Before, I go into my problem with East Iowa Realty - Broker Chuck Schwager and agent Linda Bailey, I want to begin with a Word to the Wise. If you want to avoid real estate problems and being deceived, DO NOT use the listing agency as a Dual Agency. Find your own representation with another realtor.
We made that mistake, and look what happened to us.
We used the listing agent on this Victorian Home in the town of Maquoketa, Iowa. They were to act as a Dual Agency. This was back in late January, 2023. In February, 2023, we paid for a Detailed Home Inspection Report.
and the report came back with many problems.
Now, most real estate contracts are standard, but both the realtor and her broker, wrote up the contract in such a way where it is difficult to get out of the contract due to a bad home inspection report. They worded it (and you had to look closely at all wording) that the buyer must ask for repairs. Also, that certain conditions, a home inspector might find, are NOT a reason to terminate the contract.
We are older senior citizens, and were quite upset. We told the agent that we did not want to buy the home. We had paid the agent a $2,000 earnest money deposit, which she immediately cashed. Thus, locking us into the deal.
That money should have been deposited with a Title Company or Attorney.
Anyway, the agent said we had to make up a repair list. We were not happy with this. We called the Broker, Chuck Schwager to voice our concerns and our desire to get out of the deal and get the $2,000 back.
Chuck Schwager was rude to us. Said we HAD TO WORK WITH THE AGENT. REFUSED TO GIVE US OUR MONEY BACK. THREATHENED US BY SAYING THE SELLERS COULD SUE US.
His actions were certainly not ethical to say the least.
Our home in another state was under contract at the time. He forced us to take the house by his words above.
We called the East Iowa Association of Realtors and spoke to the director. Instead of helping or advising us, SHE JUST LAUGHED AT US, AND OFFERED NO HELP AT ALL.
We also tried to call the State of Iowa Professional Licensing Board, which has a Real Estate Division. We were told, we could file a complaint, but it would take 90 days or so for a review. We did not have this time and did not want to be homeless after we sold our current home. They told us to call a private lawyer.
We called several lawyers, but they either had a conflict of interest, or were not interested, or were too busy to help or felt there was not enough money in it for them. One said there was not enough time to build a case and wanted a large retainer which we did not have to give.
Leaving us between a Rock and a Hard Place.
Our of dispair, we did work out some repairs, but not enough to cover some major items.
We paid $262,000 for the home and moved in around April 9, 2023. We were not happy, but tried to bear up under the circumstances.
However, we were not happy and listed the home again by ourselves as is. We did finally find some people to buy our home for $ 249,000. This is a $13,000 loss, plus closing costs.
We move out of state in September, 2023.
The moral of this true story is this. We are sure many realtors are hard working and honest. However, there are the "bad apples" out there, whose only interest are GETTING THE SALE COMPLETED AND MAKING A COMMISSION.
East Iowa Realty got 100% of the commission since we made the grave mistake of putting our trust in them.
I guess MONEY TAKES PRECIDENT OVER WHETHER OR NOT A CLIENT IS HAPPY WITH A DEAL.
The Broker, Chuck Schwager, should have intervened in our favor, since it was a dual agency. However, as we stated before, he threatened us with a LAWSUIT.
And to add insult to injury, the very government agencies, that should have helped us, also failed to do so.
That is not the way to handle real estate transactions. He should have allowed us to terminate the contract outright and put the home back on the market.
However, we got stuck, and they did not care.
To those out there looking for a home to buy in any state. Make sure the realtor or broker you hire, is ethical and will protect your interests as a buyers agent. If not, you could find yourself in the same position we were, sadly, in.
This is a truthful report, as we have experienced it. We write this report freely and under the First Ammendment - Freedom of Speech -a right upheld by the US Supreme Court.
Signed,
Wish we had Chosen Our Own Agency with True Buyer Representation.
East Iowa Real Estate Reviews
Before, I go into my problem with East Iowa Realty - Broker Chuck Schwager and agent Linda Bailey, I want to begin with a Word to the Wise. If you want to avoid real estate problems and being deceived, DO NOT use the listing agency as a Dual Agency. Find your own representation with another realtor.
We made that mistake, and look what happened to us.
We used the listing agent on this Victorian Home in the town of Maquoketa, Iowa. They were to act as a Dual Agency. This was back in late January, 2023. In February, 2023, we paid for a Detailed Home Inspection Report.
and the report came back with many problems.
Now, most real estate contracts are standard, but both the realtor and her broker, wrote up the contract in such a way where it is difficult to get out of the contract due to a bad home inspection report. They worded it (and you had to look closely at all wording) that the buyer must ask for repairs. Also, that certain conditions, a home inspector might find, are NOT a reason to terminate the contract.
We are older senior citizens, and were quite upset. We told the agent that we did not want to buy the home. We had paid the agent a $2,000 earnest money deposit, which she immediately cashed. Thus, locking us into the deal.
That money should have been deposited with a Title Company or Attorney.
Anyway, the agent said we had to make up a repair list. We were not happy with this. We called the Broker, Chuck Schwager to voice our concerns and our desire to get out of the deal and get the $2,000 back.
Chuck Schwager was rude to us. Said we HAD TO WORK WITH THE AGENT. REFUSED TO GIVE US OUR MONEY BACK. THREATHENED US BY SAYING THE SELLERS COULD SUE US.
His actions were certainly not ethical to say the least.
Our home in another state was under contract at the time. He forced us to take the house by his words above.
We called the East Iowa Association of Realtors and spoke to the director. Instead of helping or advising us, SHE JUST LAUGHED AT US, AND OFFERED NO HELP AT ALL.
We also tried to call the State of Iowa Professional Licensing Board, which has a Real Estate Division. We were told, we could file a complaint, but it would take 90 days or so for a review. We did not have this time and did not want to be homeless after we sold our current home. They told us to call a private lawyer.
We called several lawyers, but they either had a conflict of interest, or were not interested, or were too busy to help or felt there was not enough money in it for them. One said there was not enough time to build a case and wanted a large retainer which we did not have to give.
Leaving us between a Rock and a Hard Place.
Our of dispair, we did work out some repairs, but not enough to cover some major items.
We paid $262,000 for the home and moved in around April 9, 2023. We were not happy, but tried to bear up under the circumstances.
However, we were not happy and listed the home again by ourselves as is. We did finally find some people to buy our home for $ 249,000. This is a $13,000 loss, plus closing costs.
We move out of state in September, 2023.
The moral of this true story is this. We are sure many realtors are hard working and honest. However, there are the "bad apples" out there, whose only interest are GETTING THE SALE COMPLETED AND MAKING A COMMISSION.
East Iowa Realty got 100% of the commission since we made the grave mistake of putting our trust in them.
I guess MONEY TAKES PRECIDENT OVER WHETHER OR NOT A CLIENT IS HAPPY WITH A DEAL.
The Broker, Chuck Schwager, should have intervened in our favor, since it was a dual agency. However, as we stated before, he threatened us with a LAWSUIT.
And to add insult to injury, the very government agencies, that should have helped us, also failed to do so.
That is not the way to handle real estate transactions. He should have allowed us to terminate the contract outright and put the home back on the market.
However, we got stuck, and they did not care.
To those out there looking for a home to buy in any state. Make sure the realtor or broker you hire, is ethical and will protect your interests as a buyers agent. If not, you could find yourself in the same position we were, sadly, in.
This is a truthful report, as we have experienced it. We write this report freely and under the First Ammendment - Freedom of Speech -a right upheld by the US Supreme Court.
Signed,
Wish we had Chosen Our Own Agency with True Buyer Representation.