In Texas, our MLS published listing documentation specifically shows whether the owner would consider leasing the home as well as selling it, and it also shows the home's current tenancy -- owner, tenant or vacant.
A new quirk seems to have developed in this sparse market. I don't recall it ever being so prevalent in past downturns.
Co-op agents are setting up appointments and showing homes as though their client is a qualified buyer. In reality, the client is looking for a home to lease. The co-op agent doesn't reveal that important piece of information to the listing agent, but instead infers that his client is a qualified buyer.
The appointment is established, the homeowner or tenant straightens up the home for the showing, then leaves for an hour or so so that the agent can show it to his client. If the client doesn't like the home, the agent just reports that as feedback. If the client likes the home and would like to lease it, the co-op agent seems to frame it as follows:
"My client really likes the house. He's expecting a check for the sale of his business in Chicago, or the settlement of his uncle's estate. He'd like to rent the house and close the purchase when he gets this money."
There is little likelihood that any of this about a purchase is true. The client wants to lease the house until the owner realizes that the sale isn't going to go through. Meanwhile, the home has been off of the market for at least a year, and is now being held hostage by a tenant. You see, the owner finds himself having to make a deal to extend the lease, month to month or until the home sells, because at this point he needs the tenant's rent.
I have had this happen to me several times, twice within the past week. In both cases, my clients didn't fall for the ruse. It seems highly unethical to me, but so far I've chosen to not file a complaint.
BILL CHERRY, REALTORS
DALLAS - PARK CITIES
OUr 45th Year
214 503-8563
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