The Issue with Short Sales and REOs

The National Association of Realtors recently reported that 40% of all Realtors have been involved in the sale of a distressed property over the past year. Over the past several months distressed sales have accounted between 35 and 50 percent of all existing home sales nationally.  The Issue- Realtors skirting, expoiting and defying the Code of Ethics and MLS rules and banks' actions or inactions causing Realtors to be in violation of the Realtor Code of Ethics. Local, State and National Associations of Realtors are actively working on this issue.

In the meantime, Realtors should be talking with their brokers about how to solve this issue and if needed contact the VAR Legal Hotline if you don't know how to handle a certain situation. Also, Special Counsel Lem Marshall has a great video "Ethical Considerations in Short Sales" that is worth the time to watch. - Stay Tuned for More!