Replies to This Discussion

Permalink Reply by Janine Margaret Nielsen on August 11, 2011 at 7:46am

Wow, my negotiator just emailed me back within 5 mins. stating that the DIL is being offered if unable to get a good offer.

 

Permalink Reply by The Negotiator on August 26, 2011 at 2:30am

Any ethical Realtor would not do a DIL for money.

Permalink Reply by Jeff Payne on August 26, 2011 at 2:35am

Not sure what you mean?  Accept money from the seller?  I have seen small lenders offer a DIL and give the agent some money for their troubles.  I have not done it but I don't see how it cross any ethical lines, especially if the DIL is in the best interest of the seller and the bank is paying the agent.   I don't think that it would violate the Realtor code of ethics but I have been wrong before :)

The Negotiator said:

Any ethical Realtor would not do a DIL for money.

Permalink Reply by The Negotiator on August 26, 2011 at 2:42am

I didn't mean legally unethical, I meant can't sleep at night unethical! LOL

 

I think a Realtors job is to avoid a foreclosure. DIL is a voluntary foreclosure that goes on a credit report as such, therefore, being "incentivised" to do a DIL is wrong, in my opinion (politically correct.) Why do you think banks are now paying (or in my opinion bribing) Realtors.

I'd like to know your thoughts on when a DIL is in the best interests of a homeowner, though?

Permalink Reply by Jeff Payne on August 26, 2011 at 3:11am

Got it.  Every situation is different and quite honestly I don't know how a DIL would be better but I am sure that there are times. For me, if my seller came to me and wanted to do a DIL AND talked to legal council and/or a CPA and still wanted to do it, I have no problem at all, it is their home and their credit..... Maybe some others would chime in with their DIL experience.
The Negotiator said:

I didn't mean legally unethical, I meant can't sleep at night unethical! LOL

 

I think a Realtors job is to avoid a foreclosure. DIL is a voluntary foreclosure that goes on a credit report as such, therefore, being "incentivised" to do a DIL is wrong, in my opinion (politically correct.) Why do you think banks are now paying (or in my opinion bribing) Realtors.

I'd like to know your thoughts on when a DIL is in the best interests of a homeowner, though?

Permalink Reply by The Negotiator on August 26, 2011 at 3:23am

We just signed up a property owner who filed BK a while back. Their BK attorney said that the BK would take care of the houses and they shouldn't worry. Just recently, they asked, "why are we still listed as owner?"

GRRR

To this day, I have heard so much bad info given to the homeowner. I mean, this is just another reason why I feel really bad for people who file BK just because of their house issues. BK attorneys are morons and should be hung out to dry ...

 

I said all that to say, even if homeowners talk to "legal" people,  I still don't believe that a DIL is ever the best thing.

 

However, you are right, Jeff. We cannot always get the homeowner to IGNORE their "legal" recommendation.

Permalink Reply by Jeff Payne on August 26, 2011 at 3:27am

Agreed.  The BK attys do a great job, a great job of taking the money and giving bad advice.

The Negotiator said:

We just signed up a property owner who filed BK a while back. Their BK attorney said that the BK would take care of the houses and they shouldn't worry. Just recently, they asked, "why are we still listed as owner?"

GRRR

To this day, I have heard so much bad info given to the homeowner. I mean, this is just another reason why I feel really bad for people who file BK just because of their house issues. BK attorneys are morons and should be hung out to dry ...

 

I said all that to say, even if homeowners talk to "legal" people,  I still don't believe that a DIL is ever the best thing.

 

However, you are right, Jeff. We cannot always get the homeowner to IGNORE their "legal" recommendation.