“My real estate agent is VERY pushy. He told me: you are NOT buying a dwelling, you are getting hold on an INVESTMENT for 5 years, until you can find the next SUCKER to sell it to, at an inflated price.”

painted turtle at vancouvercondo.info February 2nd, 2011 at 6:34 pm
“My friend Stan sat down today, with an anxiety attack: he is about to buy a 1 bdrm condo (pre-sale) for $350 000. He is single and close to retirement, so he is balancing if he will be able to pay the mortgage in 10 years. I tried to put the numbers down with him. He said: “My real estate agent is very different from you. He is VERY pushy. He told me: you are NOT buying a dwelling, you are getting hold on an INVESTMENT for 5 years, until you can find the next SUCKER to sell it to, at an inflated price.” So I asked Stan: “What does that make YOU? The previous sucker?” That anecdote is telling me a lot about the spirit in this city.”

6 responses to ““My real estate agent is VERY pushy. He told me: you are NOT buying a dwelling, you are getting hold on an INVESTMENT for 5 years, until you can find the next SUCKER to sell it to, at an inflated price.”

  1. Read “Freakonomics” and you will see the word incentive a lot. This agent can be called on this verbiage, and I would put in a call to the Resl Estate Board and bury the scum. This is the game. Sell to someone else and jack them into a piece of garbage and you are a genius.
    Disturbing. While there are some creeps in every business, I would like to hope this lowlife is going to learn another word – kharma.
    I hope your pal runs from this. The deal is, values are going to crater here and this gent is going to retire on what? Come on – this is just a symptom of where we are.

  2. My suggestion to your friend is to assess whether this agent is the right one to represent him in buying a home in a professional and helpful manner. In my opinion, there is no need to pressure anyone into anything. Just my 2 cents.

  3. Whenever a sales person gets pushy, walk away. Even if they are selling you an ice cream cone. Just walk away.

    It’s the parallel to slowing down when someone is tailgating you. Don’t reward people for being obnoxious and selfish.

  4. Isn’t “an investment where profit relies on the next sucker” the very definition of a Ponzi scheme?

  5. Your buddy Stan needs a place to live and enjoy. My suggestion would be he looks at owning his condo like he owns his car or boat. Expect it to depreciate! Don’t expect to make any money on it. If he likes it, and can afford the payments then maybe its a good buy, but not as an investment. You gotta live some where!

    Can he rent the place cheaper than his mortgage payment?

    The realtors last sentence is somthing to think about too! “Hold on for 5 years until YOU find the NEXT SUCKER to sell to, at an INFLATED price. Seems to me that this realtor thinks that todays prices are already inflated and that Stan could be the first sucker. Kick this realtor to the curb – there are hundreds of them that will serve you better for you needs.

  6. @Ralph
    For purpose of clarity.
    Should ‘Stan’ choose to make that call it should be directed to the Real Estate Council. The council is the licencing authority – not the board.

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