Starting Tuesday, the regional multiple listing service that covers Palm Beach, Fla., will require real estate agents to disclose whether a bank owns the property they are listing, reported The Palm Beach Post.
The change comes only two days after The Palm Beach Post reported that some banks, including Wells Fargo (WFC), told real estate agents not to disclose bank ownership on MLS.
Tyler Smith, vice president of REO Community Development for Premier Asset Services, a Wells Fargo division that sells bank-owned property, said the instruction was made so buyers would not avoid the real estate.
Some agents who sell bank-owned property reported believing they would lose business if they did not comply with the bank’s request.
While it is required in other parts of the country, MLS in Palm Beach’s region has not required agents to included bank ownership until now.
— Jessica Huseman