Unethical? Maybe… but poor judgement.. absolutely!
Tuesday, March 03, 2009
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Shortsales are a headache for buyers for 2 reasons
1. The bank has not accepted the price (somethimes they are priced ridiculously low just to get an offer to get the process started)
2. The bank takes 4-8 weeks to give an answer, be it a "yes" or a "no"
There are 2 main parts to a listing on the MLS.
The 1st part, beyound the specifications are the "comments" They are seen by everyone searching the MLS from almost any Real Estate website
The 2nd part is called the "Realtor remarks" They are only visible to a Realtor logging onto the MLS, so they are not seen by the public.
The "Realtor remarks" are generally used to discuss the commission amount or the lockbox code to view the house.
Here's the problem...
I received an inquiry from a woman today who had viewed a listing on my website.. she seems to want to make an offer. All good right? yes so far...
The home is listed at $70,000 which is a great deal for a 1200sqft home/condo.
The problem that I have while researching the listing is in the Realtor remarks.. Here they are!
Back on the Market after lender called to tell me get this sold ASAP, It is pre-approved at $100k with Fannie Mae, all other offers will take 2 weeks to get an approval. Show 7 days a week from 9-6 with no appointment.
Why in the world would you list this home for $70,000 if the bank has only approved $100,000. Gee, let me guess... You intentionally want to create a bidding war.
It might be a little different if the author of this listing would have put this information in the public notes, but why hide the fact in the Realtor remarks? It doesn't make her/him look bad, it makes the buyer's rep look bad and will probably turn the client off of Realtors for a long time.
I am sorry, but this is bad business
Posted by Brian on 10:41 PM • (0) Comments • (0) Trackbacks • Permalink • Email This Post
