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More homeowners complain about Richmond realtor
More Richmond homeowners have now stepped forward to raise their objections about the way a local realtor handled their house sales.
They believe they’ve been scammed out of hundreds of thousands of dollars.
Lawyer Wayne Ryan said he’s now got seven or eight clients who are hoping to repudiate the contracts for the sale of their homes because they received less than market value for them.
Single family homes in certain pockets of the city have skyrocketed in price since November, rising by $200,000 or more in just a few months.
As first reported by The Richmond Review, a local firm, New Land Strategies, peppered certain neighbourhoods with flyers expressing its interest in purchasing parcels of land 7,000 square feet and larger.
In the case of Richmond’s Jim Davis, he sold his recently deceased mother’s home in West Richmond for $860,000 last December through realtor Alban Wang, who represented both him and the buyer, New Land’s Ze Yu Wu.
Davis claims Wang never disclosed to him the true market value of his home, and it was only after Davis had signed the contract that he learned similar properties in his neighbourhood were fetching $100,000 more.
Ryan said that The Review’s coverage of the issue, also published in the Chinese language Ming Pao Daily News, has resulted in Asian clients from both Richmond and Vancouver stepping forward.
Ryan said that he’s sent letters to Wu on behalf of his clients, indicating that they are electing not to complete the transaction.
The Real Estate Council of B.C. is now investigating Wang’s conduct. Wang has declined comment.