The lender ordered the third Broker Price Opinion (BPO). We are really close to closing on a short sale that has been under contract for the L-O-N-G-E-S-T time. We're talking Guinness Book of World Records. The lender called an agent that had an offer on the property. There were a few offers on the table and he didn't know what the offers were. I assumed he disclosed his offer to the lender and the lender was fine with that. He must be a professional, right? He would definitely do the right thing, right?
I disclosed the information to the other agent. This should be disclosed. The other agent thought it was UNETHICAL and not an arms length transaction. He told me what he thought of the situation. He was right. We had to go to the lender and let them know that the agent was ready to go to FREC and thought this was FRAUD. Now we have to wait even longer to close...
I'm always shocked when someone is UNETHICAL because they don't care about their reputation. I'm EMBARASSED for the person being unethical. I feel like I just walked in on my 14 year old son naked as he's getting out of the shower. I CRINGE when I imagine how they must feel getting caught doing some horrible thing or in a big lie. For a moment I always imagine that it MUST BEACCIDENTAL. I think it could have been and I feel SORRY for them. I imagine for just a minute that I accidentally did something and saw the story on CNN. I never want to put myself in that situation. Of course I want to do the right thing. AND I don't want the world to think I'm THAT kind of person.
To share a story, buy or sell property in the Florida Keys and Key West, call me at (305) 522-1398 or e-mail me at MayaMarieThomas@Hotmail.com.com.
Hi Eric, I don't know. I just passed the information on to the lender. It was probably more of a fairness issue. The unhappy agent is a rock solid dependable person. He is knowledgeable, productive and trustworthy. He is GREAT AGENT. If I were him I would feel the same way.
Maya, So if I'm understanding this correctly, the agent that was assigned the BPO is also the agent for one of the buyers that have an offer on the property? YIKES!!! The agent should have certainly disclosed this to the lender immediately and withdrew from the BPO. Maybe they just didn't know any better?
Hi Bryant! I'm honored to have you reading one of my blogs! This agent has been an agent for a long time so I hope he knew better. I would not have done the BPO. It's not worth $50 to have any question about integrity. Thanks so much for your comment! My best, Maya
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not sure what the fraud would be ?? The lender disclosing the other offers ?
The fact the seller only presented one of several offers. ??
Help me understand