Deceptive Practices Lives On: Your agent best tell you this is an REO/Foreclosure or he is in big doo doo. They owe you honesty. Sue their asses big time if you are being deceived.
Just because they are told to do this, the agent must disclose to you any facts.
Palm Beach Post-
Looking to buy a home, but not sure you want one that fell into foreclosure?
Good luck finding out before you tour the property.
It’s a little-known fact that Wells Fargo Bank’s Premier Asset Services division, which sells bank-owned homes, instructs agents who sell these houses to list the owner as “Owner of Record,” and not Wells Fargo. Premier Asset Services also sells homes owned by other banks.
The Multiple Listing Service, which is used by real estate agents to list properties, includes a category for bank-owned property. But here again, agents are told by many banks not to disclose the fact that the property is, in fact, owned by a bank.
A number of agents who sell bank-owned properties privately say most banks have the same requirement. They say banks want their homes to be considered equally with non-distressed homes.