[OrangeBlossomBaby]

Originally Posted by manaboutown

Villages agents are NOT Realtors so of course are not held to their code of ethics.

Everything You Need to Know About the Realtor Code of Ethics

They are licensed real estate agents. "Realtor" and "Real Estate Agent" are related terms, but don't mean the same thing.

[Garywt]

I get what you are saying but there is probably a list of people on a list waiting for one to hit the market so it makes sense to do it like they do.

[thelegges]

Originally Posted by manaboutown

Villages agents are NOT Realtors so of course are not held to their code of ethics.

Everything You Need to Know About the Realtor Code of Ethics

So in post #10, our MLS sent us information on homes before listing. SO guessing your post should be MLS agents, MAY NOT hold their own code of ethics.

We have two MLS agents, that have sent us homes before they were listed. One listing that didn’t fit our needs didn’t show up for 5 days. We are not friends of either MLS agents so I am sure we are not the only buyers that is given the ability to see home before listing. So are they breaking their code of ethics, even though they should be held by a higher standard?

[retiredguy123]

Real estate terms:

Realtor - A member of the National Association of Realtors, which is a private organization that has it's own membership rules and code of ethics. They may or may not be licensed by the state.

Real estate agent - A person who is licensed by the state to sell real estate for a homeowner, and who can receive a commission based on the sale price of the house. Both The Villages and MLS companies employ real estate agents, who may or may not be Realtors. They must follow the state laws and they have a fiduciary responsibility with respect to both buyers and sellers.

Real estate salesperson - A person who can show houses and assist in selling houses, but they are not licensed by the state. Both The Villages and MLS companies employ salespeople. The main difference between a salesperson and a licensed agent is that a salesperson cannot receive any compensation based on the sale price of the house. They mostly work for a salary. They may get bonuses, but their compensation cannot be based on a percentage of the sales price, like a commission.

[DaleDivine]

She got her asking price and is happy. I don't think it matters that she could have possibly gotten a better deal had it been listed...
Time to move on as she probably has.

[RICH1]

Originally Posted by eweissenbach

My daughter recently sold two courtyard villas south of 44 that she had owned and rented for three years. She made a nice profit but the way the deals went down seemed a little “off” to me, and I am a former Realtor. She signed listing documents with a Villages sales rep on the first one, but it didn’t appear on the website within a week. Shortly thereafter the sales rep called and said he had a full-price cash offer and she accepted it. A couple weeks later she did the same thing with the second villa and the same scenario occurred. It seems like that happens regularly as when you go to the TV website and search for CYVs there are only a couple listed for sale and dozens listed as pending that never were shown as for sale. My understanding is the sales reps get a listing and circulate it internally to see if any agents have interested party or parties before putting it on the open market. Of course if any agent themselves would be interested I presume they could buy it. That seems a little like insider dealing to me. If I list my property it seems my interests are best served by getting it in front of the widest possible audience. My daughter felt she got adequate value for both units, but you can’t really know if the public never got a shot at it. Anybody feel that my question is justified?

Did she get what she was asking for it? No news here, life goes on! Be happy it's gone!

[WindyCityzen]

I read a few years ago this practice was being investigated because it violates the Fair Housing Act. Clearly it could be used to discriminate. I’d be shocked, SHOCKED! If that was happening in the Villages. (that’s sarcasm btw)

[pgettinger01]

This is a common practice on the MLS because it takes a lot of money and time to list a property. For example fees, pictures, videos, staging... Also the commission is not split (Shared) with another agency.

[jswirs]

Originally Posted by eweissenbach

My daughter recently sold two courtyard villas south of 44 that she had owned and rented for three years. She made a nice profit but the way the deals went down seemed a little “off” to me, and I am a former Realtor. She signed listing documents with a Villages sales rep on the first one, but it didn’t appear on the website within a week. Shortly thereafter the sales rep called and said he had a full-price cash offer and she accepted it. A couple weeks later she did the same thing with the second villa and the same scenario occurred. It seems like that happens regularly as when you go to the TV website and search for CYVs there are only a couple listed for sale and dozens listed as pending that never were shown as for sale. My understanding is the sales reps get a listing and circulate it internally to see if any agents have interested party or parties before putting it on the open market. Of course if any agent themselves would be interested I presume they could buy it. That seems a little like insider dealing to me. If I list my property it seems my interests are best served by getting it in front of the widest possible audience. My daughter felt she got adequate value for both units, but you can’t really know if the public never got a shot at it. Anybody feel that my question is justified?

What occurred sounds unethical to me, but I am not employed in the Real Estate market. However, if I may add:
I recently sold a house in The Villages, it was on the market for just one day. In this hot real estate market I would seriously considering selling the house yourself, (FSBO). Employ an experienced Real Estate lawyer to handle the closing. Save yourself many thousands of $$. Just MHO.

[irishwonone]

Originally Posted by eweissenbach

My daughter recently sold two courtyard villas south of 44 that she had owned and rented for three years. She made a nice profit but the way the deals went down seemed a little “off” to me, and I am a former Realtor. She signed listing documents with a Villages sales rep on the first one, but it didn’t appear on the website within a week. Shortly thereafter the sales rep called and said he had a full-price cash offer and she accepted it. A couple weeks later she did the same thing with the second villa and the same scenario occurred. It seems like that happens regularly as when you go to the TV website and search for CYVs there are only a couple listed for sale and dozens listed as pending that never were shown as for sale. My understanding is the sales reps get a listing and circulate it internally to see if any agents have interested party or parties before putting it on the open market. Of course if any agent themselves would be interested I presume they could buy it. That seems a little like insider dealing to me. If I list my property it seems my interests are best served by getting it in front of the widest possible audience. My daughter felt she got adequate value for both units, but you can’t really know if the public never got a shot at it. Anybody feel that my question is justified?

I don’t see an issue with how the home you described was sold. In fact it’s become a fairly standard practice in the Florida hot sales market.

[Altavia]

Seems the Villages effectively set the prices relative to the new home market?

A seller could try insisting to list higher than recommended and see what happens.

[vagent711]

Just a FYI. A Realtor®️ is a member of the National Association of Realtors®️ and agrees to abide by its code of ethics.
Real estate salesmen and brokers are required to have a state license but may or may not be Realtors®️ Additionally a person listing or selling a property owned by their employer may not be required to have a license depending on their state’s laws

[jimkerr]

I fail to see anything wrong here. Homes were sold within a week and the seller got full asking price.

[ithos]

Of course it was unethical unless the listing agents ethic is to get the highest commission without having to split commission. In a hot market like this, to not advertise it first so that you have broadest exposure is clearly not in the clients best interest. Just because the seller wasn't sophisticated enough to require it to be listed first is no excuse. It may not be illegal to take advantage of a client but it isn't right.

It has been months since I have seen a patio villa listed in Brownwood on The Villages website. I suspected that they were playing games.

[tvbound]

While I personally don't see a 'professional lapse of ethics,' I can certainly see where the daughter is a bit upset that the opportunity for a bidding war was missed. I think the bottom line here is that even though a full ask was received, there might be some question(s) as to whether they were priced too low from the start. Oh well, it's hard to be too upset if you sell something at the full price you were asking. One of those life lessons for the future.