Regional Multiple Listing Service Inc. in southeast Florida is now requiring that their MLS participants identify listed properties as bank-owned or REO if they are in fact owned by a lender. This action was taken two days after the Palm Beach Post reported that some banks were telling agents not to disclose their ownership. A “large” asset management company was specifically referenced that sells homes for Wells Fargo and other banks. According to the article, they were instructing listing agents to show the owner of these bank-owned properties as “Owner of Record,” rather than naming the bank.
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