Request for Comments "Real Estate Workshop" #00044

Submission Number:
00044
Commenter:
Robert Asbell
Organization:
State:
Tennessee
Initiative Name:
Request for Comments "Real Estate Workshop"
The NAR and local associations stand in opposition to "pocket listings", alleging violations of real estate license laws and regulations, MLS policies and the Realtor Code of Ethics. The astute property owner sees this for what it is. One or more private businesses, having no legal authority over the buying and selling of real estate, who work at the discretion of property owners, but do tend to forget this sometimes, are concerned that they might lose business. The property owner's advice: Learn how to cold call. In the years after the mortgage crisis, the nation's home sellers learned a few things. The big takeaway was this. The MLS's records policy, its policy of recording everything and deleting nothing, does not serve the interests of sellers. Rather, it casts their homes in a negative light and picks their pockets. $100k. $300k. $500k. Easy come. Easy go. Moreover, there exists no law-federal, state or otherwise-that requires a seller of real property to disclose his past marketing deeds. And any local ordinance or custom to this effect violates state law at a minimum. Hence, home sellers are keeping their equity investments safe. They're choosing pocket listings-marketing control over broad exposure. In the interest of consumer protection, those who do choose the MLS should be advised of a few things. The broker and MLS are both parties to the seller's listing agreement. No alleged right or duty is valid unless there's a clear statement of the such intent within the "four corners" of the document. If the seller intends to grant permissions that endure after contract expiration, this is a grant of constitutionally protected property rights. There should be both a clear statement of intent and a cash payment. Lastly, the law presumes that an executive in the field of residential real estate, such as running an MLS, will make himself aware of the laws applicable to that undertaking.