I was showing a house to a client about a month ago who really wanted it, but at 100k less than asking price. Since it was a short sale, my Client thought that I could work a deal with the bank to get the house for his offered price. I explained to him, more than a few times, that the Bank looks to get as close an offer to appraised value, since they want to get some of their money back out of the house. The Client, who thought that I was the loss mitigator on the deal, thought I could work the numbers for him in his favor. He even eluded that if I would get him the deal, he would compensate me on the side. Ha! and Risk losing my license by engaging in illegal and unethical practices? No Thanks!
The RESPA, or Real Estate Settlement Procedures Act, according to the National Association of Realtors, prohibits every payment, in whatever form that payment may take, to of from any person for the referral of a real estate settlement service, including real estate brokerage, mortgage, and title (Realtor, Nov 2008p.8). This is serious stuff folks, and although I am sure it has happened in the past with unethical participants, do not ask your Realtor to do anything of the sort.
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