Sunday, March 11, 2012

S. Fla Realtors Make 'Bank-Owned' Status Mandatory Disclosure To Buyers, Other Agents In Response To Banksters' Practice Of Withholding Ownership Info

In West Palm Beach, Florida, The Palm Beach Post reports:

  • Starting [this week], a service used by real estate agents to list homes for sale will require that agents disclose whether a bank owns the property. The change comes two days after The Palm Beach Post reported that some banks, including Wells Fargo, tell real estate agents not to disclose the bank's ownership on the Multiple Listing Service.

  • Until now, the MLS in this region did not require agents to describe a home as being "bank owned," but in other parts of the country, the information is required. Some agents who sell bank-owned property privately said they feared losing business if they went against the wishes of the banks.

  • Last week, Tyler Smith, vice president of REO Community Development for Premier Asset services, a Wells Fargo division that sells bank-owned property, said the directive to agents was done so buyers would not avoid bank-owned real estate. Smith said Wells Fargo has been improving the condition of its properties.

  • Even though a home's ownership can be obtained through public records, some agents say they would prefer to have the information disclosed on the MLS before they take a client to a home.

For more, see Starting today, MLS real estate holdings must disclose bank ownership.

See also, Agents advised to keep 'bank-owned' quiet.

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