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Shadow Flipping, Assignments, etc. – Protect Yourself

 
 

Written by on February 15th, 2016

Shadow Flipping, Assignments, Realtors taking advantage of clients – You’ve heard the news headlines over the past week or so. Here’s a few facts to clarify and some tips to help protect you:

1. You always have the choice of whether or not to agree to a sale. If you don’t like the number, don’t sell.

2. You can and should ALWAYS have your own representation in every transaction. If someone knocks on your door and has a client who wants to buy your home, have a qualified real estate advisor determine a fair value for your home and represent you in the transaction.

3. The signicant price appreciation in Vancouver real estate prices that is largely impacting this story is being “swept under the rug.” Vancouver home prices – The average selling price of detached home in January 2016 in Metro Vancouver (excluding Surrey) was just under $1.83 million, a gain of 40% over same month in 2015 – Make no mistake, this contributed.

4. Those that took the assignment contracts or speculated short-term took on significant risk. If the market had declined 40% year-over-year, I don’t think the media is spinning this story in the same way.

The Jahelka Real Estate Group is committed to protecting our clients’ best interest at all times. Despite the negative media coverage, the vast majority of real estate professionals are extremely professional, protecting their clients with the utmost dilligence and integrity. Don’t let the headlines fool you. You have a choice. You can protected yourself by choosing to work with a professional you trust. We’d love to hear from you.