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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: MSI who wrote (3310)	7/10/2002 4:09:29 PM
From: Smart_Asset	Read Replies (1) \| Respond to of 306849

<<How about this one: I once bought a property from a large NY company for the mid- 5 figures. I thought it was worth a lot more, but this was an unsolicited offer, so I started low... While in escrow, I got a different appraisal and hard-money lender for mid 6-figures, and walked out of escrow w. $100k cash ! (and a big loan, of course)... I used part of that to put a road in and sold out a few months later to monetize the gain.>> Are you Peter Minuit? Trading glass beads for New York property may be ethical in New York- at least on Wall street but not most other places. Seriously, it sounds like you took the risk. <<Was that sneaky? >> I can't pass judgement there. Suppose it depends on which lens you screw on; moral, ethical, legal, sneaky ......? , and then, of course, its a matter of degree. It strikes me that every agent must comply with the legal standards or risk penalty and then whatever moral, ethical or sneakal standards the agent displays are his/her own. Certainly moral and ethical standards should be higher than legal standards but of course that is not always the case. Where is the line between an ethical negotiated price between a buyer and seller and a shark stealing a property from an uninformed senior citizen? Buyers and sellers as well as agents have their own standards. My personal thoughts are that the re industry, like any entity(gov.,lawyers, academia, police, etc) does a poor job of policing itself. If some cost effective(not gov!) method of outside policing agency could be put in place the industry would benefit. But enough about me. What about you? What do you think of me? Tam