Lately a lot of listings have been coming up with a represented listing price, but are actually only available from Williams Auctions, with a 1% buyers agent compensation. I wonder if others have seen this and how they feel about it? One of these had a listing price of $69,900, but the Auction sign on the door said the bidding starts at $1,000.
I have always felt that if you represent a price, the property should be for sale at that price. Short Sales have seemed to disprove that, though it just doesn't seem right. It seems the $500 Million $$ Bonus Guys at Fannie Mae and others, are figuring to make Real Estate agents work for nothing, to make their books look better!
As far as I can tell, the Brokers posting these "listings" are breaking several of our MLS "Standards of Practice". My Principal Broker says I just should not show these listings if they do not pay enough! My clients see them on the internet represented as being listed.
What to do?