Can a listing agent buy its own short sales?

I had a friend ask me if a listing agent can buy the short sales they are listing? I know that banks will not allow family to buy them but I was not sure how to answer their question, has anyone ever bought a client's short sale or do you know if banks will allow it?

 

Thank you

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Permalink Reply by Justin Berry on September 5, 2012 at 4:15am

Most banks will kill the deal.  It also raises serious ethical / Arm's Length Issues.  I'm not an attorney but i would steer clear of these!  

Permalink Reply by Smitty on September 5, 2012 at 4:19am

I agree with Justin.  I don't see many of the larger lenders allowing this.   It would violate an arms length transaction agreement.

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