward to defending ourselves as the process unfolds. In the meantime, we will continue to do what we can to provide the most positive outcome for the creditors."
Attempts to contact the other Summit principals or their attorneys for comment were unsuccessful.
However, I don' Play that Game.
Anyone Know the REAL Truth about all this "Real Estate Illusion"?
Email me at Crystal@CrystalCox.com
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Funny How this Says that Summit Principas or their Attorneys were seemingly not able for comment. Sounds like a Crock, I have Seen Summit 1031's Comments everywhere, try looking here http://www.summit1031bkjustice.com/ and Get some Summit Comments.
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What is the Truth about Kevin Padrick of Obsidian Finance
A slide of hands and you may just have the Wrong "Bad Guy" in you line of Sight.
Let's Consider some other options when it comes to Summit 1031 and their Role in Real Estate Consumers losing HUGE assets and money. Let's Look behind the Scenes at Summit 1031.
I mean we all have heard of how Big and Bad Summit 1031 is for taking innocent peoples money and investing it without their permission. But do we know who at Summit 1031 actually invested this money, who really betrayed the Real Estate Consumers and ran with their life’s work? What laws really apply to all this? Who Really did this to the Real Estate Consumer? Who really has all this Money Now ?
Who Should We point the Finger At? What is the Truth of all This? Don’t Real Estate Victims (Real Estate Consumers) deserve to know the truth.
If I was one of these land owners I would launch an online attack to uncover the Truth and find out who has my money, and I would DEMAND it back.
What does the Law Say? What led to a Bankruptcy? Who is Still making money in all this? What was the true pecking order and who is holding up your money?
Summit 1031 and the Scandal of last winter's bankruptcy seems to continue to brings up HUGE issues of 1031 Exchangers and if anyone really is looking out for the Real Estate Consumer. My guess is that no one is. And when the System Dupes the exchangers themselves, well that provides no back up for Real Estate Consumer Protection, and the System needs a major makeover.
Dig Deep folks the TRUTH is buried under a mountain of ash, and your life lays at the bottom.
Many Suggest that Kevin Padrick of Obsidian Finance, Obsidian Finance Group, based out of Portland Oregon is the one to Examine the Most in the Search for the Real Estate Victims Money.
Kevin Padrick of Obsidian Finance may just be the hold up of Millions upon Millions of Dollars that you, the Real Estate Consumer Should Be Getting.
What is the Truth about Kevin Padrick of Obsidian Finance and his part in the Now bankruptcy of Summit 1031 which in turn bankrupts the Very Real Estate Consumers that it is my mission to protect.
Soon we will explore who Aloha Lumber Corporation is and what Good Things that Kevin Padrick of Obsidian Financial is doing with this Company. And other Companies that Kevin Padrick has provided services for, invested in and has major authority in. Real Estate Consumers have a Right to Know the Truth.
We intend to explore Kevin Padrick of Obsidian Finance and his financial advising history, and what folks think about Kevin Padrick of Obsidian Finance.
More on Kevin Padrick of Obsidian Finance Coming Soon, Real Estate Consumers NEED to know.
I Demand Justice for the Real Estate Consumer. And if Kevin Padrick is in the way of that, well me, Crystal L. Cox, the Real Estate Industry Whistleblower will just have to Expose what his part in all this really is.
PS. You can Email my Cease and Desist to Crystal@CrystalCox.com - it seems to be the preferred method. And no use in the "This is Not Trial by Blog" part of the Cease and Desist, attorneys love that one and well it is kind of wore out..
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The MLS - NAR Database is NOT Necessary
You do not need to get Lost in Realtor.com and Mega-MLS databases around the World. You needed Targeted Internet Marketing to get your Real Estate Found. It is not as Complicated as "Realtors" - the National Association of Realtors wants you to believe it is.
The MLS is Outdated, it is archaic and it is VERY Anti-Consumer. As well as the MLS data is used on a National Basis for Home Values and Loans and it is NOT accurate or policed for quality control in ANY way.
No one ever makes sure that the Correct Data is entered into the MLS. This "Realtor" data is used for Home Equity Loans, Real Estate Loans and is the foundation of our financial markets and no one seems to care that the "Realtors" have no regulating body to actually make sure this information is Correct.
NAR president on CNBC, 2/11/08 - NAR Lied and The are NOT accountable in ANY way.. no ONE Cares
Wake Up Real Estate Victims, Real Estate Consumers. How long will you keep buying into the lies of the National Association of Realtors. They are hurting you with their lies and you are still using Realtors to sell your real estate because you think that you have to.
Selling without a Realtor is Easy, Free or Cheap and offers you much more Protection. I guarantee it ~ Crystal L. Cox ... Broker Owner
Richard Gaylord is Lying in this Video and No one can do anything about it. NAR is Not held to the Higher Standard that they brag they are all about. NAR Should be held accountable for this dispicable Propaganda but they are not. And in fact though they Convinced you to Get deeper into debt, though they have not Quality control over MLS data and do NOT hold Realtor, NAR members accountable for the damage they do for real estate consumers .. well NOW they are advising your Government on What Next, to Save You the Real Estate Consumer, and because NAR is a Billion Dollar Entity - your Government listens to their Advice, Clout, Pressure and Flat Out Lies.
The Video below Should NEVER be Forgotten and Should Never Be forgiven. In case the video is removed, what it is, is a video with the 2008 NAR president telling you the Real Estate Consumer to buy - buy, it is a good time to buy. This particular NAR puppet's name is Richard Gaylord. Do Not Believe the Lies NAR is constantly spewing.
NAR got you the Real Estate Consumer into this Mess and not enough People are point the Finger at the NAR president and the National Association of Realtors. I saw this stuff first hand and you, the Real Estate Victim (Real Estates Consumer) - you have been Duped ~ and now NAR is "working with Congress" as the New NAR president Charles McMillan prepares for more LIES forced on the Real Estate Consumer to come to YOUR aid when they are the PROBLEM in the First Place.
NAR is lying and where does it End? Big Money and Big Politics will keep NAR forced into your Real Estate Transactions and you can do nothing about it, Seemingly.
Buy - Buy - Buy ... Lies .. Lies.. Lies.. Higher Loan Limits, this is GOOD for BUYERS.. no way, prices were to high, loans were forced and NAR was pushing buyers and they want you to still use a "REALTOR" NAR member to sell your distressed home.
This stuff is Sick and VERY wrong and should never be forgotten. NEVER - Ever Forget the lies told by the National Association of Realtors that took Real Estate Consumers Down.. RealEstateIndustryWhistleblower.com - Crystal L. Cox - Real Estate Consumer Advocate.
If they are having trouble with loans - they can refinance - so another words, false equity, false debt that should not be on the consumer and PUSHED by Liars at NAR.. do NOT believe the Realtors Association and Never Trust them.. EVER..
The Reporter Questions and the LIES just keep rolling.. You were deceived by NAR…. Don’t forget it..
The president of NAR Said, with low interest rate and lots of inventory it is time to buy. How can this guy sleep at night.. Prices are Leveling off he said, What a Clueless Ass. NAR knew, they lied to the real estate consumer made billions from those lies and now they are set to make billions more as you Lose everything and they get their hands in that.. Higher LOAN Limits Save from Foreclosure, those are OUR Statistics from OUR Research Department.. Holy Cow.. NAR is Clueless or Did they really know and simply let you keep lining their pockets til’ the crash was obvious. Hmmm…
30 Years in the Business.. WoW..
And now the Current NAR President, Charles Mcmillan is working with Congress to get you back into these same types of messes.. NAR is NOT the voice of Real Estate.
Stop Using NAR members and DO NOT forget this Deception.
and NO ONE holds the National Association of Realtors accountable for Flat Out Lies such as in this Video. You MUST demand that NAR be Held Accountable for Lying to You. STOP using NAR members, Realtors. Write to all the Politicians you can and tell them how you feel. Talk to the Department of Justice. NAR has more money then any of the Government Entitites that are supposedly set up to protect you. And NAR lobbying and Clout will win to GET their Way so they get Richer... and NAR is Using your Money to Do it. And of course other "Lobby Dollars" , "Political Pull" and "Clout".
Here is the Secret Weapon, IF you the Real Estate Consumer, the Real Estate Victims Speak out about Realtors, NAR and you Stop letting them do this to you, then little by little the EMPIRE, the Cartel will come down and you the Real Estate Consumer will have a chance. For now, their billions are stomping on you daily and you don't even know it.. and odds are your local Realtor does not know either, they just play follow the leader, don't ask questions and Get my Paycheck..
Realtors Deceive Everyone Equally? Do Realtors Lie to Bank Owned Property Managers ?
Do Banks know this Stuff? Maybe they just don't care.
Some Realtors take banks foreclosure listings and find a way to create a fake distress sale, sort of with the bank themselves. Another words the Realtor can do something such as list the banks Real Estate Owned property, and not tell the bank about buyers they get, interested parties or even tell the bank of offers. These Realtors simply find a way to keep the bank thinking their are no real buyers when really they have lied about interest in the property, kept other Realtors and their clients from making offers by lies and games and sometimes flat out telling a buyer oh you can't have that listing. At this point a Savvy Buyer will contact the bank direct and NEVER trust the Realtor that there is an offer, several offer, it is contingent or any other reason the lying Realtor tells you in which keeps you from Buying the Property.
These Realtors will even deliberatly enter the wrong zip code to keep buyers at bay, this way the lender will come down even more or be "More Willing" to sell very low and the Realtor themselves or a friend of theirs will then buy the bank owned property. Believe me NAR, Realtors are a HUGE, very Huge part in the financial collaps we are now in.
Real Estate Whistleblower