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Are real estate licensees restricted from purchasing any distressed property, even distressed property not listed with their firm?

April 26, 2017Distressed firm licensees Property purchasing Real Estate

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Are real estate licensees restricted from purchasing any distressed property, even distressed property not listed with their firm?

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Act 66 bars licensees from purchasing, any distressed property that is listed with the licensee. No reference is made regarding non-firm listings. While it appears that non-firm listings may be purchased by licensees, agents should not make any assumptions on their own concerning the application of Act 137 or the exemption provided by Act 66. Again, please consult with your broker, your firm policies and procedures, and your firm attorney for guidance.