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Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,302,067 times
Reputation: 6471
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I've listed a home on a short sale basis and it's about to be foreclosed on. The original Trustees sale was supposed to be yesterday, but they postponed it until May 7th. I was there on the courthouse steps.
The agent representing (or about to be representing) the lender called my client up yesterday and told her the house had been foreclosed on and that she would try to get a cash for keys deal for her. My client says "hey, not so fast, the sale was postponed". Other agent asks my client "What do you care, you're not going to get anything out of the transaction anyway" and "your house is way overpriced anyway, your agent should know that" and "If you sell in a short sale you're going to have to pay taxes on the difference between what you owe and what you sell it for".
This seems to be hugely unethical, but I'm not finding any place in the code of ethics that addresses it.
I know her managing broker fairly well and when I have spoken with the agent in the past she denied having had any contact with my client, but she "showed" the house and left her card with the seller a couple of weeks ago.
I've listed a home on a short sale basis and it's about to be foreclosed on. The original Trustees sale was supposed to be yesterday, but they postponed it until May 7th. I was there on the courthouse steps.
The agent representing (or about to be representing) the lender called my client up yesterday and told her the house had been foreclosed on and that she would try to get a cash for keys deal for her. My client says "hey, not so fast, the sale was postponed". Other agent asks my client "What do you care, you're not going to get anything out of the transaction anyway" and "your house is way overpriced anyway, your agent should know that" and "If you sell in a short sale you're going to have to pay taxes on the difference between what you owe and what you sell it for".
This seems to be hugely unethical, but I'm not finding any place in the code of ethics that addresses it.
I know her managing broker fairly well and when I have spoken with the agent in the past she denied having had any contact with my client, but she "showed" the house and left her card with the seller a couple of weeks ago.
I'm steamed.
"your house is way overpriced anyway, your agent should know that" is unethical enough right there in its criticism of you to your client.
And, is your SS listing "Active" on MLS?
Here, that alone would make the contact and offer a violation of MLS rules. Can't solicit someone else's client, ever.
I would at minimum offer to buy the broker a cup of coffee and inquire how they see it.
It does make a huge difference to you - a short sale infers total debt wipe-out - a foreclosure "debt forgiviness" may trranslate into IRS debt. The agent wants a commission and doesn't care about you - go straight to the broker. In Texas, you would go straight to TREC.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,302,067 times
Reputation: 6471
God I hate to admit it, but I just don't have a heart to crucify others in the biz. I'll have a beer with her DB, and I'll never have anything to do with this agent again. (maybe that's the important thing to let her know).
I've always looked for the best in folks, and while I'm mostly rewarded, I'm so disappointed in people in our profession.
Last summer I had taken a client to a fairly new development to look at building new construction. We stopped at the Visitors center to see the development amenities, schools, etc. and I stayed inside to pickup a packet of info while the husband & wife took their baby to the car.
When I came out an agent had cornered them at the car, was passing out graphics about her new listing, was putting a very hard sell on her services that she could get them in the house cheaply and the fact she was the local "Expert".
She had seen us in the visitors center, I had my name badge on so there was no way she didn't know I was an agent with clients. I wanted to pull her aside and give her more than just an earful but reasoning fortunately kicked in. She was lucky my client was in the car and she was a woman.
Some agents have no integrity and a shortage of brain matter. Fortunately that is the exception and there are many professionals in the business.
We're a self policing organization. I hate to say it, but we don't take time to report the unethical, who will? You gotta start if you really want to get rid of the ones that give us a bad name.
Last summer I had taken a client to a fairly new development to look at building new construction. We stopped at the Visitors center to see the development amenities, schools, etc. and I stayed inside to pickup a packet of info while the husband & wife took their baby to the car.
When I came out an agent had cornered them at the car, was passing out graphics about her new listing, was putting a very hard sell on her services that she could get them in the house cheaply and the fact she was the local "Expert".
She had seen us in the visitors center, I had my name badge on so there was no way she didn't know I was an agent with clients. I wanted to pull her aside and give her more than just an earful but reasoning fortunately kicked in. She was lucky my client was in the car and she was a woman.
Some agents have no integrity and a shortage of brain matter. Fortunately that is the exception and there are many professionals in the business.
Was she even licensed? That makes it even worse if she wasn't - no code of conduct to follow. Ethics need not apply.
Was she even licensed? That makes it even worse if she wasn't - no code of conduct to follow. Ethics need not apply.
Yes she was licensed, I mentioned that she had a listing she was pushing. Having a license makes it worse, she knows better than to solict another agents client especially when the agent is nearby. How ignorant or desperate can someone be ?
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