Q: My listing agent recently presented me with a contract on a short sale. The buyer turns out to be her brother. Shouldn?t this information been disclosed to me? I did not sign the contract but am trying to terminate our listing agreement. What can I do?
?Annie, Saint Petersburg, FL
A: In my opinion, there is a conflict of interest in this situation. In our state, a listing broker must terminate a listing agreement if they are selling their own listing to a close relative. In short, the theory is that an agent cannot put their client?s interests above those of a family member. Your listing agent should have disclosed her relationship to the buyer at the time the offer was presented to you, if not sooner. The ethical (if not the legal) thing for the listing broker to do is terminate the listing agreement. If she will not terminate it, you should contact her managing broker (or her office?s broker of record) and explain why the listing agreement should be terminated. If you do not receive a satisfactory result, you could file a complaint with your state?s division of real estate.
Phil Lunnon is a Realtor? with Lunnon Realty in Lakewood, CO.
A: When a real estate transaction involves a member related to the buyer or seller, it must be disclosed in writing. Your agent presented the information legally and correctly if her brother is the buyer.
Could she have told you verbally as well, of course. But she is required to give you the information in writing.
May I ask why you object to her family member purchasing your short sale home? The bank has sole discretion about who buys your home; not the agent and not you. Because the bank has agreed to accept less than you owe on the mortgage when you sell the home, the bank gets to decide who is qualified to purchase it.
You do realize that you have a limited amount of time to get your house sold and pay off your mortgage to your lender, right? If you delay the sale of your house, you could lose the benefit of a short sale and end up with a bank foreclosure.
From your brief description, it sounds like your agent is doing a fine job and even recommended your home to family and friends. It?s actually a compliment when an agent likes your home enough to suggest it to someone she knows. It may feel awkward to you and trigger emotions about her trying to ?get something from you?, but it?s not the case. It?s simply a nice home at a great price, so she told her brother about it.
I hope this information is helpful.
DeniseTheRealtor CA DRE Lic No 01481788
Denise Shur is a Realtor? with 1:1 Realty in San Jose, CA.
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