ED BUSTAMANTE @ MBS CAPITAL GROUP Eduardo Ramirez Bustamante MBS Capital Group is the worst agency to work for, Cheating agents and clients!! Using and abusing!! chula vista, California
The MBS Capital Group Inc - Ed Bustamante is unprofessional and unethical broker without any sense of respect of business.
I was recruited to the Company and offered a certain commission split and terms of the Independent Contract. Within a 3 months period I have signed about 10 listings and few pending sale transactions. After my first closed deal I received an email from Ed Bustamante stating that based on my productivity and exposure to high liability the company cannot grant an original terms of contract and I will receive a lower commission split.
When I have expressed my feeling about this matter and stated that we "HAVE AGREED ON TERMS" and have a signed contract and I am not able or willing to work on new terms, Ed Bustamante has cursed me out and said that my employment has been terminated and I have to turn over ALL my clients contact info, files etc to him and ALL my transactions will be now handled by him.
Being in escrow with few transactions. Ed Bustamante along with the "Office Manager" Isabel Valdivia has decided to take over all my transactions and refused to transfer the deals nor let me finish up the closing and officially requested not interfere with already "THEIR" clients ,therefore all of the pending deals have failed to close due to poor representation by MBS Capital Group.
After another closed transaction MBS Capital Group has failed to pay my earned commission.
The company consist of couple agents that dont produce much business and Ed Bustamante is acting as he owns a world but has no knowledge in Real Estate!!
DO NOT go to work for this company or deal with Ed Bustamante because they will either use you or abuse you!! They will try to interfere with your clients and try to steal your business.
Whatever will be promissed by Ed Bustamante will never come true.
This company and Ed Bustamante are the SCAM ARTISTS and will screw you for money!!
5 Updates & Rebuttals
Ed
Chula Vista,California,
United States of America
Disgruntled Agent Vadim Agamirzoyan
#6REBUTTAL Owner of company
Tue, July 03, 2012
Disgruntled Agent Vadim Agamirzoyan
It is with a great deal of sadness and disappointment to see that a grown man and so called professional such as Mr. Agamirzoyan engages knowingly and willingly in this type of behavior and slanders the reputation of fellow professionals as he tries to extort money on commissions never earned by his efforts. We at MBS Capital Group exercise a great deal of quality control and supervision over our agents files and protect the integrity of our clients financial well being by following brokers supervision over our agents dealings with the public as mandated by our regulatory agencies. For privacy reasons and the protection of our clients identities and privileged information Im incapable to elaborate upon the intimate details of Mr. Agamirzoyan questionable business practices and dealings with the public. All complaints from not just clients but also agents and previous brokers that have had a relationship with Mr. Agamirzoyan are duly noted and made of record within his file.
Perhaps Mr. Agamirzoyan fails to realize that we as agents and real estate professionals owe a fiduciary duty to our clients and our community and must abide to the letter of the law and business protocol, and not do what may be best for him by vending rules or turning a blind eye when complaints against Mr. Agamirzoyan are being made by the aforementioned parties or inexplicable discrepancies and deficiencies are being found in his every transaction.
We at MBS Capital Group Inc are committed to provide exceptional service and expertise to our clients within the community Ive served for the past 29 years without one single complaint from any of the 1000s of clients duly represented by me or any of the many companies I owned or worked for as a broker. I deeply regret that you are being subjected to this childish behavior on the part of Mr. Agamirzoyan and will be happy to make myself available to you to answer any questions that you may have in reference to this matter. If you find it necessary, Ill be happy to provide 100s of transactions close by me within the last few years as an agent. My contact email address is ed@mbsfr.com
Respectfully
Ed Bustamante
Broker/ Senior Vice President
MBS Capital Group Real Estate Division
DRE License # 00845295
NMLS # 394287
Ed
Chula Vista,California,
United States of America
Disgruntled Agent Vadim Agamirzoyan
#6REBUTTAL Owner of company
Tue, July 03, 2012
Disgruntled Agent Vadim Agamirzoyan
It is with a great deal of sadness and disappointment to see that a grown man and so called professional such as Mr. Agamirzoyan engages knowingly and willingly in this type of behavior and slanders the reputation of fellow professionals as he tries to extort money on commissions never earned by his efforts. We at MBS Capital Group exercise a great deal of quality control and supervision over our agents files and protect the integrity of our clients financial well being by following brokers supervision over our agents dealings with the public as mandated by our regulatory agencies. For privacy reasons and the protection of our clients identities and privileged information Im incapable to elaborate upon the intimate details of Mr. Agamirzoyan questionable business practices and dealings with the public. All complaints from not just clients but also agents and previous brokers that have had a relationship with Mr. Agamirzoyan are duly noted and made of record within his file.
Perhaps Mr. Agamirzoyan fails to realize that we as agents and real estate professionals owe a fiduciary duty to our clients and our community and must abide to the letter of the law and business protocol, and not do what may be best for him by vending rules or turning a blind eye when complaints against Mr. Agamirzoyan are being made by the aforementioned parties or inexplicable discrepancies and deficiencies are being found in his every transaction.
We at MBS Capital Group Inc are committed to provide exceptional service and expertise to our clients within the community Ive served for the past 29 years without one single complaint from any of the 1000s of clients duly represented by me or any of the many companies I owned or worked for as a broker. I deeply regret that you are being subjected to this childish behavior on the part of Mr. Agamirzoyan and will be happy to make myself available to you to answer any questions that you may have in reference to this matter. If you find it necessary, Ill be happy to provide 100s of transactions close by me within the last few years as an agent. My contact email address is ed@mbsfr.com
Respectfully
Ed Bustamante
Broker/ Senior Vice President
MBS Capital Group Real Estate Division
DRE License # 00845295
NMLS # 394287
Realtor
san diego,California,
United States of America
ED BUSTAMANTE/MBS CAPITAL - FALSE CLAIMS!!
#6Author of original report
Mon, July 02, 2012
In response to the answer on my original ripoff report on MBS Capital Group and Ed Bustamante.
A delayed response from Ed Bustamante on behalf of MBS Capital made on 7/2/2012 includes a false claim that Ed Bustamante is a head broker of such company, which in fact he is an EX-BROKER of record for MBS Capital and his brokerage was cancelled as of 5/3/2012.
Below is a link from DRE with his provided dre# 00845295 that shows that he is just a broker and does not represent MBS Capital Group.
http://www2.dre.ca.gov/PublicASP/pplinfo.asp?License_id=00845295
MBS Capital is a corporation and has its own DRE# 00845298 , link provided below.
http://www2.dre.ca.gov/PublicASP/pplinfo.asp?License_id=01896298
All false claims from MBS Capital and Ed Bustamante is a result and evidence of unprofessional handling of business. The response on my original report is absolutely does not make sense and is not specific. All claims against myself about many complaints from my clients are false, please review my feedbacks from Zillow, LinkedIn and Trulia for justification!
http://www.zillow.com/profile/Short-Sale-Expert!/
http://www.trulia.com/profile/Sdhomes4sale/resume/
http://www.linkedin.com/in/sdhomes4sale
Anyone can claim whatever they want in this life but the facts are the facts!!!
Fact#1 - Ed Bustamante claimed he is currently broker of record for MBS Capital (HE IS NOT)
Fact#2 - Ed Bustamante claimed there were complaints from clients (NO COMPLAINTS)
Fact #3 - Ed Bustamante did not provide concrete facts against report (ALL CLAIMS TRUE)
Fact #4 - Ed Bustamante's brokering activity was cancelled right after attorneys demand (PER DRE)
Fact #5 - Ed Bustamante did not pay agent for closed transaction (PROOF AVAILABLE)
Fact #6 - Ed Bustamante has a record of terminating agents (PROOF AVAILABLE)
Fact #7 - Ed Bustamante does not know what is code of ethics and how to practice Real Estate!!
Thanks to Google we can search everything on the web now and that is the reason why Ed Bustamante and MBS Capital Group responded to my report and do not want anyone to know how their business is handled!!
Ed
Chula Vista,California,
United States of America
Disgruntled Agent Vadim Agamirzoyan
#6REBUTTAL Individual responds
Mon, July 02, 2012
Disgruntled Agent Vadim Agamirzoyan
First, I must apologized for Mr. Agamirzoyan perverse and malicious comments
My name is Ed Bustamante acting Broker of record for MBS Capital Group DRE License # 00845295. Ive been associated to the real estate industry since 1982 without any consumer complaints whatsoever.
At the time when Mr. Agamirzoyan was released from his duties as an agent for our company, through an internal audit and after receiving numerous complaints from some of our clients about Mr. Agamirzoyan. Our company became aware of Mr. Agamirzoyan lack of expertise in the real estate field and questionable business practices placing the integrity of our clients best interest at risk
As the responsible party for compliance and best practices for the company we asked that Mr. Agamirzoyan complied with our written agreement and allow us the opportunity to review his files. Mr. Agamirzoyan refused to abide by our direction. Only after advising him that his actions would be reported to the Department of Real Estate and our Attorneys Mr. Agamirzoyan reluctantly provided very limited information about the integrity of his dealings with the public.
After receiving names, telephone numbers and other pertinent information related to Mr. Vadim Agamirzoyan transactions, we proceeded to contact his clients in writing and gave each one the opportunity to remain with our company or cancel their agreements with MBS Capital Group. Through that exercise we found numerous inconsistencies in Mr. Vadim Agamirzoyan business knowledge and expertise and were able to prevent clients loss of revenue and property. The reason for cancellation of the aforementioned transactions, was the fact that Mr. Agamirzoyan made unrealistic promises to his clients in an effort to gain their business
All transactions were canceled to prevent financial injury to our clients. Mr. Agamirzoyan comments are false and untrue in their entirety. Please feel free to contact me directly with any questions or concerns in reference to this matter
Respectfully
Ed Bustamante
DRE License # 00845295
NMLS # 394287
Ed
Chula Vista,California,
United States of America
Disgruntled Agent Vadim Agamirzoyan
#6REBUTTAL Individual responds
Mon, July 02, 2012
Disgruntled Agent Vadim Agamirzoyan
First, I must apologized for Mr. Agamirzoyan perverse and malicious comments
My name is Ed Bustamante acting Broker of record for MBS Capital Group DRE License # 00845295. Ive been associated to the real estate industry since 1982 without any consumer complaints whatsoever.
At the time when Mr. Agamirzoyan was released from his duties as an agent for our company, through an internal audit and after receiving numerous complaints from some of our clients about Mr. Agamirzoyan. Our company became aware of Mr. Agamirzoyan lack of expertise in the real estate field and questionable business practices placing the integrity of our clients best interest at risk
As the responsible party for compliance and best practices for the company we asked that Mr. Agamirzoyan complied with our written agreement and allow us the opportunity to review his files. Mr. Agamirzoyan refused to abide by our direction. Only after advising him that his actions would be reported to the Department of Real Estate and our Attorneys Mr. Agamirzoyan reluctantly provided very limited information about the integrity of his dealings with the public.
After receiving names, telephone numbers and other pertinent information related to Mr. Vadim Agamirzoyan transactions, we proceeded to contact his clients in writing and gave each one the opportunity to remain with our company or cancel their agreements with MBS Capital Group. Through that exercise we found numerous inconsistencies in Mr. Vadim Agamirzoyan business knowledge and expertise and were able to prevent clients loss of revenue and property. The reason for cancellation of the aforementioned transactions, was the fact that Mr. Agamirzoyan made unrealistic promises to his clients in an effort to gain their business
All transactions were canceled to prevent financial injury to our clients. Mr. Agamirzoyan comments are false and untrue in their entirety. Please feel free to contact me directly with any questions or concerns in reference to this matter
Respectfully
Ed Bustamante
DRE License # 00845295
NMLS # 394287