Should Distressed Property Training be Mandatory?

By
Real Estate Sales Representative with RE/MAX Realty Group

I recently listed a ahort sale and neither of the two offers received were properly written. Whether the agent thought I could receive lender approval in ten days (lol) or not understanding that distressed properties generally convey in as-is condition, I see rampant issues by both buyer's agents and listing agents who put sellers under contract to multiple buyers because they don't understand basic contract law or that lender approval is simply a contingency to a contract.

I am CDPE certified but have issues with the designation as an agent that has never closed a single distressed property can deem themselves and advertise themselves as an "expert". The Code of Ethics requires us to "paint a true picture in their advertising and in other public representations". How can a basic two day course accomplish this?

I personally feel that agents should have to take additional training prior to being able to list or sell a distressed property. Before you explode at me, think about the liability. Not only from an individual agent but that of the broker who's responsible for his agents actions.  How many lawsuits will need to be filed by angry clients alledging misrepresentation or lack thereof by their agents?

 

Your thoughts?

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Topic:
Real Estate Best Practices
Groups:
Realtors®
Tags:
buyers
foreclosures
training
code of ethics
reo
distressed properties
liability
short sales
sellers
cdpe

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Rainer
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Victor Zuniga
Berkshire Hathaway Home Services California Properties - San Diego, CA

Chase in CA requires agents to take a course if they're going to partner with you on tranactions. The problem is that the couse is so simple that you just click through it and dont really learn anything.    

May 09, 2012 03:32 AM #1
Rainmaker
1,279,428
Donna Foerster
HomeSmart Realty Group - Parker, CO
Metro Denver Real Estate Assistant

Craig~ I agree that agents representing distressed buyers or sellers need more education.  It doesn't have to be a designation.  It could be partnering with an experienced agent.  Learning "hands-on" will have the biggest impact.

May 09, 2012 08:49 AM #2
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Rainmaker
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Craig Rosenfeld

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