New real estate scheme is alive and active in Albuquerque

Created: 07/02/2014 9:15 PM
By: Stuart Dyson, KOB Eyewitness News 4

A new real estate scheme is alive and active on the streets of Albuquerque and on the electronic thoroughfares of the Internet as well. But is the scheme a scam? It certainly appears to be another example of the old rule – if it sounds too good to be true, it probably is.

You can catch the pitch online at sponsored by a company called Exceed.

“What if I told you there’s a way homeowners just like you are getting paid up to $2,000 or more for doing absolutely nothing,” a narrator says.

But Teresa Madrid got the pitch in person from a young woman going door to door in her Northeast heights neighborhood – gift cards worth up to $2,000 if you just sign up with Exceed to use their brokers if you ever sell your house.

“We were a little worried but I thought well, is there any agreement to this, are we obligated to anything,” Teresa told us in the shade of an ash tree in her front yard. “She said no, so we signed up for it.”

But within minutes Teresa was checking out Exceed’s website, which clearly states there is an obligation.

“By joining our program you’re agreeing that if you ever sell your home you’ll use a broker you choose from our thousands of cooperating brokers,” the ad says.

“I went outside and found her at the neighbor’s house, signing up my neighbor,” Teresa said. “I told her please remove my name – I don’t want to be obligated to this and she said there was no obligation.”

In fact the Exceed ad and website say that if you don’t use their brokers, you will owe a percentage of the home sale price to Exceed anyway.

“I felt totally deceived,” Teresa said. “She was not forthcoming about all the information and when I questioned her about the specifics she was completely incompetent and/or not willing to tell me the truth.”

The state Attorney General’s office does not have any complaints filed against Exceed, but as a result of this report they’re looking into the way the company operates in our state.

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