Tampa Realtors – Stop Making Up The Rules As You Go!

I have pretty much seen everything that can be seen now in my career as a Tampa Realtor.  I have had crooks right letters of intent to buy property thru all sorts of complicated schemes (thwarted that one and the guy was wanted by the FBI).  I have seen agents try to do this complicated assignable contracts, I have heard of agents doing some weird things with short sales putting liens on properties, all totally unethical in every fashion.  Now what I am seeing are agents deciding that they don’t like the rules of the Tampa MLS Board or our Tampa Real Estate Board.  Hey, I don’t like all the rules and regulations that they spell out to us either, but if I start going Maverick on them, then we basically have the Wild West again.

The latest are agents taking multiple offers on properties, getting their clients to sign them and then submitting to the banks in short sale situations.  Tampa Bank Owned Homes are different as the Bank is actually the seller in this case.  Guess what… not legal.  Our Board clearly spells out that the contract is between the Buyer and the Seller of the property.  The Bank is not the seller, it is a contingency…a rather large contingency, but a contingency non the less.  Here is the potential legal situation you just created.  Lets say that you do this and you take 4 offers, all signed by the seller and submitted to the bank.  Now the bank has them and they decide that they like the 3rd offer that was submitted.  OK, so the property closes and the new owners are now in the house, the bank is paid and everyone is happy.  Wait a minute, the first offer buyers decide that they really wanted that house and now they file a suit saying that the prior contract was not valid.  Guess what, they are right.  The first contract received and signed by the seller is the valid one and no options were given to the first buyer to either fix the issue with what made their contract not accepted by the bank (basically a right of first refusal clause).

Well, lets see who the 1st Contract Buyers are filing a suit against.  The bank…nope, the Seller…yup, You the Listing Agent…yup, the agency you work for…yup.  What a mess just because you thought the bank was the seller.

I suggest any of you that are doing things like this look closely at the rules, call your legal hotline if you wish.  Short Sale rules differ from market to market…I bring this up only to help those that think this is right, to make sure you take a closer look at the rules, keep you out of court, and hopefully keep you selling those homes!

Good Luck

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~ by ToughGuy on July 8, 2008.

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