Allen Tate Realtors review – a bad real estate buying experience I will never forget!

allen tate realtors

This was the worst house buying experience I had ever had!

Recently, I was looking to acquire an investment property that I could rent out. With all the foreclosures on the market I saw this was the primetime to invest in a good piece of rental property for a great price. I wanted to buy a bank owned (or REO, Real Estate Owned) property as this would be less risky as the banks were already bought this property back and cleaned out all the liens prior to my purchase.

You tend to pay a little bit more for an REO or bank owned property, but in the end it is well worth it because you don’t have any worries about hidden liens, unfiled tax liens or anything like that. Generally speaking, REO properties are in better shape and if any repairs are required they are usually minimal and under $5000 or so.

So I did some research and I found a home that Bank of America had foreclosed on and was selling. The price they had it posted at was about $15,000 less than it had previously sold for. But in my research uncovered that Bank of America got this property for $100,000 when in fact it’s worth was $300,000. The sales price they were trying to get was right around $250,000.

I knew that in this economy that Bank of America would want to part with this property as fast as possible and so I wanted to get a price much lower than the 250,000. But I also wanted to get this property before it got bought up and disappeared. So I invoked a real estate agent (and for the purpose of this complaint I will not list their name) from Allen Tate realtors.

This real estate agent met me at the property and let me see the entire innards of the house. When I was done looking at the house I noted that it needed a repaint on the entire interior, the carpets needed to be steam cleaned and one section needed to be replaced as there was some kind of an oil or tar stain there that I’m sure would not come out and would be easier to replace then to try and clean it.  It also needed a washer and dryer.

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So I figured the house would not cost any more than $5000 to make it a nice rental property.  So I figured the bank got the property for $100,000 and they were asking $250,000 for it.  So I decided to give them a hard cash offer where they’re still making a big profit and they get to move another foreclosure property off their books.  My offer, I told the Allen Tate realtor, was $175,000.  You might think that was low, but in this economy a cash offer were you make a profit of almost double your money on a foreclosure should not be looked at lightly.

So I filled out the paperwork for the real estate agent and asked them if I needed to write a check for the usual thousand dollar deposit as is usually commonplace with most real estate transactions to in effect hold the property and bind me to the deal.  They said no, they didn’t need that rate than and that they would call me back as soon as they got a response from the sellers agent.

So I was happy with that and went home and when I didn’t hear back from the Allen Tate realty agent the next day I called the agent and she did not return my call for a few days.  I looked online and look up the property in question and found out that he had sold for less than my offer.  I was livid.  This was a great property that I had done a lot of research on and this Allen Tate real estate agent had totally loused up this deal.

Now I know as a real estate investor that I have due recourse with Allen Tate, but when I talk to my attorney, apparently, I did not have a copy of the contract.  I had blindly trusted this real estate agent when they said they would make a copy of it and deliver it to me as this was after regular business hours when I saw the house.  So I basically have no recourse with Allen Tate Realtors and their crappy real estate agents other than to warn people against using them.  There are many other great real estate agents out there in this bad experience has made it so I will never use Allen Tate realtors ever again.

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6 Responses to Allen Tate Realtors review – a bad real estate buying experience I will never forget!

  1. Estater1 on July 22, 2010 at 8:48 AM

    Did you ever find out why? A realtor works on commissions and you would think they would have put in the offer. The other side is that these foreclosures to the back are usually sealed and all opened at the same time.

    We have a friend who works for Allen Tate and she has been wonderful. So, it is not always the real estate company, but the individual.

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  2. Mike on July 28, 2010 at 11:17 AM

    Allen Tate in York county SC was the listing agent for our home we purchased about three years ago. The agent, Linda Snipes, is one of the top agents. Our complaint is that the home was sold illegally. The builder did not have a license and could not sell the home for TWO years after the certificate of occupancy was issued. The realtor must have know this since they were long term friends.

    The permit department in York county also must have known. But this is the way they operate,

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  3. Tammy P. on October 11, 2010 at 10:45 AM

    Allen Tate sucks – go with Century 21 instead!

    Like or Dislike: Thumb up 2 Thumb down 0

  4. Allen Park on November 22, 2010 at 6:09 AM

    That was really bad to know

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  5. Ellen on June 2, 2011 at 2:49 AM

    This happen to me with Monica Walsh in Chicago

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  6. shannon a on March 8, 2012 at 3:59 PM

    I recently put in an offer on a house in Yadkinville, NC and Allen Tate was the listing agency. I had the appraisal, survey and inspection done prior to purchasing the home. I decided not to get the home after all of these services had been done so I was stuck with the bills. Allen Tate had another buyer for the home and they received a low appraisal so they wanted to buy the appraisal from me that I had done. Its been 3 weeks now and I still have not received the check in the mail and not to mention the earnet money check that they mailed to the wrong address. Needless to say this is the most unprofessional realty company I have dealt with.

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