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Old 05-01-2010, 05:53 PM
 
228 posts, read 728,381 times
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Quote:
Originally Posted by Tish Thompson View Post
It seems that you're assuming the broker did something that the Seller didn't approve of. If the Seller is cool with it, the rest of us should be too.
I'm not assuming anything. The selling broker stepped ahead of the process and purchased a foreclosure before the MLS was published. By the time any other potential buyer was able to respond the property was under contract. Obviously the seller approved the sale but the absence of a dissatisfied party doesn't make the transaction necessarily ethical.
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Old 05-01-2010, 06:17 PM
 
Location: Salem, OR
13,981 posts, read 32,765,487 times
Reputation: 12696
Quote:
Originally Posted by Trump View Post
I'm not assuming anything. The selling broker stepped ahead of the process and purchased a foreclosure before the MLS was published. By the time any other potential buyer was able to respond the property was under contract. Obviously the seller approved the sale but the absence of a dissatisfied party doesn't make the transaction necessarily ethical.

Selling broker meaning listing agent or buyer agent?
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Old 05-01-2010, 06:30 PM
 
228 posts, read 728,381 times
Reputation: 102
Quote:
Originally Posted by Silverfall View Post
Selling broker meaning listing agent or buyer agent?
The buyer and selling agent were all in-house.
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Old 05-01-2010, 06:33 PM
 
Location: Cary, NC
33,438 posts, read 58,033,344 times
Reputation: 32210
Quote:
Originally Posted by Trump View Post
I'm not assuming anything. The selling broker stepped ahead of the process and purchased a foreclosure before the MLS was published. By the time any other potential buyer was able to respond the property was under contract. Obviously the seller approved the sale but the absence of a dissatisfied party doesn't make the transaction necessarily ethical.
Oh, come on.
It's starting to get silly.

The absence of a dissatisfied PRINCIPAL party to the transaction and the lack of any indication of any broken ethical standard pretty much mean nothing unethical happened.

Whose process was interrupted? What applicable legally required process was short-circuited?

It would appear there was none, or at least you are unable to provide any information of interest or relevance to indicate such. The lack of any cogent evidence that anything wrong happened should be enough to stop the cavalier slinging of "unethical."

Last edited by MikeJaquish; 05-01-2010 at 07:05 PM..
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Old 05-01-2010, 06:42 PM
 
Location: Salem, OR
13,981 posts, read 32,765,487 times
Reputation: 12696
Quote:
Originally Posted by Trump View Post
The buyer and selling agent were all in-house.

I still don't get what process was circumvented and you have no way of knowing whether or not their were in house multiple offers.

The fact is that 80% of transactions are done by 20% of agents. What if the listing agent sent out a blast to those busiest agents that the listing was coming on the market and they had 6 offers sitting there within one hour of being active? Would you say the process was circumvented?

The problem is you don't know what transpired.

So...here's my suggestion to you...

Call a local title company and get on the notice of default list. If you like a property see if it goes to auction. A short time after auction, the listing agent who will take the listing will start the trash out and, at least out here, they post a notice with their name on it in the window. You will know which agent will list that house very quickly after auction. At least out here.

I have one that I am watching for a client. I know who it got assigned to by the notice on the door. I check in with that agent on status every couple of weeks. At least in my area, the MLS takes 24 hours to propagate to the public website. The only way to know when agents know is to have an agent with immediate alerts.

If you aren't working with an agent, find one that is speedy.
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Old 05-01-2010, 07:06 PM
 
228 posts, read 728,381 times
Reputation: 102
Quote:
Originally Posted by MikeJaquish View Post
Oh, come on.
It's starting to get silly.

The absenced of a dissatisfied PRINCIPAL party to the transaction and the lack of any indication of any broken ethical standard pretty much mean nothing unethical happened.

Whose process was interrupted? What applicable legally required process was short-circuited?

It would appear there was none, or at least you are unable to provide any information of interest or relevance to indicate such. The lack of any cogent evidence that anything wrong happened should be enough to stop the cavalier slinging of "unethical."
The question was not one of legality but ethics. I made no assertion that the scenario described was unethical. It was merely posed as a question. We apparently have your opinion. The troubling part of your logic though is that you seem to think that if there is no dissatisfaction with respect to the parties involved in the transaction that somehow it satisfies your ethical standards.
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Old 05-01-2010, 07:19 PM
 
Location: Cary, NC
33,438 posts, read 58,033,344 times
Reputation: 32210
Quote:
Originally Posted by Trump View Post
The question was not one of legality but ethics. I made no assertion that the scenario described was unethical. It was merely posed as a question. We apparently have your opinion. The troubling part of your logic though is that you seem to think that if there is no dissatisfaction with respect to the parties involved in the transaction that somehow it satisfies your ethical standards.
You have multiple opinions besides mine.

Repeating the question of whether the proceedings were ethical and staying with the question well after it was explained reduces your "question" to an assertion.
Being troubled by a refusal by mature and respectable folks to agree that the proceedings were questionable when you are completely unable to provide any support for your expressed implication is the truly silly part.

The troubling part is your willingness to question ethics because you were not successful in buying the property, with absolutely no shared information to support any reasonable question of ethics.

Every respondent has requested fact to support your thinly veiled "ethical" concerns, and you refuse to the point that we have to assume that there is no basis or support for any ethical question regarding the proceedings.

See, ethics and ethical behavior are an important component of a real estate agent's function, and without any understanding of ethical behavior, it is easy for someone with little or no experience to smear an agent with backhanded "questions" of ethics without any more evidence than you are able to offer.

Sheesh, don't be troubled. Hire a Realtor with experience to guide you, like Silverfall said.
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Old 05-01-2010, 07:46 PM
 
228 posts, read 728,381 times
Reputation: 102
The only respondents thus far have been from real estate agents or consultants, hardly a balanced consensus. Again, I made no assertion. The question was only repeated because some were apparently confused about what was being asked. As for additional information, that I won't do here. I think the information already provided is sufficient to render an opinion on ethics, at least within the confines of the given scenario. Any other thoughts besides from real estate agents?
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Old 05-01-2010, 08:07 PM
 
Location: Cary, NC
33,438 posts, read 58,033,344 times
Reputation: 32210
Quote:
Originally Posted by Trump View Post
The only respondents thus far have been from real estate agents or consultants, hardly a balanced consensus. Again, I made no assertion. The question was only repeated because some were apparently confused about what was being asked. As for additional information, that I won't do here. I think the information already provided is sufficient to render an opinion on ethics, at least within the confines of the given scenario. Any other thoughts besides from real estate agents?
Hmmm... You are on a real estate forum. You can expect a response from real estate agents.
Lessons in ethics require fact and basis. You concertedly offer neither.

Tell the folks from whom you seek balance:
How many BPO's were done?
Did the listing firm do them, or any of them?
What was the average value opinion offered in the BPO's?
What were the market comps used? Were they germane to the subject property? Were they on this planet?
Did the sales price mesh with the BPO's?
Did the contract for listing say that the property had to be entered into the MLS for any period of time prior to review or acceptance of offer?
Was any consideration offered to the asset manager to keep the property from the MLS?

Sheesh, if asking for informed opinion on behavior, act informed, armed with fact, share at least a little fact, to allow the folks who are supposed to provide balance something to work with.
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Old 05-01-2010, 08:26 PM
 
424 posts, read 2,098,071 times
Reputation: 153
I am not a real estate agent. I'm a 29 year old stay-at-home-mom who just bought my FIRST house. But even I would think there is no problem with an agent buying a property like you're describing. I agree the bank(seller) was just happy to SELL it so fast. I think things probably happen like this, there's probably plenty of houses that get bought so fast you never get a chance to make an offer. My own mother told me that since I like real estate, maybe I should go into it and then when I'm ready to buy a different house I'd have the pick of the bunch because I'd know about listings right as they were coming up. She is also not a real estate agent, btw.
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