Realtor ethics violation?

[LocalHero]

South Carolina

I know someone who has signed a contract to sell their house for about a third of what it's really worth.
They signed it with a Realtor acting as selling agent and another as buyer agent. I feel strongly that the agents are violating their ethics pledge but I'm also an agent and can't say anything to their client. Is there a legal service they can turn to for help?

Thanks

 

[xylene]

You can't say anything to the client, so what happened when you said something to the agent?

 

[LocalHero]

You can't say anything to the client, so what happened when you said something to the agent?

All I've said to the agent so far is that it would be a steal at the list price. It's going to be a short sale though it may not need to be if they can get the mortgage co to back off their extra fees ($37,000 worth)

It's listed on the MLS at $75,000 and marked as contingent. I intend to submit a backup contract for myself higher than list price to see where that goes.

 

[justalayman]

do you have any real idea why it is priced as it is? There may be a reason.


but why can't you say anything to the client? After all, this is "somebody you know", right?

but even if it wasn't somebody you know, what do you believe stops you from speaking to them about the issue?

Is there a legal service they can turn to for help?

So far you said you can't say anything to the client so how would they become aware of any information you obtain here?

but as to legal services? Sure, grab a phone book and look under attorneys and lawyers.

 

[LocalHero]

do you have any real idea why it is priced as it is? There may be a reason.

I live nearby, I've lived here over 30 years, I'm a Realtor and I have a Contractor's license. I took a look at the house and I have a good estimate of it's value.

but why can't you say anything to the client? After all, this is "somebody you know", right?

but even if it wasn't somebody you know, what do you believe stops you from speaking to them about the issue?

I guess I should have been clearer but I was trying to be succinct... I met the owner when I went to look at the house. Here in SC Realtors are subject to a governing body and the code of ethics does not allow one Realtor to discuss specific property details with another Realtor's client. Especially when the one Realtor is a potential buyer of that property. It is a punishable violation.


So far you said you can't say anything to the client so how would they become aware of any information you obtain here?

but as to legal services? Sure, grab a phone book and look under attorneys and lawyers.

That's the hard part, by ethics code I'm not allowed to talk to the owners but by my own ethics, I find it hard to stand aside while these folks are taken advantage of by a Realtor with less concern for ethics. It has occurred to me that somebody else could happen to talk to them...

These folks are struggling and most likely will lose their house. I should have asked if there are low-cost (gov sponsored?) legal services available.

 

[justalayman]

do you have any real idea why it is priced as it is? There may be a reason.

I live nearby, I've lived here over 30 years, I'm a Realtor and I have a Contractor's license. I took a look at the house and I have a good estimate of it's value.

but why can't you say anything to the client? After all, this is "somebody you know", right?

but even if it wasn't somebody you know, what do you believe stops you from speaking to them about the issue?

I guess I should have been clearer but I was trying to be succinct... I met the owner when I went to look at the house. Here in SC Realtors are subject to a governing body and the code of ethics does not allow one Realtor to discuss specific property details with another Realtor's client. Especially when the one Realtor is a potential buyer of that property. It is a punishable violation.


So far you said you can't say anything to the client so how would they become aware of any information you obtain here?

but as to legal services? Sure, grab a phone book and look under attorneys and lawyers.

That's the hard part, by ethics code I'm not allowed to talk to the owners but by my own ethics, I find it hard to stand aside while these folks are taken advantage of by a Realtor with less concern for ethics. It has occurred to me that somebody else could happen to talk to them...

These folks are struggling and most likely will lose their house. I should have asked if there are low-cost (gov sponsored?) legal services available.

Then as a Realtor you should know there are times a fire sale price is proper. Your valuation does nothing to take the sellers issues into consideration.


And as a Realtor you should know how to report a suspected ethics violation to your state's board of Realtors, the NAR, and to your state's licensing agency.


For being in the business for so long you surely don't talk like it.

 

[LocalHero]

Then as a Realtor you should know there are times a fire sale price is proper. Your valuation does nothing to take the sellers issues into consideration.


And as a Realtor you should know how to report a suspected ethics violation to your state's board of Realtors, the NAR, and to your state's licensing agency.


For being in the business for so long you surely don't talk like it.

Oh I see, you're a troll. End of conversation.

 

[justalayman]

Not at all. In fact I used to be a Realtor myself.


You sound like a butt hurt agent that didn't get a listing


But here is what you do; you said you were interested in the property and you think the seller is getting screwed and the house is worth 3 times the current offer;

Write a back up offer for that $225,000 AND contact the bank so they know there is a good offer in the wings should the short sale they are considering falls through and The world will once again have good vibes and Karma.

 

[LocalHero]

Well I'll fight fire with fire here...

Not at all. In fact I used to be a Realtor myself.

I'll assume you got out of the business because your abrasive personality turned clients off.

You sound like a butt hurt agent that didn't get a listing

You sound like someone trying to start an online argument. ie: troll

But here is what you do; you said you were interested in the property and you think the seller is getting screwed and the house is worth 3 times the current offer;

Write a back up offer for that $225,000 AND contact the bank so they know there is a good offer in the wings should the short sale they are considering falls through and The world will once again have good vibes and Karma.

I have already gone to the backup offer route (though at a price I would be interested in) and came here hoping to hear an answer to my original question about possible low-cost legal services for someone who is being taken advantage of. What you came up with was useless information and insults based on inaccurate conclusions about the situation. Go find something real to do with your time and maybe someone with some helpful knowledge can answer.

 

[Just Blue]

Well I'll fight fire with fire here...

Not at all. In fact I used to be a Realtor myself.

I'll assume you got out of the business because your abrasive personality turned clients off.

You sound like a butt hurt agent that didn't get a listing

You sound like someone trying to start an online argument. ie: troll

But here is what you do; you said you were interested in the property and you think the seller is getting screwed and the house is worth 3 times the current offer;

Write a back up offer for that $225,000 AND contact the bank so they know there is a good offer in the wings should the short sale they are considering falls through and The world will once again have good vibes and Karma.

I have already gone to the backup offer route (though at a price I would be interested in) and came here hoping to hear an answer to my original question about possible low-cost legal services for someone who is being taken advantage of. What you came up with was useless information and insults based on inaccurate conclusions about the situation. Go find something real to do with your time and maybe someone with some helpful knowledge can answer.

Feel free to pay an attorney to advise you. Rude children are not welcome here. Have a nice day.

 

[Silverplum]

I have already gone to the backup offer route (though at a price I would be interested in)

So YOU are also part of the problem. You are willing to take the house at a low price, yourself. Pot, meet kettle.

and came here hoping to hear an answer to my original question about possible low-cost legal services for someone who is being taken advantage of.

So you want to take advantage of them AND be the "hero" who gives them the results of our research, having "found" low-cost legal services for them.

What you came up with was useless information and insults based on inaccurate conclusions about the situation. Go find something real to do with your time and maybe someone with some helpful knowledge can answer.

I'd say the same to you, son.