Perhaps we've been spoiled by listing vacant REO properties with complete autonomy, but last week a referral came for a Short Sale opportunity and I visited the property on Saturday. Since the property was occupied by Tenants, we made an appointment with the owner to meet us there. After meeting with the tenants, I discovered that there is a lot of un-finished and sticky business between the tenants and the owner where the owner owed them money!
Compounding the problem was that the owner was presenting the tenants as possible BUYERs of this short sale. However, he wanted us to be less than candid when it came to ALL the implication of the Short Sale and the potential for Foreclosure. It become as clear as Montana sky that the owner wanted to avoid paying the bank while collecting rent from un-suspecting tenants for as long as he could.
I started to get that un-easy feeling that one gets after talking to used-car sales reps!! I needed to take a long hot shower and see if we wanted to ANY part of such a client! Luckily, the answer was a resounding NO!
I emailed him Sunday morning and thanked him for the opportunity and reminded him that any "MATERIAL" information has to be disclosed to buyer regardless of their current interest in the property and we can NOT risk our license and reputation to be part of a deceptive campaign to milk his tenants for rent. Most importantly, California now has tenant laws to protect them during foreclosure and we wanted no part of anything illegal and fraudulent.
After I fired myself as his Listing Agent, I felt fantastic!! I felt like a huge weight had been lifted off my shoulders! Granted times are tough and I could have assigned the day to day interaction to another agent in the office; something didn't feel right. So, I fired myself.
Have you fired yourself lately!? Please share what caused your early exit?
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