592 North Street is a bank owned property that’s been listed on the Connecticut MLS but not the Greenwich MLS for the past week or so. Why would a Greenwich property not be listed on the Greenwich MLS, where buyers and their agents would be most likely to see it? Perhaps because the broker agent doesn’t want people to see it? A broker persuades a bank to give him a listing for one of their foreclosed properties, then hides it from likely buyers while he finds his own buyer and doubles his commission. The bank, unaware of the existence of two separate listing services, is under the impression that its property is being fully marketed while of course, it is not. If the broker couples this subterfuge with a refusal to answer texts or voicemails requesting a showing, you can see how the system works.
Yesterday Raul Villacis, owner and agent of Advantage Real Estate, finally did list 592 North Street on the GMLS, showing it as an executed contract, with “0 days on market.” Congratulations, Raul, you’ve done it again.
For What It's Worth 
I would love to find an agent to do that for me – I’ll pay 2.5%… 5% makes me cringe.
I doubt the broker / agent was doing it to pass any savings to the seller. More likely offering a slightly reduced commission and not telling a seller what he was doing.
Aptly named company eh?
Actually saw a similar issue a few years ago with a property in foreclosure. The homeowner was a broker (licensed, but not working) and listed the property on the CT MLS, but not the Greenwich MLS. Never answered calls or emails. She would go into court and tell the judge the family is trying to sell the house, but nobody is biting. Kept the family in the house without paying a mortgage for 3 years.
I’ve sold two bank owned properties that were hidden like this. Absolute hell wresting them away from the broker’s own deal but when a direct approach was made to the bank informing them of what was going on, things improved markedly.
sounds familiar.
Don’t it?
Sounds to me that their is a niche market here for you to seize — a real estate agency that specializes in listing foreclosed properties on behalf of the banks. Banks would insist a foreclosed property be listed with x agency so that the broker’s loyalty is with the bank, not the home “owner.” It also would make it much easier for a buyer to get a response from a bank when they placed on offer. I looked at a gorgeous house in Rye in foreclosure that I wanted to bid on. However, broker warned me that bank had strung another buyer along for 6+ months before deal fell apart. Above plan might mitigate that problem.
We already have that arrangement with a couple of banks but so far, most of their properties are out of town.
Can’t an agent lose his or her license for pulling such stunts? It denies a seller the opportunity to get the best price.
If the bank got their price and didn’t care if there was a bidding war that may caused it sell over ask has anybody been hurt?
What seller doesn’t care whether he makes a greater profit? If you’re one of them, let me know when you want to sell your house.
I tell you who, a clerk in a mortgage company who likely gets a pat on the head if it sells for 1.6 or 1.65. Everybody else would care.
i like the fact that you have the balls to actually call people out on things like this…although the first response did make a a good point
Look the other way
There are lots of licensed professions who should be blamed..
Mortgage broker, appraiser, underwriter, banker, ethic trained realtors,
that firm is about as slimy as it gets. tried to get a short sale they were listing. all smoke and mirrors, baby. no returned calls, etc. etc.
i’d take a good guess that the reason they get those listings, by the way, is that their all-in fees to the banks are lower than going with a regular agent. they’re likely told the floor for sales price, and so long as the roof doesn’t fall in, the bank’s okay with letting it hang out there such that loss severity isn’t worse than projected. and exit [dis]advantage gets their 3-4% cut from the bank direct.
but, that’s just a guess on how it all plays out….
Dude ā
You have chosen to sleep with pigs, and then you complain when you wake up in mud? You have chosen a āprofessionā where it is a dog eat dog world, and you are wearing milk bone underwear, and then you whine like a little bitch when you get bit?
WAKE UP and SMELL THE COFFEE!! We all know a broker will do anything for a dime!! Were you born yesterday? I think not. Donāt let them pull the covers over your eyes.
Remember, the early bird catches the worm, and a rolling stone grows no moss. So keep plugging away.
Now donāt let that door hit you in the ass, and go move some dirt.
Your Pal,
Walt
Wow, love the quote from Cheers in there, love it. you truly are old school.
Walt, I think you do not know the true meaning of the word pigs. Here’s a video of a bunch of cops beating up and kicking a handicapped guy who was waiting at a bus stop in a motorized wheel chair. Welcome to the United Police States of America, land of the brave, home of the free. Way to go, tough guys. This clip comes from copblock.org:
If they have a low priced property and put it on Zillow and Trulia, it gets on Craigslist and all the other similar websites. In the lower ranges, in this market, that just might work because it is a seller’s market. In the higher ranges, maybe not. The seller would not have to pay the 5% brokerage commission.
1.65 is a relatively low price for that area, so if the land has no substantial negative factors, it may be not hard to sell. The market is balanced now in that range, and if so probably can sell that way.
People I know just bought an expensive property in the City and paid the owner not to list it. Who knows if the buyer or seller did better that way? Same here.
No, not the same thing here. Raul is a member of the Greenwich Multiple Listing Service and as such is required, I believe, to list his Greenwich listings here. Furthermore, he did charge his client a commission – this is not a private owner selling his own property,
Is he actually required to list with the Greenwich MLS? Most listings in Greenwich are on the Greenwich MLS because they get the most exposure that way and the seller insists on it. But the question is does he have to list on the Greenwich MLS if he is a member?
Secondly, is he getting a 5% commission from the bank, or less if he is the only broker? Maybe the bank is paying him less as long as their mortgage and expenses are covered.
Third, does the bank really care what the price is as long as their mortgage and penalties are paid off? I can imagine different scenarios here where it might or might not matter.
The original bank loaned $4 million (!!!) on the place, so that was surely written off long ago and the paper sold at a steep discount. But presumably the buyer of that paper did so with the idea of making a profit on the deal and in that case yes, it would matter how big a profit it earned.
Hey…stop picking on Raul. He learned the tricks of the trade from some of the finest Greenwich MLS agents. Does 59 Old Mill Road ring a bell?
Those guys are as slimy as it gets. I worked with them on a deal once, and I felt like I was buying a $1500 used car from Tony’s care lot in Port Chester. He has his cousin working for him as well, and its slippery stuff.
Ugh
A nastier bit of “business”
http://www.greenwichtime.com/news/article/Chili-king-s-son-files-3M-lawsuit-4496747.php
We all loved and miss Hotsy dearly.
His son should be ashamed…yes his son that still has yet to move out of his parents house, the same loser who once sued the GPD for excessive force..(and lost)
Is back at it yet again…
I tried working with this guy in the past. He’s a real dirt bag! Don’t trust this him one bit.
I’m sure he figured out a way to sell it to himself, or at least got a kickback from the buyer for selling him the property 300K cheap.
Wow… Didn’t know I was so popular.. Love all the anonymous quotes… I wonder if they where the same people that always call me asking to give them heads up on my inventory? Chris I want to thank you for creating a forum so I can adress any questions you guys have about my firm. Just wish Chris would report the facts instead of what he believes happens. If you wonder why this propery was not listed in the Greenwich MLS you should ask the Greenwich MLS yourself, I input the listing sheet on Friday at the same time I put in the Greenwich MLS. A buyer saw it in the weekend put an offer and by law I have to submit all offers, my client accepted the offer without too much negotiations and bingo we got an accepted offer. My seller was fully aware about both MLS systems but wanted to move forward since it was an offer they didn’t want to lose. I even had a meeting with a Greenwich broker in my office and I explained to her how the process works so she can put an offer. If anybody wants me to walk them through the process I wiill love to share my knowledge. I’ve been working for corporate clients for a long time…. I didn’t get any texts and only a few emails but in case you don’t have it here it is. Ready…raul@argct.com. BTW please state your name in the post so we can have a real conversation. Otherwise I’m just going to ignore you.
So on Monday, when it still wasn’t listed on Greenwich MLS, did you try to input it again?
Might ask him why he wouldn’t respond to my calls requesting an opportunity to show it, calls made on Saturday, Sunday, Monday and Tuesday. Then again, I suppose the answer to all our questions is found in the GMLS report: “Listing agent, Raul Villacis. Selling agent, Raul Villacis.”
But then, I have a suspicious mind.
Chris next time don’t need to call me for showings that why I hired a company that will answer all of agents call to log them in and give them the instructions. Is called eshowings. Good company they keep track of all the calls. FYI I didn’t show it it was an agent from my office. Good guy follows intructions.
Chris I think you have way too much time on your hands, maybe if you spent less time behind your computer and more time showing houses, you wouldnāt be so bitter about the one that got away. There are far more important issues to be writing about in Greenwich. Why canāt you write about more productive things, instead of bad mouthing others? Letās all start worrying less about what others are saying and doing and start worrying more about ourselves and our own actions. I can guarantee you; your life will be less stressful and more fulfilling this way. BTW Chris, I hope you take a good look in the mirror before you judge others so harshly. š
Who are you to judge how someone spends their time? You holier than thou moron. We donāt judge you spending all your time with your head up your ass.
And what are the important issues you want him to write about? He covers a pretty broad range. You are undoubtedly one of the gang of thieves āprofessionalā realtors, who, when your vile little corrupt underbelly is exposed, get on your high horse and pontificate. STFU or go somewhere else.
Worry about the fact that you are a frigid little bitch and donāt pontificate and look down your nose at others. You snooty little frigid bitch.
And you canāt guarantee anyone anything, you pompous little moron. Who do you think you are?
And you can stick that smiley face right up your ass, if you can get it by your ears.
How do you like them apples? You ignorant slut.
I don’t know why you’re using such restraint on an unmoderated blog.
Loosen up a little. Let er rip. Can’t even draw out a nazi accusation around here anymore.
Walt you are the most entertaining poster on this site, you make me laugh every time. However this particular post is out of character and just seems more mean than funny. Maybe I am just too sensitive in my old age.
Mr. Villacis or Villaces was kicked out of Exit Realty for these kinds of shenanigans. He claims he is an REO and Short Sale specialist. To the guy who says the business is filled with sheisters and thieves; if it is, it’s because the brokerage industry is set up to let the brokers get shit and pissed on by the public, while the owners of the firms do nothing about it. That is why you have many brokers cheating other brokers, etc. The business model is broken.
Walton… Wow.. Very classy.
Steve, learn the facts Exit Realty is a Franchise and out contract ended. Didn’t see the need to pay fees for the name Exit. Again happy to have a conversation with any of you that have has questions on how the banks work. But a wise man once told me don’t argue with fools beacuse from a distance people can’t tel who is who. You guys have my info.
A franchise? May I have a burrito please? You know the kind that are just as spicy on the “Exit” as they are on the way down. Realty! Num num!
Pancho Villas –
Or should I just call you Grease ball? Slime ball, if you prefer.
You define classy, right? You epitomize class. Stylish and sophisticated. That is what you value. Above all else. ALL FORM AND NO SUBSTANCE. You decrepit vapid cretin.
A real man values integrity, honesty, and loyalty. All foreign concepts to you. You value where they get their olive oil greasy hair coiffed so they look āclassyā. The size of their bank account, or the car they drive. That is how you define class. You are a shallow loser. You dickless little man.
We use words like honesty and integrity as the backbone of a life spent living a moral code. You use them as a punch line. I have neither the time nor the inclination to explain myself to a āmanā whose sole purpose is to keep a six percent commission, so he can wear his silk shirts and drive his phallic symbol Jaguar. No matter what rules he breaks along the way.
I would rather you went on your way, otherwise, I suggest you get a real job, and earn an honest living. Either way, I don’t give a damn what you think!!
A FEW GOOD MEN DUDE!!
Your Pal,
Walt
I really don’t get why the Greenwich Brokers don’t dump the the Greenwich MLS. Are you that paraniod that someone from out of town might acutally sell a listing? Don’t they usually bring a buyer for the overpriced listing anyway?
I never expected this much anger from Greenwich brokers……I thought you guys were so happy and sophysticated. I’m going to leave the blog before Walt has a heart attack. Had fun though is good therapy to let your anger out once in a while.
I’m going to log out now before Walt has a heart attack. Is good to let your anger out once in a while but you are in the danger zone… Ā You guys did really surprise me…. in a good way. Ā I like the fact you sticked out for what you believe and are passionate about it. Ā Greenwich brokers are Ā definitely not Ā boring to work with I tell you that. Ā There is always something that is exited about my business. Ā This really made my day. Ā I like to thrive in adversity.Ā
Are you related to Herve Villechaize? “The listing! The listing!”
After reading all this, how do I become a RE agent in Greenwich? sounds like lots of fun!
You know, I have been in that house, which sits well below the road facing North Street on a steeply sloped lot. When you look out the living room window, you see tires whizzing by, rather like watching feet pass by from a basement apartment in NY. The house is dumpster fodder, the land challenging, and you are cheek to jowl with the pink brick rococo folly next door. A deal at $1.6? Maybe. Or maybe this shyster broker is the smart one here, creating mystery and exclusivity for what is ultimately a lump of, er, coal.
You can see that they filmed part of the Bourne movie series at this house. Here’s a pic of one of the indoctrination rooms, in the basement….
Raul —
Answer your phone tomorrow. It will be the CT Real Estate Commission.
They will have questions that you will need to answer. Try to do it in English.
Captain Karma
Have to give Raul some credit for having the ‘nads to post a rebuttal, however it is a tad bit on the weak side.
But, I will say it does look like those Tony Robbins courses are paying off!
Now, just a few quick questions, and in response to your response:
1. How many of your foreclosed listings that you sold in Greenwich in the past 24 months were actually listed on the Greenwich MLS?
I am guessing zero.
2. Of all your Greenwich listings (what, maybe 5-10 a year?), how many were sold where you, or one of your family member agents were both the listing and selling agents?
I would venture to guess 100% of those listings.
Raul, in your initial response, you made it sound like you that you were planning to list with the Greenwich MLS as well, but that after listing on Friday and getting offers over the weekend, that you did not need to do that. Thats bullshit. I recall trying to work with you guys on one deal a year or so ago and was told – by one of your agents, who was a relative, that you guys always listed on Friday, took offers over the weekend and submitted to the banks on Monday or Tuesday. And that was the way you guys did it. Well, I was out of town on other business and could not check the place out myself. I was told, by your agent (er, your family member) to have someone else check it out on my behalf. I was not down with that, but wanted to bid. I returned on Thursday and it was too late. Another offer was accepted. Hustle, hustle, like a used car salesman back in the 1960’s.
But – and this is a big “but”, I was ready to pay $25,000 more than what you sold it for, and had cash in hand.
You guys are slippery and work on your own terms. Your response to those that read the comments is slippery and not totally correct. Why dont you just come out and say you do what you do because you can?
Do not try to pretend that you dont game the system, because you do.
I give you credit for posting here, but take some points off for the bullshit you try and convey. And as for the expensive clothes, slicked back hair and nice cars, it is the same thing with your “relative” agent – the amount of cologne was enough to stop Zsa Zsa dead in her tracks….
Lastly, I used my own name. Ball is your court, bucko….lets hear your response to my questions #1 and #2….