Industry News

Lenders stick listing agents with REO liabilities

Complex listing agreements often favor banks
Published on Jul 24, 2008

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by CareyBot

SAN FRANCISCO -- With distressed and bank-owned properties now capturing a double-digit share of home sales in many markets, some agents and brokers are depending on listings from lenders to keep them afloat.

But some lenders are crafting listing agreements that attempt to shift the risk that comes with sales of bank-owned homes -- including property defects and personal injury claims -- onto real estate brokers.

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