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Real Estate Licensee Buying Own Listings

By Debby Andersen

Real Estate Agent with Assist 2 Sell

January 12, 2008 05:00 AM

Many of our listings are in distress / preforclosure situation and are wanting me to buy their homes. Short sale is the answer however I am concerned about my fiduciary relationship under the terms of my listing contract. I am an investor and am good at negotiating short sales. I would love to acquire the properties to put into my rental home program. Your comments on my risk are appreciated. Is cancellation of my listing contract enough to proceed?

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Find a Notary Public needAnotary

QEC Internet Services - Long Beach, CA

Hello Debby,

I would like to personally welcome you to the ActiveRain community! This community has a wonderful atmosphere and you will find lots of helpful friendly people and useful information. I've been in the business 25 years and I often find something new and interesting when I read a new blogs

Please tell me a little about your business and please share with me any ideas I can use in helping you find targeted referrals, or to help me to identify your preferred customer in my daily networking. The Rain is an excellent networking forum with a variety of interesting characters. Expect to learn a lot and be entertained if you have an open mind. The opportunities to learn, earn and network are absolutely incredible here on Activerain.

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Welcome to the RAIN I look forward to reading your blogs!

Jan 12, 2008 05:05 AM

Matt Kofsky

Transaction Realty 500 Reno, Nv. - Reno, NV

Have you spoken to your broker about this? My general rule is that if I am not sure if it is ethical, I don't do it. I don't lose any sleep. I'm sure that you can find other properties that are just as good of a deal.

Jan 12, 2008 05:11 AM

Bill Gillhespy

16 Sunview Blvd - Fort Myers Beach, FL

Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

You probably have some grey areas here. Might be a good idea to have a written disclosure in place before moving forward, have a different agent handle the listing, or have a good appraisal as a basis.

Jan 12, 2008 05:12 AM

Jen Hudson

Windermere Real Estate/M2, LLC - Stanwood, WA

Stanwood, Camano & Arlington, WA

I think there are definately grey areas here. I would talk to your broker and if you decide to move forward, make sure you get as much in writing as possible regarding the disclosures and that you will be buying it for less than market value, etc. Just make sure the parties really understand, because if something goes wrong, that's a horrible lawsuit waiting to happen. Use caution.

Jan 12, 2008 05:17 AM

Keith Elliott Jr

KEIRE Realty Group - Manassas, VA

Principal Broker/Owner

Hi Debby,

Welcome to Active Rain! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

Jan 12, 2008 06:17 AM

Leo Namiot - LeoLends.com

Canopy Mortgage - Leo Namiot - Saint Augustine, FL

More than just great rates

Hello Debby,

Welcome to active rain, it's a great online community, Enjoy!

Leo Namiot

Benchmark Mortgage

http://www.benchmarkct.com/

Jan 13, 2008 06:13 AM

Rick Sergison

EXP Realty of Canada Inc., Brokerage - Pickering, ON

Durham Region Real Estate Blog

I just stopped by to welcome you to active rain. You will find that it is a great benefit to your business and success in the new year!

Jan 14, 2008 09:04 AM