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The Real Deal Miami

Real estate agents now required to disclose whether listings are bank-owned

March 06, 2012 12:00PM

The new rule requires disclosure for REO properties

Real estate agents in South Florida are now required to disclose whether homes on the Multiple Listing Service are bank-owned, the Palm Beach Post reported. The move comes a few days after a report by the Post found that some banks told agents not to reveal that listed properties were bank-owned. “We’re changing with the times,” said Eric Sain, president of the Regional MLS, which now has an REO category that must be filled out by agents. “We want to make the process easier for agents.” The rule change applies only to new listings, however. “There is absolutely no reason a seller should authorize [an agent] not to disclose material facts pertinent to the buyer’s interest in the property,” said Craig Fialkowski of Realty Elite of the Palm Beaches. [Palm Beach Post]