Ethics in SHORT SALE process. Is there any????

Every new market condition creates new challenges for the realtors.

Buyers should disclose that are making multiple offers to the seller, because that my affect Seller's choice. But where? Is there any form approved by Department of Real Estate in any states?

There are debates if any action could be brought against the buyer making multiple offers on properties without full disclosure to the sellers for "lack of good faith". And for real estate agent representing the buyers for misleading information and manipulating the seller's decision of acceptance, according to a Code of Ethics.

How do we justify that? Agents representing buyers have a difficult time getting an offer accepted. Is it ethical for the Lender/Bank have no response for months? Certainly, it is ethical to a Seller, for whom the offer might the last chance to avoid foreclosure.

So, should you submit multiple offers on properties?

Every situation is different, and there are no blanket answers for a question like this. In the metro Phoenix area market, if you are interested in buying a short sale or foreclosure, you almost must submit multiple offers. It is not uncommon to submit an offer, and wait 10, 20, or more weeks to get an answer that lender/investor decided to reject the offer and foreclose anyway, so you are left off with angry buyer starting the process all over again. And buyer just want to buy a house, without waiting for months. It almost makes sense to secure offers on multiple properties and hope that at least one go through.

Without proper regulations and guidelines, the perception of today's market conditions is so puzzled, that is almost frightening to ask for correct answers. You put yourself at risk to receive to many different opinions.

Overall, I think that we have an obligation to a higher standards and the actions we take on behalf of our clients can never override our obligation to the Code of Ethics.

What's going on in the real estate markets in Chandler and Scottsdale

Trulia is one of our favorite websites that helps us the Agents as well as Buyers and Sellers to find a detailed analysis of what's going on in the real estate markets.

Below are a few statistics for Chandler and Scottsdale:

Chandler, AZ

• The median sales price for homes in Chandler AZ for Jun 09 to Aug 09 was $197,000.

• This represents an increase of 1.9%, or $3,750, compared to the prior quarter and a decrease of 18.4% compared to the prior year.

• Sales prices have depreciated 5.3% over the last 5 years in Chandler.

• The average listing price for Chandler homes for sale on Trulia was $325,917 for the week ending Sep 09, which represents an increase of 0.1%, or $414, compared to the prior week and a decline of 0.8%, or $2,591, compared to the week ending Aug 19.
  

• Average price per square foot for Chandler AZ was $104, a decrease of 20.6% compared to the same period last year. Popular neighborhoods in Chandler include Sun Groves, Cooper Commons, Fox Crossing, Carino States, Saguaro Canyon HOA, and Provinces Master Community.

Chandler Recently Sold Homes

Chandler Recently Sold Homes

Scottsdale, AZ

• The median sales price for homes in Scottsdale AZ for Jun 09 to Aug 09 was $307,000. This represents a decline of 4.7%, or $15,000, compared to the prior quarter and a decrease of 22.2% compared to the prior year.
  
  
• Sales prices have appreciated 2.3% over the last 5 years in Scottsdale.
  
  
• The average listing price for Scottsdale homes for sale on Trulia was $794,667 for the week ending Sep 09, which represents a decline of 3%, or $24,372, compared to the prior week and a decline of 2.1%, or $17,196, compared to the week ending Aug 19.
  
  
• Average price per square foot for Scottsdale AZ was $163, a decrease of 36.8% compared to the same period last year.
  
  
• Popular neighborhoods in Scottsdale include South Scottsdale, and Pinnacle Peak.

Scottsdale Recently Sold Homes

Scottsdale Recently Sold Homes

statistics from Trulia