U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-02-2010, 09:53 AM
 
228 posts, read 727,985 times
Reputation: 102

Advertisements

Quote:
Originally Posted by Tish Thompson View Post
Really?? This does not support your argument in any way, shape, or form. Since you're not willing to listen to any of the agents who have posted here, why don't you call around and ask real estate attorneys in your area?
There is no argument, just a question. The ethics article from the NAR seemed relevant considering I was an interested party to the foreclosure offering. You and the real estate agents that posted have already rendered opinions and I have read them. However, I don't think the issue has been completely resolved except from a very narrow perspective. I don't see the point of contacting a real estate attorney considering the legality of the transaction was never questioned, at least by me.
Reply With Quote Quick reply to this message

 
Old 05-02-2010, 10:38 AM
 
Location: Columbia, SC
9,047 posts, read 17,999,703 times
Reputation: 6648
Quote:
Originally Posted by Trump View Post
There is no argument, just a question. The ethics article from the NAR seemed relevant considering I was an interested party to the foreclosure offering. You and the real estate agents that posted have already rendered opinions and I have read them. However, I don't think the issue has been completely resolved except from a very narrow perspective. I don't see the point of contacting a real estate attorney considering the legality of the transaction was never questioned, at least by me.
It means that a Realtor buying/selling a property must disclose they are licensed to parties of the transaction. In no way was it relevant to your situation. Although since you brought it up apparently 1-it was disclosed they are licensed and 2-you are not a party to the transaction, and 3-it was a licensed agent buying it but not the listing agent and 4-the listing agent was not the owner nor did a licensed owner represent you.
Reply With Quote Quick reply to this message
 
Old 05-02-2010, 12:03 PM
 
5,382 posts, read 8,338,727 times
Reputation: 3584
Quote:
Originally Posted by Trump View Post
Article 5 from the National Association of Realtors 2010 Code of Ethics and Standards of Practice state ...

REALTORS® shall not undertake to provide professional services concerning a property or its value where they have a present or contemplated interest unless such interest is specifically disclosed to all affected parties.
Quote:
Originally Posted by Trump View Post
There is no argument, just a question. The ethics article from the NAR seemed relevant considering I was an interested party to the foreclosure offering. You and the real estate agents that posted have already rendered opinions and I have read them. However, I don't think the issue has been completely resolved except from a very narrow perspective. I don't see the point of contacting a real estate attorney considering the legality of the transaction was never questioned, at least by me.
Okay, I think I get where your confusion is - at least concerning the snipit of the Code of Ethics you posted.

The interest that they're speaking about in the COE is ownership interest NOT, "hmmm, I'm interested in that house, I may like to buy it."
Reply With Quote Quick reply to this message
 
Old 05-02-2010, 12:28 PM
Status: "Celebrating 30 years as a Broker" (set 13 days ago)
 
Location: Just south of Denver since 1989
10,879 posts, read 29,291,278 times
Reputation: 7084
Denver's public estate manager frequently sold houses to same buyer - The Denver Post

I do not think this is what the OP meant.
Reply With Quote Quick reply to this message
 
Old 05-02-2010, 01:03 PM
 
380 posts, read 925,008 times
Reputation: 198
Quote:
Originally Posted by Silverfall View Post
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.

I've seen them list even before removing old food.
Reply With Quote Quick reply to this message
 
Old 05-02-2010, 01:09 PM
 
Location: NJ
17,579 posts, read 39,597,193 times
Reputation: 16131
I wonder what teh OP would think of this situation. When I was house hunting my agent took me to several houses that weren't even listed yet. My agent was very well connected and when she found out about upcoming listing in the neighborhood I was looking in she would always try and get us in to see it right away. We came within 5K of buying one of these houses. No one else would have ever had a shot at this house if we would have come to an agreement.
Reply With Quote Quick reply to this message
 
Old 05-02-2010, 01:18 PM
 
Location: Salem, OR
13,969 posts, read 32,733,900 times
Reputation: 12670
Quote:
Originally Posted by smokemaster View Post
I've seen them list even before removing old food.
Yep just depends on the listing agent.
Reply With Quote Quick reply to this message
 
Old 05-02-2010, 01:19 PM
 
Location: Salem, OR
13,969 posts, read 32,733,900 times
Reputation: 12670
Quote:
Originally Posted by manderly6 View Post
I wonder what teh OP would think of this situation. When I was house hunting my agent took me to several houses that weren't even listed yet. My agent was very well connected and when she found out about upcoming listing in the neighborhood I was looking in she would always try and get us in to see it right away. We came within 5K of buying one of these houses. No one else would have ever had a shot at this house if we would have come to an agreement.

I just did that on Facebook. Had a relocating buyer in with specific needs. Sent out a blast to my agent group to see if anyone had any up and coming listings not on the MLS yet. Had two that met the criteria that were not on the MLS yet.
Reply With Quote Quick reply to this message
 
Old 05-02-2010, 01:39 PM
 
3,029 posts, read 7,157,434 times
Reputation: 3208
That's like saying it's unethical for a store's employees to be the first to buy something that has been drastically marked down. As long as the seller is willing, I have no problem with it. The only unethical situation in a real estate transaction, would be maybe if the listing realtor advised the seller to sell the property for a price well below what he knew the market value to be.
Reply With Quote Quick reply to this message
 
Old 05-02-2010, 01:49 PM
 
19 posts, read 34,948 times
Reputation: 12
Quote:
Originally Posted by Silverfall View Post
The listing agent didn't write up the offer. A buyer agent did. Trump said both agents worked for the same company. That's his issue is that the buyer agent got in an offer that was accepted before he had a chance.
Regardless of who bought the foreclosure the result is the same. The public never had a chance to put in an offer which most likely would yield in a higher price. Again, the question begs to be asked. Why should RE agents get first dibs?

Quote:
Originally Posted by MikeJaquish View Post
Not exactly.
Agencies are not public utilities. Brokers work for clients.
In this instance the bank was the client.
The broker in this instance was hired to get the home sold for the bank.
All information presented indicates he performed that function, with absolutely nothing offered to indicate anything else.
On paper yes, the job was done and all parties involved are satisfied with the result. But do you honestly believe that the bank wouldn't want more money for the property at the expense of maybe just a few more days?

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.
That's almost like saying someone cuts in front of you in line, if everyone else is cool with it so should you.

Bottom line is, as a buyer its frustrating to not have a chance to offer on a property you like. Especially when the inventory is low (I'm speaking locally) Agents who are investors are serving the best interest of one client, themselves.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. | Please obey Forum Rules | Terms of Use and Privacy Policy

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top