foreclosure and realtor

[JustKurt]

What is the name of your state? Pennsylvania

I am currently in foreclosure with a sheriff's sale date scheduled for the middle of June. We have our townhome on the market to sell and have had it on the market with Remax for about a month and a half. Obviously, the realtor is aware of the sheriff sale and the date it is scheduled.

As of today, the other side of our townhome is being listed for sale with the same Agent as we have, which significantly increases the odds of it's sale. We are friends with the other couple who own the other half of our townhome. They met with the agent today who suggested that he and his brother (who run the local Remax office) may be interested in purchasing both sides of the townhome for a rental (they also own a rental business in the area and have many properties through that).

My question is... are there any laws that will protect us from our agent waiting and, instead of buying our property prior to the sheriff's sale, waiting and purchasing it for lower than our asking price AT the sheriff sale? Is there an ethical standard for realtors which will legally 'not allow' them to take that route?

[FlyingRon]

Agents don't purchase homes. If they are purchasing they cease to be an agent, they are just the seller. If they have a contract with the seller they hare in massive conflict of interest. If they buy your house now or after the foreclosure, I'd be seriously considering going after them both from a fraud and professional licensing aspect.

If he made any indication that he or his brother had an interest in the property, I'd be rattling the phones at ReMAX all the way up to the president of the company to get agency that isn't in a massive conflict of interest.

[JustKurt]

Originally Posted by FlyingRon

Agents don't purchase homes. If they are purchasing they cease to be an agent, they are just the seller. If they have a contract with the seller they hare in massive conflict of interest. If they buy your house now or after the foreclosure, I'd be seriously considering going after them both from a fraud and professional licensing aspect.

If he made any indication that he or his brother had an interest in the property, I'd be rattling the phones at ReMAX all the way up to the president of the company to get agency that isn't in a massive conflict of interest.

thanks very much for your response. Unfortunately, due to time constraints, we dont think changing companies is such a good idea. We need it to be sold prior to Sheriff's sale June 13th. I just wanted to make sure we had some type of legal recourse should our agent wait and purchase at Sheriff's sale.

On another note.... should our home sell prior to the sheriff's sale, what exactly is marked on our credit? is it still listed as a foreclosure or just back to "late payments".