I’d assume then, since all laws are open to interpretation that speeding is perfectly legal since most of us do it. For that matter, murdering someone would be a grey area as well, since obviously the person doing the killing interpreted the law to not include themselves.
Yes, big differences, but if laws are meant to be interpreted rather than followed, it fits.
Also, were not really talking about laws (though it is in some states), but rather a code of ethics adopted by an organization. Not even close to the same thing.
As that, again, if a Realtor performs a Sub2 deal as usually laid out, then they are in violation of that code because they are encouraging a seller to actively go against the terms of an existing contract between the seller and the lender, which is a clear violation of the code of ethics. The only way that a Realtor could possibly avoid this situation, in my opinion, is to inform the lender of the transaction. That alone changes the deal into something different than a true Sub2, again, in my opinion.
Add to that, if you, as a Realtor, are encouraging the seller to setup land trusts and/or some other means to try to “hide” the transaction from the lender, that is, or very well could be, deemed mortgage fraud if it ever came out. Whether or not it was ever in court, if the RE Commission and/or the Realtor Board found out about it, it still could cost one their license (again, depending on state laws for such).
And yes, you can always find Realtor/agents that have done, can do, or are doing something. Just because they ARE doing it doesn’t make it any more or less a violation than the fact that others aren’t. Personally, I still err on the side of caution, since, however remote a chance it might be, I’m not ready to bet my license nor my reputation on it.
Handling short sales would hardly be considered “creative” in the current market, if realty companies expect to survive. As to KW teaching sub2 deals in their training materials, I’ll simply reserve the right to review them. For all we know, their inclusion in training is simply “don’t do them.”
Yes, realtor.ORG does have that book listed on their sale page. And that proves that they too intend on making a profit by selling a book. The book in no way is specific to Realtors, at least not in notes. Have you read it? Just because it’s listed on Realtor.org doesn’t make it automatically approved by NAR, trust me. They have books listed there that specifically mention to “get the agent out of the way” before doing a deal.
Please bear in mind, Jim, that I was an investor long before I slipped to the “dark side” and became a Realtor. I AM fully aware of how to do a Sub2 transaction and have more than one under my belt (before agent). I would love to learn how to perform one that wouldn’t put my license on the line. If you’ve got a method, I’m all ears.