What duties concerning accuracy of list price does the Realtor have when they write the listing agreement?
Area Foreclosures
- Thread starter JoshMclean
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What duties concerning accuracy of list price does the Realtor have when they write the listing agreement?
:rofl:
"Accuracy of list price?" The listing Realtor is required to enter the list price which is on the listing contract. That is the only accuracy required.
As mentioned previously in this thread, FAR's attorney has stated that the seller may have a duty to the public to not knowingly list the property for less than the lender will accept. I have yet to hear or read about a lawsuit against a seller for listing the property too low.
I thought there were fiducial responsibilities on the part of the listing professional to ascertain the basics to protect and serve the public interest. Realtors must be more adept than the AverageJoe.
ECAR is doing their best to prevent the public from discerning whether a listing is a short sale. I totally disagree with the new rules set in Dec. '08:
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"Listing agents now have the option of leaving short sales Active while waiting for lender approval of a purchase contract. On December 4, 2008, the Board of Directors approved an MLS Committee recommendation to change the MLS Rules, accommodating sellers and listing agents caught in the ever-changing short-sale landscape. In order to leave a short sale Active after a contract has been signed, the listing agent must ?specify and notice? the contingency at the beginning of the Agent Notes. Unlike kick-out clauses where the contingency is noticed in the Remarks, a short-sale contingency must be placed in the Agent Notes to avoid inadvertently disclosing to the public that the listing is a short sale."
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I expressed my feelings that the public is entitled to full disclosure regarding sales type (short sale, REO etc). Also, I do not have any clients who will make an offer on a short sale while the listing remains active while they continue to accumulate offers. In fact, I write into my short sale offers that the MLS status must be changed from "active" to "contingent".
The responce I received from ECAR was this:
Having to sell a property short is not something every seller wants broadcast to the whole world, especially if the property is an investment. It could adversely affect their reputation or even their employment (the example given to me was a junior partner in a law firm or bank). If the seller wants, the agent can place information about the short sale in Remarks.
So now we are protecting seller's reputations because they can't fulfill their investment obligations?????????? LUDICROUS!
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This is the 2nd time in this Thread that I've made a statement wherein I can't find the humor but someone else does. Did something happen just before I entered the room?
My only point was that any hack like me can determine the basic encumbrances on a property for sale. I'd think that a Realtor would find out exactly how the seller intends to sell a property for less than the value of its encumbrances in advance of promoting a property on the MLS. If there is no specific answer than why guess? There's a higher duty on a professional than there is on a hack.
Where are you getting this? Are you dating a Realtor or something?
AA- Shelly is laughing because you are giving alot of credit to a Realtor. In most cases they are only interested in getting offers. See my post above about ECAR. The vast majority of Realtors do follow the code of ethics, unfortunately that is not a 100% pool.