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On July 30, 2009, the new Housing and Economic Recovery Act (HERA) laws will go into effect. They require all mortgage lenders and mortgage brokers to help prevent deceptive lending practices and protect customers by helping them become more informed. Here is a basic summary of how it could affect future closings. To learn more details click on link to Wells Fargo's brochure  "How the New Government Regulations May Impact Closing Dates"

The owner of a home interviewed several agents before selecting the agent to market his home. We will call one of those agents "Slick Dick". During the interview process - the seller shared with "Slick Dick" how much the owner owed on this property. It seemed harmless at the time.

The seller choose to not work with "Slick DicK and listed his home with another realtor.

Weeks later, "Slick Dick" shows the property and writes up an offer admittedly based on what information he had received during the interview - so the seller would net ZERO.

Does this seem fair - no but technically "Slick Dick" did the correct thing according to the realtor's code of ethics by sharing this information with his buyer whom he had a business relationship with.

In my opinion, "Slick Dick" should have done a better job educating the potential client during the interview BEFORE any confidential information was divulged.