good afternoon guys. i used to have my RE license. currently i leave that to my other family memebers. i just spoke with someone who mentioned another re agent in the office pursues short sales and has 10 listings.
i’m a little confused by this. can you pursue preforeclosures and list then while you intend to pursue them for your own possible deal?
this seems like possible conflict of interest.
In my opinion that is a conflict of interest no doubt. You have a fiduciary duty to your seller, but then if you’re the buyer you are also acting in your own best interests. That’s like an attorney representing someone they are suing. Makes no sense. Pick one route from the very beginning, either list it or buy it…never both.
Hey Jason great answer on my “Title company wants double fees” question!
I negotitated a SS with H/O’s, had them deed the house to my LLC, then I had my LLC hire me as their agent and listed it on the MLS, four days later another agent brings me a qualified end-buyer.
Only i wasn’t pursing the banks interest in trying to “get the listing”. I came across as an investor/agent to the H/O disclosed everything and purchased the property for 10 bucks in the name of my LLC. My LLC then hires me to list the property on the MLS. Four days later I get an offer and accept it and used the end buyers money to fund the whole thing. Is this right?
Agents buy and sell property all of the time. It is a simple matter of disclosure of possible profit and their intention… Also the disclosure is only required if “Agency” relationship occurs between the buyer and seller.
The MLS is very clear… The rules and regs say that the “Seller” must authorize the insertion of the property into the MLS and the seller is not always the property owner, they could be an equitable interest holder. Thus the “agent” could go out and contract to buy a property, not create agency relationship, and turn around and list the property for sale.