Real Estate Called Out

Hosted by Wendy, Founder of Selling Later

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Apr 2026

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About the show

You've heard the press releases. You've seen the headlines. You've watched the industry smile for the camera and tell you everything is fine. It's not always fine. And somebody needs to say so. Real Estate Called Out is the evolution of The Real Estate Replay, reborn with one mission: to tell consumers the truth about what's actually happening in real estate, every single week, without corporate sponsors, without soft-pedaling, and without pretending the PR spin is the whole story. Hosted by Wendy Gilch, a real estate industry veteran who has spent years watching the same playbook run on the same people, this show exists for buyers, sellers, and anyone who has ever signed something and wondered if they got the full picture. Spoiler: you probably didn't. Every episode is 20 minutes. One topic. One thing the industry was hoping would float right past you. We dig into the latest news, the mortgage gimmicks, the fine print, and the corporate moves that look great in a headline and tell a very different story underneath it. No fluff. No favors. No "on the other hand, they make some good points." The PR machine is loud, but w e're louder. These are my personal opinions, formed after years of watching the real estate industry from the inside. They do not reflect the views of my real jobs, the Consumer Policy Center, or any organization I work with. I wear a lot of hats, this podcast is just where I take them all off."

Listen to episodes

60 recent

April 8, 202614 min

Powerful People in Real Estate With Zero Accountability

Content warning: sexual harassment, assault, sex trafficking, and child exploitation mentioned in this episode.We were going to take the week off. Then our inbox had other plans.This episode is about one thing: powerful people in real estate who abuse, harass, and exploit — and an industry that keeps protecting them. From a state association CEO with a civil trial on the horizon and allegations spanning two decades, to a national association president who resigned in disgrace, to luxury brokers convicted of federal sex trafficking, to a real estate professional charged in a child sexual exploitation case while colleagues allegedly stayed silent, the pattern is always the same. We all knew. He was protected. Nobody said anything.For consumers: know who you're hiring. Check our Watchdog tool and GoodList in the show notes.For the industry: the good ole boys club is not a shield. Things catch up. They always do.Watchdog Tools To Help You Change Petition For Realtor CEORealtor and Judge ChargedFlorida Realtor's Comments on MuslimsGot a question?Support the showState laws and regulations may vary.Have a story you would like to share with other sellers or buyers?Hit us up here.

March 31, 202615 min

The Pocket Listing Con And Why You Should Just List the D*#& House

Pocket listings. Private exclusives. Coming soon. Off-market. Whatever they're calling it this week, the industry has spent years telling sellers that keeping their home out of public view is somehow for their benefit. In this episode, we call that out.We break down how private listing strategies turned your home into bait for brokerage marketing machines, how the "historic alliance" between Compass, Rocket and Redfin was built on the exact practices Compass spent years publicly condemning, and why Zillow, after spending a year suing Compass over private listings, just launched their own version with a financial incentive for listing agents baked right in.We also get into Howard Hanna's HannaList, launching right here in Pittsburgh — and the CEO friend who apparently needs to sell his house without his partner, his neighbors, or even his children finding out. That's the example that was given. Publicly. In the Post-Gazette.Plus: the studies that say private listings sell for more, the studies that say they sell for less, and what I learned from testifying against billion-dollar companies at our state capital about how those studies actually get made.The bottom line: list the damn home.📌 Sources & LinksHow Real Estate Companies Use Your Private Listing For Their Own ProfitCompass and Rocket Form Historic Alliance — Rocket Companies Press Release, Feb 2026How Compass Leverages Private Exclusive Listings to Recruit Agents — HousingWire, April 2025Rocket Hit With Lawsuit Alleging RESPA Violations, Steering — Inman, Jan 2026Zillow Launches Zillow Preview — Zillow Investor Relations, March 2026Howard Hanna to Launch Brokerage-Owned Listing Platform — Pittsburgh Post-Gazette, Feb 2026DOJ Whistleblower On Corruption Lawmakers Raise Questions About DOJ Approval of Compass Merger — Senator Warren, Feb 2026Zillow Class Action Lawsuit Expands to Include a New Defendant — Scotsman Guide, Jan 2026CMLS Warns Pre-MarketingGot a question?Support the showState laws and regulations may vary.Have a story you would like to share with other sellers or buyers?Hit us up here.

March 24, 202613 min

Opendoor's 4.99% Mortgage: A Great Headline. A Very Different Story.

Welcome to Real Estate Called Out, formerly The Real Estate Replay. New name, sharper focus, and zero patience for the corporate spin that passes for real estate news every single week.For our first episode, we're starting with a good one.Opendoor's CEO jumped on social media to announce 30-year fixed mortgages at 4.99%, nearly a full point below market rate, no points, no upfront fees. The internet lost its mind. The napkin math started. And then, one day later, he quietly came back to clarify that the offer is a limited beta test available in exactly two cities, when you buy an opendoor home, and not everyone would qualify for it.But even if it were available everywhere, the story underneath that headline is worth understanding before you get swept up in the excitement. Because when a company that lost $1.3 billion last year offers you a below-market mortgage rate, the money to fund that discount has to come from somewhere. And that somewhere is almost always the price of the home.This episode we break down what a rate buydown actually is and how builders have used it for years to distract buyers from purchase price, the basis points argument Opendoor is making and why it only tells part of the story, the equity trap and why a lower monthly payment today can cost you everything if you need to sell in 3 to 5 years, and Opendoor's listing transparency problem — and why you need three separate websites to see the full picture on any home they're selling.Opendoor isn't the villain. But the devil is always in the details. And the details are exactly what we're here for.Before you make an offer on any Opendoor home: pull county property records to see what they paid, check price history on Zillow and Redfin — not just the seller's site, and compare to recent closed sales nearby, not active listings.New here? Real Estate Called Out is 20 minutes a week, one topic, no corporate sponsors, no spin. Subscribe so you don't miss what's coming next.The PR machine is loud. We're louder.Got a question?Support the showState laws and regulations may vary.Have a story you would like to share with other sellers or buyers?Hit us up here.

March 9, 202618 min

Paid Testimonials, Gift Cards & a 3.5 Hour Drive: What Really Happens When You Fight Big Money at the Capitol

What happens when a Silicon Valley company offers homeowners $50 Amazon gift cards to submit favorable testimony to a state legislature, and doesn't disclose it? I watched it happen in real time.In this episode, I'm telling the full story of the day I drove 3.5 hours to the Pennsylvania State Capitol to testify in support of HB 2120, a bill that would require home equity investments (HEIs), also called shared appreciation agreements or home equity sharing agreements, to be regulated as mortgage products under Pennsylvania's usury law.What I witnessed was a masterclass in how money, lobbyists, and carefully placed friendships work behind the scenes to slow down consumer protections. And it got picked up by Spotlight PA.We cover:What home equity agreements actually are — and why the math should scare youWhy these products aren't regulated as loans in most states (yet)How Point, one of the largest HEI companies, offered customers $50 gift cards to submit written testimony — without disclosing the paymentsWhy one company CEO couldn't tell a legislative committee how much a consumer would owe on his own productThe Urban Institute report the industry cited — and what it actually saidWhy the National Association of Realtors was nowhere to be found (and why that's worth asking about)What this fight says about how consumer protection legislation actually works — and who's really in your cornerIf you took out a home equity investment or shared appreciation agreement and have a balloon payment coming, you need to understand what's at stake. And if you haven't taken one out yet — listen before you do.Mentioned in this episode:PA Representative Arvind VenkatHB 2120 (Pennsylvania House Commerce Committee)Spotlight PA: "A Silicon Valley firm offered gift cards as part of a campaign to defeat Pa. regulation"David Friend, former CFPB CounselNational Consumer Law CenterCommunity Legal Services of PhiladelphiaGot a question?Support the showState laws and regulations may vary.Have a story you would like to share with other sellers or buyers?Hit us up here.

January 6, 202627 min

Real Estate Ish That Needs to Stay in 2025

Welcome to 2026! Before we make any resolutions about doing better, let's talk about all the real estate ish that needs to stay in 2025.This episode is your complete guide to everything we're leaving behind: coaches still denying the NAR settlement mattered, agents going viral for steering content and threatening critics, companies creating fake AI testimonials, RESPA violations dressed up as "networking," and brokers who conveniently ignored their top producers crossing every ethical line.My "Just In Case" folder nearly crashed my laptop this year with screenshots, contracts, and social media posts that consumers definitely shouldn't have seen. So let's unpack it all, the Camp B coaches, the builder bonuses, the ego-driven commission wars, and the agent who literally looked up someone's phone number to threaten them for posting a critique.But it's not all doom and gloom! There's actually some good news: Pennsylvania is moving forward with legislation to restrict predatory home equity agreement companies. Progress is possible when we demand better.Plus: A personal update on why things got quiet around here at the end of 2025 (spoiler: health stuff, family stuff, life stuff), and what's coming in 2026, including special guests and our Housing Rebel provider member events with Rob Hahn on January 21st and Hunterbrook Media on February 18th for a belated Valentine's special on how much we love captive lending and new construction chaos.Real Estate Ish We're Leaving in 2025:Coaches pretending nothing was wrong with pre-settlement practicesAgents making steering content "for the algorithm"Fake testimonials and AI-generated marketingFSBO hostage situations and buyer manipulation"I don't do interviews" energy from agents with paid Zillow badgesBuilder bonuses to other people's fiduciariesRESPA violations disguised as "business strategies"This episode is based on content from Housing Rebel. All examples are from publicly posted content by real estate professionals.If you're looking for industry cheerleading, this ain't it. But if you're ready for honest talk about what went wrong and how we fix it, you're in the right place.Got a question?Support the showState laws and regulations may vary.Have a story you would like to share with other sellers or buyers?Hit us up here.

November 3, 2025Episode 322 min

We Mystery Shopped 281 Real Estate Agents. Here's What They're Really Telling Buyers.

Special Episode!Between July and September 2025, we did something crazy: we pretended to be homebuyers and called 281 real estate agents across 26 cities to see what they're ACTUALLY telling consumers about commissions post-settlement.The NAR settlement was supposed to introduce price competition and transparency. So what happened?In this special one-off episode, I break down what we found:Why agents in 8 major cities ALL quoted the exact same rate (down to the decimal point)The #1 lie agents told us over and over (spoiler: it violates the DOJ-NAR agreement)How three agents in one Cincinnati suburb likely misled 175 consumers in a single yearThe one bright spot: two-thirds of agents WILL negotiate if you push back (they just won't tell you that)Tactical advice for home buyers and sellers entering the marketWhether you're buying, selling, or working in the industry, you need to hear this.Read The Full ReportGet Help Finding An AgentGot a question?Support the showState laws and regulations may vary.Have a story you would like to share with other sellers or buyers?Hit us up here.

October 30, 2025Episode 21 hr 4 min

The Boogie Man That Protects Your Wallet

In this episode, we sit down with David Friend, who spent over a decade at the Consumer Financial Protection Bureau (CFPB) from the recovery for the market crash through 2022.Think the CFPB is a regulatory monster killing innovation? That's exactly what certain billionaire tech leaders want you to believe, because consumer protection tends to get in the way of "moving fast and breaking things" (especially when those "things" are your financial wellbeing).David takes us inside the agency that was created to prevent another economic meltdown, explaining what it was actually like working there and why the constant attacks on this consumer protection agency benefit exactly one group: the people who profit when regulations disappear.We're diving into:Why the CFPB was created and what it actually doesHow open banking should have been standard practice years ago and who is against itThe truth behind "debanking" claims (spoiler: it's just banks protecting their assets, not political warfare)What happens when you gut a consumer protection agency down to 10% of its former capacityRecorded this summer with some delightful breaks, because working from home without help is always an adventure with hungry kids.If you've ever wondered why the loudest voices against consumer protection are the ones who profit most without it, this episode is for you.Contact David FriendGot a question?Support the showState laws and regulations may vary.Have a story you would like to share with other sellers or buyers?Hit us up here.

October 16, 2025Episode 130 min

New Homes, Hidden Problems: Hunterbrook Media Exposes Construction Defects and Mortgage Steering

We're Back! Did you miss us?In this eye-opening episode, we sit down with Sam Koppelman, Publisher of Hunterbrook Media, to discuss their groundbreaking investigative work exposing some of the biggest names in real estate.Sam takes us inside their investigations into DR Horton and Lennar's construction nightmares, where new homebuyers discovered serious defects in properties they thought were their dream homes. We explore Hunterbrook's reporting on UWM and the mortgage broker referral practices that raise serious questions about consumer choice and steering to one lender. Sam also reveals their findings on LGI Homes' "affordable housing" model that promises low prices but leaves buyers trapped in loans they can't sustain, leading to mass defaults.This is investigative journalism that's changing the real estate industry. Whether you're a homebuyer, investor, or industry professional, you need to hear what Hunterbrook uncovered before you (or your clients) buy a home or get a mortgage.Support Housing Rebel by Selling LaterUWM ReportHouse From Hell ReportLGI ReportLennar Mold HomeGot a question?Support the showState laws and regulations may vary.Have a story you would like to share with other sellers or buyers?Hit us up here.

May 9, 2025Episode 1122 min

Fake Faces, Real Rage: The Lead Gen Scam Nobody’s Stopping

Buckle up! This episode is part consumer warning, part investigative rundown, and part Wendy's personal bitch session (you’ve been warned).After tracking more than 30 companies using fake testimonials, undisclosed paid actors, and shady lead generation tactics, Wendy went full watchdog: reporting them to state AGs, the FTC, and even someone high up at TikTok... only to be met with the bureaucratic equivalent of “meh.”This episode pulls no punches and drops no names (just kidding, we might drop a few). It’s a raw look at the mess behind those feel-good ads and a blunt reminder that when it comes to real estate and finance, you can’t trust the pitch, especially when it’s coming from someone reading a script.Got a question?Support the showState laws and regulations may vary.Have a story you would like to share with other sellers or buyers?Hit us up here.

April 22, 2025Episode 1027 min

Follow the Money: The Pocket Listing Power Grab

It’s a solo episode today—just me, a mic, and a whole lot of truth bombs. I was in such a rush to push this out, that I even forgot to add the teaser and closer. In a way, I am doing you a favor and saving you a few minutes (getting right to the point)!We’re diving deep into pocket listings; what they are, who’s pushing them, and why they’re suddenly everywhere. Spoiler alert: it’s not about “exclusivity” or “better service.” It’s about control, commissions, and keeping you, the buyer or seller, just informed enough to sign, but not enough to question.I’ll break down the biggest players driving this trend (looking at you, Compass, Homes.com, and even Zillow), what they’re really after, and how it all adds up to a power grab that benefits them—not you.This episode is your inside look at the game behind the scenes, the one most people don’t realize they’re playing until it’s too late. Because in an industry that’s supposed to help you find a home, sometimes you have to REBEL to actually see the full picture.Read more hereAs promised: Zillow's cut on Flex agent leadsGot a question?Support the showState laws and regulations may vary.Have a story you would like to share with other sellers or buyers?Hit us up here.