Should agents be allowed to double end listings?

Real Estate Agent with LUXRE REALTY 01843333

A client of mine called me to help him find a particular home he saw on the Antelope Valley MLS.  The home is in my area, in Carmel Valley North County San Diego, over 500 miles from the MLS it is listed in.  It is an REO property.

I drive to the house. No sign.  No lockbox. Vacant...

I call the Keller Williams agent who listed it. No return call. I call again and again, and still no return call, until I leave a message for the broker.

Finally, the agent leaves me a message that the home is under contract, and the lender has accepted the offer.

hmm...... makes me think about things here...

Was the lender concerned at all about the fact that the house was not listed in the MLS it actually belonged to and from which it would have gotten multiple offers?

I suspect there is something fishy going on here, and that this is not the first time this has happened...

I have had a few short sale listings myself.  I have been swarmed with offers from unrepresented buyers, willing to pay the same as one who is represented....It is very tempting to take that unrepresented offer, and put a fellow agent friend as representing the buyer...

However, we are all in this together. Anything and everything we do to line our pockets which is done slightly unfairly, makes us not only look bad, but will ultimately affect us all..

So, that makes we wonder why double ending a deal is even allowed? Why aren't there stricter rules for REO listings and why are REO agents allowed to have so many listings in the first place??

I have nothing to complain about, as I now have so many unrepresented buyers to deal with, and several short sales to work on...It just makes me wonder about things.....





Comments (6)

Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Sher, valid points unfortunately Integrity, Character & Ethics are learned from early childhood on and when Fox is Guarding the Chicken Coup Regulations will not come from them. The Lenders have been not the most upright either....

Feb 21, 2011 01:05 PM
MichelleCherie Carr Crowe Just Call...408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Sounds like 3 different issues; REO agents who may not be best rep for sellers as far as exposure; agents who don't respond ( BTW this is KW's company retreat week); and agents who double-end. Many bank agents have no sign or even electronic lockbox. As far as double-ending -it's all about disclosure and what's best for all.

Feb 21, 2011 01:15 PM
Lloyd Binen
Certified Realty Services - Saratoga, CA
Silicon Valley Realtor since 1976; 408-373-4411

Hi Sher,

Your post raises lots of good questions. 

Why are REO agents "allowed" to have so many listings?  They're lucky, I guess.  The lender or Asset Manager likes working with them.  Do you think they should be limited by law?

Don't you find that unrepresented buyers like to deal with the listing agent because they want a rebate?  I don't do that.  They're a pain in the a**.  I tell them to find their own agent. At my age I'd rather have low stress and less money than high stress and money.  But the law in CA allows dual agency with the disclosure and consent of both parties.




Feb 21, 2011 01:16 PM
Doug Bullwinkel
Envoy Mortgage,NMLS ID 6666 - Sacramento, CA
Mortgage Loan Originator NMLS #281609

A lot of crazy things going on.  Many of them not so good.  These listings should be spread around instead of just a few getting rich.

Feb 21, 2011 01:21 PM
Karen Monsour
Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

I read this post twice. An REO listing agent works for the bank. That's their priveledge, the bank hired them to list their REO's (if I'm understanding this post).

In Florida, we are all Transaction Brokers unless  otherwise disclosed so we can represent both sides, with no fiduciary relationship.

I'm sure you could send your resume to the bank and get on the listing agent side of the REO's as well. I guess what I'm saying is, if it bother's you that they are making the money - send them your resume.

I'm still not getting your point about double ending...I'm thinking they are smart agents.

No offense, I'm still not sure I understand the problem.

Sounds kinda like "sour grapes?"

Feb 21, 2011 01:25 PM
Bill Pohl
Tetra Homes, Inc. - Loveland, OH

Sher - I just think the whole real estate, listing, banking processes are broken so nothing surprises me in these areas anymore.

Feb 21, 2011 04:35 PM