Quoted from Blanche Evans's Article: "So Homestore built a consumer portal for the nation's biggest bank. Good for them. So why would the NAR be upset? Because the NAR is currently engaged in trying to keep banks out of real estate, and its partner Homestore just aided the enemy. Or did it?"
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Isn't that amazing? NAR Members' interests are at odds with the Banking Industry and now one of "our" partners is providing our rival with strategic assistance which may threaten our interests.

Now where have I seen such a thing before?

Oh yes...that would be from real estate companies who claim to watch out for the best interests of their seller clients in the same transaction in which they are also claiming to watch out for the best interests of a buyer client.

Funny how it isn't a conflict of interest when it happens to the consumer, according to those who "represent" both parties under sham constructs like designated agency, but...the minute it becomes our interests that are jeopardized by one who is supposed to be loyal to us, then it is no longer a good idea to have our representative serving someone with competing needs.

Imagine that. A conflict of interest to which NAR can relate. Maybe Homestore should simply designate part of it's staff to work on NAR projects and part of it to work for Bank of America. They could have separate offices and separate files. Naturally, the two sides of Homestore will never talk with one another, even/especially in those situations where such shared information could result in saving or making Homestore money.

That wouldn't happen, now would it?

Between NAR creating the perfect opening for banks to enter the real estate business, by dumbing down agency laws...and now Homestore gearing up in ways that could help a major bank player edge even closer to that goal, I'm simply laughing my ass off.

You planted this tree, NAR. Get ready to begin harvesting the sour fruit.

Jay Reifert, Broker/Owner
Excel-Exclusive Buyer Agency