Richmond Realtor under investigation for alleged scam
Several people in Richmond say they've lost more than $100,000 after allegedly getting scammed by a local real estate agent in a property flipping deal.
The Real Estate Council of B.C. is now investigating contracts written up by Realtor Alban Wang with Amex-Sunrich Realty in Richmond.
Jim Davis was one homeowner who got a letter in the mail saying someone was interested in buying his house.
He was curious and after meeting with the buyer and a Realtor, he sold it for $860,000. He thought it was a fair price after looking at listing prices on line.
But Davis never hired a real estate agent himself to look into the offer, and instead signed a deal with Wang that allowed him to represent the buyer and the seller on both sides of the deal.
He said it was Wang's job to let him know what his home was worth, and trusted the Realtor to get him a good deal.
"It wasn't until later I realized there was another database Realtors use where they track sales. I would have found out homes were selling upwards of $120,000 over list price. The Realtor we had here did not explain that. He didn't say anything about that," said Davis.
About a month after the sale, Davis started getting calls from other Realtors about the home, telling him the original buyer was flipping it for a profit by re-assigning the contract to sell it to a third party, which was permitted under the terms of the agreement he had signed.
So Davis filed a complaint with the Real Estate Council of B.C. claiming Wang had misrepresented several aspects of the deal.
"I didn't think we got treated fairly. Number one, there was no communication. I asked, just be honest with us. I couldn't get that," he said.
Davis is not alone. Several other Richmond residents have hired a lawyer to try to back out of their deals negotiated by Wang under similar circumstances.
CBC spoke to Alban Wang, who said everything he did was legal.
But if the Real Estate Council of B.C. finds misconduct, his real estate license could be pulled.