Is it time for the Board of Realtors to enforce some standards?

20 Heronvue

Long term rental - maybe

With 280 houses awaiting foreclosure in town, the odds of renting one without being told that you could get tossed out by the foreclosing lender at any time are pretty good – especially because my colleagues don’t like to mention that possibility on their listing sheets. This one at 20 Heronvue is just the latest example. You can buy it for $4.350 million (but don’t offer less – we did, and were met by a stream of profanity that would have made my own Marine Corp Granny blush. We got a better deal up the street, though, so thank you, sir) or, as of today, you can rent it for $12,500 a month and, in the words of its agent Jay Cook, enjoy

NEWER CONSTRUCTION IN A PRIVATE HAVEN.  6 BEDROOMS, 5 FULL, 3 HALF BATHS, 4 CAR GARAGE, COMMUNITY TENNIS COURT. A HANDCRAFTED GEM. FLOODED W/LIGHT, DEFINED BY GREAT MATERIALS & STUNNING CRAFTSMANSHIP, THIS HOUSE WILL BE A COMFORTABLE RENTAL. ITS BEAUTIFULLY SITED WITH A BROAD LAWNS AND WOODLAND QUIETUDE

You may be comfortable and you may enjoy woodland quietude, but there’s certainly no guarantee of “quiet enjoyment” – the place has a $3.5 million mortgage on it that’s being foreclosed on. That action could be dragged out long enough for you to stay a full year here, or it may not, but wouldn’t you want to know about the possibility of being evicted some “quiet” Saturday morning?

I’m not picking on Jay in particular – there must be dozens of rental offerings on the market right now and none warn of pending foreclosures. But if agents and their brokers won’t disclose it, the Board ought to, because, supposedly, we’re all in this business to be fair and to protect the interests of all parties in a real estate transaction, not just the one paying our fee. Supposedly.

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One response to “Is it time for the Board of Realtors to enforce some standards?

  1. Anonymous

    Ed Mortimer has several!