Irony of Ironies

Posted June 6th, 2008 by Joe Kaiser

So, with this new law, you've eliminated investors, real estate agents, and now even buyers in general from the foreclosure marketplace.

Dear Rob,

How bad is your new consumer protection law dealing with foreclosure rescue scams?

Worse than you could ever imagine.

It’s so bad, in fact, real estate agents are running from people in default, refusing to list their properties or help them sell.

Now, here’s the crazy part . . .


discrimination

The attorneys for the NWMLS and/or the Washington Association of Realtors┬« have concluded that people in foreclosure are not a “protected class” and as such, may be discriminated against.

Yes, I’m serious.

Agents are now being told they can legally refuse to list properties for no other reason than the owner is at risk of foreclosure.

And, agents are deciding not to show other homes to their own buyers if it’s known a seller may be in default, making it that much more difficult for people in foreclosure to sell.


Who’s next?

So, with this new law, you’ve eliminated investors, real estate agents, and now even buyers in general from the foreclosure marketplace.

Don’t you think it’s time someone with half a brain steps in and gets this thing fixed before it actually goes into effect next week?

And if not, are you prepared to deal with the consequences (’cause there will be plenty)?


bungle in the jungle

And how ironic is it that an intended consumer protection law is so poorly conceived and executed that agents, considering it nothing short of dangerous, have little choice but to discriminate against sellers in default . . . and may do so because people at risk of losing their homes are not considered a legally protected class?

These folks now face not only foreclosure, but, because of your new law, discrimination as well?

Insanity!

In the arena,

Joe Kaiser


3 Responses to: “Irony of Ironies”

  1. DaveD responds:
    Posted: June 6th, 2008 at 2:50 pm

    Interesting.

    Where was the WA Realtor Assoc. (or whatever they are called) during the comment period? (Or weren’t they invited either, like you?)I’m surprised (not!) that the National Assoc. of Realtors hasn’t gone ballistic (cause this is going on elsewhere) as well.

    The dirty little secret is the realtor community LOVES piling on more law when it relates to OTHERS involvement in RE. Think in terms of anyone unlicensed who messes around with RE, or anyone having anything to do with collateral RE transaction involvement, like home inspectors, appraisers, etc. Why? Better cover for their own butts!

    I’m thinking when they saw the law related to “scammers” they yawned and figured “whatever.” LOL! Asleep at the switch.

    Duh! Welcome to the party, dudes! Hoisted on your own petard, eh?

  2. anemonehead responds:
    Posted: June 6th, 2008 at 11:07 pm

    Joe,

    The main problem is finding anyone involved in the creation or passing of this legislation with half a brain!

  3. Micha-el responds:
    Posted: June 10th, 2008 at 11:41 pm

    When does a non-protected class become one of the largest Class-Action law suits since Mesofemeolia… June 12, 2008 . I can just hear the Attorneys TV commercials blazing across the airwaves, they will run forever as there is a 4 year statute of limitation under the Consumer Protection Act.
    Why would any sane broker risk such potential jeopardy ?
    I do believe a fiduciary duty can be breached while you sleep, then you are subject to 2X or even 3 X damages + attorneys fees ALL without any E & O insurance coverage for your malfiecence… your a BAD MAN .


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