more bad behavior

[jpinpb]

Ok, flu. So is there a law that banks a required to list in MLS?

[ucodegen]

After substantial prodding she admitted that the listing was an “in house deal”. When I said, oh you mean the buyer was represented by you or another agent in your office, she did not give a straight answer.

I suspect ‘in house’ was literally ‘in house’.. ie. someone from the brokerage bought it before the general public had a chance. This is why they were evasive on the followup question, and why it was on the market for such a short time. This type of behavior was rampant in the stock market of the 1920’s and helped cause the crash. The SEC was formed and one of the regulations they pushed had to do with broker’s fiduciary responsibility to their clients. The behavior of these RE brokers violates their fiduciary responsibility to whom they are representing the house. With the SEC, if a licensed stock/commodities broker breaks fiduciary responsibility in this manner, they can be held financially/criminally responsible. Unfortunately, RE brokers only have a ‘code of conduct’.. not much happens of they ‘violate’ this.

Personally, I think that the banks selling from the REO side should drop any broker who gets an immediate sale.. The banks should be watching their listings on the MLS.. and possibly have one of their reps spot check the process. A RE broker violates the trust and the bank can refuse to do any more sales through them.

[ucodegen]

After substantial prodding she admitted that the listing was an “in house deal”. When I said, oh you mean the buyer was represented by you or another agent in your office, she did not give a straight answer.

I suspect ‘in house’ was literally ‘in house’.. ie. someone from the brokerage bought it before the general public had a chance. This is why they were evasive on the followup question, and why it was on the market for such a short time. This type of behavior was rampant in the stock market of the 1920’s and helped cause the crash. The SEC was formed and one of the regulations they pushed had to do with broker’s fiduciary responsibility to their clients. The behavior of these RE brokers violates their fiduciary responsibility to whom they are representing the house. With the SEC, if a licensed stock/commodities broker breaks fiduciary responsibility in this manner, they can be held financially/criminally responsible. Unfortunately, RE brokers only have a ‘code of conduct’.. not much happens of they ‘violate’ this.

Personally, I think that the banks selling from the REO side should drop any broker who gets an immediate sale.. The banks should be watching their listings on the MLS.. and possibly have one of their reps spot check the process. A RE broker violates the trust and the bank can refuse to do any more sales through them.

[ucodegen]

After substantial prodding she admitted that the listing was an “in house deal”. When I said, oh you mean the buyer was represented by you or another agent in your office, she did not give a straight answer.

I suspect ‘in house’ was literally ‘in house’.. ie. someone from the brokerage bought it before the general public had a chance. This is why they were evasive on the followup question, and why it was on the market for such a short time. This type of behavior was rampant in the stock market of the 1920’s and helped cause the crash. The SEC was formed and one of the regulations they pushed had to do with broker’s fiduciary responsibility to their clients. The behavior of these RE brokers violates their fiduciary responsibility to whom they are representing the house. With the SEC, if a licensed stock/commodities broker breaks fiduciary responsibility in this manner, they can be held financially/criminally responsible. Unfortunately, RE brokers only have a ‘code of conduct’.. not much happens of they ‘violate’ this.

Personally, I think that the banks selling from the REO side should drop any broker who gets an immediate sale.. The banks should be watching their listings on the MLS.. and possibly have one of their reps spot check the process. A RE broker violates the trust and the bank can refuse to do any more sales through them.

[ucodegen]

After substantial prodding she admitted that the listing was an “in house deal”. When I said, oh you mean the buyer was represented by you or another agent in your office, she did not give a straight answer.

I suspect ‘in house’ was literally ‘in house’.. ie. someone from the brokerage bought it before the general public had a chance. This is why they were evasive on the followup question, and why it was on the market for such a short time. This type of behavior was rampant in the stock market of the 1920’s and helped cause the crash. The SEC was formed and one of the regulations they pushed had to do with broker’s fiduciary responsibility to their clients. The behavior of these RE brokers violates their fiduciary responsibility to whom they are representing the house. With the SEC, if a licensed stock/commodities broker breaks fiduciary responsibility in this manner, they can be held financially/criminally responsible. Unfortunately, RE brokers only have a ‘code of conduct’.. not much happens of they ‘violate’ this.

Personally, I think that the banks selling from the REO side should drop any broker who gets an immediate sale.. The banks should be watching their listings on the MLS.. and possibly have one of their reps spot check the process. A RE broker violates the trust and the bank can refuse to do any more sales through them.

[ucodegen]

After substantial prodding she admitted that the listing was an “in house deal”. When I said, oh you mean the buyer was represented by you or another agent in your office, she did not give a straight answer.

I suspect ‘in house’ was literally ‘in house’.. ie. someone from the brokerage bought it before the general public had a chance. This is why they were evasive on the followup question, and why it was on the market for such a short time. This type of behavior was rampant in the stock market of the 1920’s and helped cause the crash. The SEC was formed and one of the regulations they pushed had to do with broker’s fiduciary responsibility to their clients. The behavior of these RE brokers violates their fiduciary responsibility to whom they are representing the house. With the SEC, if a licensed stock/commodities broker breaks fiduciary responsibility in this manner, they can be held financially/criminally responsible. Unfortunately, RE brokers only have a ‘code of conduct’.. not much happens of they ‘violate’ this.

Personally, I think that the banks selling from the REO side should drop any broker who gets an immediate sale.. The banks should be watching their listings on the MLS.. and possibly have one of their reps spot check the process. A RE broker violates the trust and the bank can refuse to do any more sales through them.

[danthedart]

http://www.sdlookup.com/MLS-090025247-1111_Joshua_Escondido_Ca_92026

DOM: 0

Comments say that an offer has already been accepted and not to show the property.

[danthedart]

http://www.sdlookup.com/MLS-090025247-1111_Joshua_Escondido_Ca_92026

DOM: 0

Comments say that an offer has already been accepted and not to show the property.

[danthedart]

http://www.sdlookup.com/MLS-090025247-1111_Joshua_Escondido_Ca_92026

DOM: 0

Comments say that an offer has already been accepted and not to show the property.

[danthedart]

http://www.sdlookup.com/MLS-090025247-1111_Joshua_Escondido_Ca_92026

DOM: 0

Comments say that an offer has already been accepted and not to show the property.

[danthedart]

http://www.sdlookup.com/MLS-090025247-1111_Joshua_Escondido_Ca_92026

DOM: 0

Comments say that an offer has already been accepted and not to show the property.

[peterb]

The banks usually have a few brokers they divvy out their REO’s to for sale. There’s no law that says anyone has to use a real estate broker or agent to sell a house unless one wants to utilize the agency laws in the state of CA.
The broker using the MLS eventhough they may want to do it all themselves is a way to make the transaction appear to be “arms length” in nature. The banks may also check the MLS to make sure the broker is actively marketing the houses.
You’d think that being on the MLS about 1 day before going pending would be a red flag for the banks. But they may not look nor care at that point as long as they’re getting the price they’ve been told by the BPO as “good”.

[peterb]

The banks usually have a few brokers they divvy out their REO’s to for sale. There’s no law that says anyone has to use a real estate broker or agent to sell a house unless one wants to utilize the agency laws in the state of CA.
The broker using the MLS eventhough they may want to do it all themselves is a way to make the transaction appear to be “arms length” in nature. The banks may also check the MLS to make sure the broker is actively marketing the houses.
You’d think that being on the MLS about 1 day before going pending would be a red flag for the banks. But they may not look nor care at that point as long as they’re getting the price they’ve been told by the BPO as “good”.

[peterb]

The banks usually have a few brokers they divvy out their REO’s to for sale. There’s no law that says anyone has to use a real estate broker or agent to sell a house unless one wants to utilize the agency laws in the state of CA.
The broker using the MLS eventhough they may want to do it all themselves is a way to make the transaction appear to be “arms length” in nature. The banks may also check the MLS to make sure the broker is actively marketing the houses.
You’d think that being on the MLS about 1 day before going pending would be a red flag for the banks. But they may not look nor care at that point as long as they’re getting the price they’ve been told by the BPO as “good”.

[peterb]

The banks usually have a few brokers they divvy out their REO’s to for sale. There’s no law that says anyone has to use a real estate broker or agent to sell a house unless one wants to utilize the agency laws in the state of CA.
The broker using the MLS eventhough they may want to do it all themselves is a way to make the transaction appear to be “arms length” in nature. The banks may also check the MLS to make sure the broker is actively marketing the houses.
You’d think that being on the MLS about 1 day before going pending would be a red flag for the banks. But they may not look nor care at that point as long as they’re getting the price they’ve been told by the BPO as “good”.

[Author]

Posts