Posted by Henry Melair on November 09, 2009 at 08:41:05:
In Reply to: Short Sale Problem posted by Dave on November 06, 2009 at 19:35:31:
"NAR has specific Ethics."
"Plus my Broker would have me for lunch.""When I list the property it is my duty to represent the interest of the Seller."
"I can't do them with my current listings. That would be a break of fuduciary duty."The first 2 shouldn't matter. YOUR ethics - whether the other 2 existed or not - should center on the last 2. Either take a listing and represent your seller or don't take a listing and represent yourself. It's not very complicated. Don't get a financial gain at the expense - or even the appearance of the expense - of those you are supposed to helping for a fee.
I don't mean to come off as holier than thou but why you would even try think of ways to stay in control of the listing and still be an investor buying the listed property suggests the pull of the commission and the promise of an investment profit is clouding your judgment on relationships that your own post suggests you clearly know are inappropriate. It's really black and white, not gray. Just ask whichever government agency regulates the RE agents in your state. There are so many short sale opportunities (if that's your cup of tea) that are NOT your listing that this should not even be an issue.