The NAR and several high-profile broker advisors agree with my assessment of the difficulties surrounding short sales that involve listing or buyer’s agents.
A NAR committee is pondering changes in disclosure guidelines.
Meanwhile, broker advisor Jonathan Goodman reveals telling advise in an interview with Mark Eibner:
Jonathan Goodman: “I advice my real estate broker clients that they do not want to be the listing broker for A [i.e.: the seller in a short sale transaction].”
“…I am also saying to real estate brokers, you do not want to be the buyer’s agent for B [i.e. a discount buyer in a short sale transaction]; because even if you are buyer’s agent for B, you have certain duties to the seller.”
There seems to be not much room left for brokers in a short sale transaction. The only “safe” transaction to be on either side would be a sale to a move-in or investor buyer who buys a short sale property at “fair market value” (and what’s that, by the way?)
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.
Leave a Comment