This is a problem that should not occur in Real Estate, it seems too many people cast a blind eye upon it. Went to view a house I knew was going to sell quick and attract a lot of attention from investors. It was of course a foreclosed property. The foundation showed some signs of a possible problem. It was evident some repairs had been done. Some sections with support columns and the floor and sump pump crock indicated the drain tile had been replaced. There were also sections of paneling torn away in the finished basement. The sad fact is, some Agents, at the risk of looking their license, ignore state laws, and our ethics code by handing out lock box codes to investors they work with. Some of these investors show little regard or respect for the property, and think nothing about ripping it up to do their own impression of an inspection. Or, are there agents actually present while these homes are being ripped apart?
This is a problem for two reasons. While most agents follow the rules, other agents take the unethical lazy way out and send investors not escorted by a licensed agent into homes. Although illegal, this gives them an unfair advantage over ethical agents following the rules. I have not heard of anyone trying to solve this problem, but cast a blind eye at it as if it happens everyday and that makes it okay. I wonder what the assets managers would think of the listing agents who send these buyers over hoping to get the full commission?
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