Realtor Ethics and the MLS

[sdrealtor]

I didnt assume it was a short sale. Thinking about the requirement that the MLS be updated within 24 hours reminded me of something I had to do on one of my short sale listings.

[svelte]

I’m not so concerned about them leaving listings active too long.

I’m more concerned with agents who will keep a foreclosure off MLS, find a buyer themselves, then put the listing on MLS for an hour so they can pass the the bank’s sniff test and claim the house was “fairly marketed”. They actually have a term for this…the realtors call it “running it through the MLS”.

I think that is totally disgusting and robs banks, and comparables, of fair market value. This has got to be one of the most damaging and least enforced racket of the year.

[svelte]

I’m not so concerned about them leaving listings active too long.

I’m more concerned with agents who will keep a foreclosure off MLS, find a buyer themselves, then put the listing on MLS for an hour so they can pass the the bank’s sniff test and claim the house was “fairly marketed”. They actually have a term for this…the realtors call it “running it through the MLS”.

I think that is totally disgusting and robs banks, and comparables, of fair market value. This has got to be one of the most damaging and least enforced racket of the year.

[svelte]

I’m not so concerned about them leaving listings active too long.

I’m more concerned with agents who will keep a foreclosure off MLS, find a buyer themselves, then put the listing on MLS for an hour so they can pass the the bank’s sniff test and claim the house was “fairly marketed”. They actually have a term for this…the realtors call it “running it through the MLS”.

I think that is totally disgusting and robs banks, and comparables, of fair market value. This has got to be one of the most damaging and least enforced racket of the year.

[svelte]

I’m not so concerned about them leaving listings active too long.

I’m more concerned with agents who will keep a foreclosure off MLS, find a buyer themselves, then put the listing on MLS for an hour so they can pass the the bank’s sniff test and claim the house was “fairly marketed”. They actually have a term for this…the realtors call it “running it through the MLS”.

I think that is totally disgusting and robs banks, and comparables, of fair market value. This has got to be one of the most damaging and least enforced racket of the year.

[svelte]

I’m not so concerned about them leaving listings active too long.

I’m more concerned with agents who will keep a foreclosure off MLS, find a buyer themselves, then put the listing on MLS for an hour so they can pass the the bank’s sniff test and claim the house was “fairly marketed”. They actually have a term for this…the realtors call it “running it through the MLS”.

I think that is totally disgusting and robs banks, and comparables, of fair market value. This has got to be one of the most damaging and least enforced racket of the year.

[moneymaker]

I agree, this practice is dishonest to the “bank” and the free market in general. How can it be enforced/policed, I think it is up to the seller to make the policy that it be listed for atleast 3 days and “all” offers will be looked at. Then the seller could submit “mystery offers” through the listing agent and see if they ever receive them. If they do not get to see their own “mystery” offer then I think they could press charges,particularly if said “mystery” offer is above offers presented. At the very least they could find another brokerage to list their properties.
I’ve been told that some banks will only consider 1 offer @ a time, and I myself benefited from such a circumstance, each seller has their own way to dispose of collateral.
My personal gripe is with the so called auction system where they have a hidden reserve, as far as I’m concerned that is no auction,just a sales pitch disguised as an auction. In a true auction everything sells that gets a bid.

[moneymaker]

I agree, this practice is dishonest to the “bank” and the free market in general. How can it be enforced/policed, I think it is up to the seller to make the policy that it be listed for atleast 3 days and “all” offers will be looked at. Then the seller could submit “mystery offers” through the listing agent and see if they ever receive them. If they do not get to see their own “mystery” offer then I think they could press charges,particularly if said “mystery” offer is above offers presented. At the very least they could find another brokerage to list their properties.
I’ve been told that some banks will only consider 1 offer @ a time, and I myself benefited from such a circumstance, each seller has their own way to dispose of collateral.
My personal gripe is with the so called auction system where they have a hidden reserve, as far as I’m concerned that is no auction,just a sales pitch disguised as an auction. In a true auction everything sells that gets a bid.

[moneymaker]

I agree, this practice is dishonest to the “bank” and the free market in general. How can it be enforced/policed, I think it is up to the seller to make the policy that it be listed for atleast 3 days and “all” offers will be looked at. Then the seller could submit “mystery offers” through the listing agent and see if they ever receive them. If they do not get to see their own “mystery” offer then I think they could press charges,particularly if said “mystery” offer is above offers presented. At the very least they could find another brokerage to list their properties.
I’ve been told that some banks will only consider 1 offer @ a time, and I myself benefited from such a circumstance, each seller has their own way to dispose of collateral.
My personal gripe is with the so called auction system where they have a hidden reserve, as far as I’m concerned that is no auction,just a sales pitch disguised as an auction. In a true auction everything sells that gets a bid.

[moneymaker]

I agree, this practice is dishonest to the “bank” and the free market in general. How can it be enforced/policed, I think it is up to the seller to make the policy that it be listed for atleast 3 days and “all” offers will be looked at. Then the seller could submit “mystery offers” through the listing agent and see if they ever receive them. If they do not get to see their own “mystery” offer then I think they could press charges,particularly if said “mystery” offer is above offers presented. At the very least they could find another brokerage to list their properties.
I’ve been told that some banks will only consider 1 offer @ a time, and I myself benefited from such a circumstance, each seller has their own way to dispose of collateral.
My personal gripe is with the so called auction system where they have a hidden reserve, as far as I’m concerned that is no auction,just a sales pitch disguised as an auction. In a true auction everything sells that gets a bid.

[moneymaker]

I agree, this practice is dishonest to the “bank” and the free market in general. How can it be enforced/policed, I think it is up to the seller to make the policy that it be listed for atleast 3 days and “all” offers will be looked at. Then the seller could submit “mystery offers” through the listing agent and see if they ever receive them. If they do not get to see their own “mystery” offer then I think they could press charges,particularly if said “mystery” offer is above offers presented. At the very least they could find another brokerage to list their properties.
I’ve been told that some banks will only consider 1 offer @ a time, and I myself benefited from such a circumstance, each seller has their own way to dispose of collateral.
My personal gripe is with the so called auction system where they have a hidden reserve, as far as I’m concerned that is no auction,just a sales pitch disguised as an auction. In a true auction everything sells that gets a bid.

[Author]

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