Mike’s Real Estate Show

Shark Alert!! If you are currently in the “Notice of Default” stage of the foreclosure process be aware of those who would take advantage of your situation. You’re going to be getting all sorts of post-cards from those stating they are “work-out” artists who can some how save your credit, get your home sold quickly and maybe even allow you to stay in your home as a renter or with a “rent-to-own” situation.  BE VERY CAREFUL with these individuals!  

Every market, be it going up or down, has those on the fringe who over-promise and under-deliver! There is NO free lunch!!
  We had an instance recently where another licensee had sent a postcard to homeowners in “default”. The property was ALREADY listed with another firm, had a sign out  front, Lockbox on the property, IN our MLS system. This individual either ignored or failed to check with the MLS to see if the home was currently listed with another company. Being a member of our MLS he was in direct violation of our by-laws by soliciting another members listing.
  Now if his postcard had a disclaimer stating, “This is not an attempt to solicit another member of the MLS listing” s/he would be forgiven for the postcard mailing. However, to KNOW it is listed and STILL go to the home and “LIST” the property is either extremely stupid or, worse yet, blatant disregard for our rules and ethics. I believe it is both!!!
  The individual promises s/he can be the new savior of their financial predicament. This remains to be seen as this individual has now opened themselves to MLS investigation and the complaint/dispute resolution inherent therein.
  If you are selling your home with a Realtor/Licensee and are current in default, have a conversation with your Realtor about this!! DON’T fall prey to a “shark” out there promising the moon and in turn acting unethical in the process. If they are coming from a position of poor ethics to begin with where do you think this will lead??