Letter to the Editor: Abuse of Realtors' code of ethics alarms industry

In the May 14 Springfield Business Journal article by Matt Wagner, “Amid rapid growth, subdivision developers draw criticism,” Wagner discussed how Realtors can financially harm their clients by placing them into contracts irresponsibly.

It is important to draw public attention to questionable real estate practices here in the Ozarks. As a licensed real estate broker and owner of a local real estate appraisal company, I am bound by a written code of ethics and standard of practices.

Realtors are trained to place the uninformed public into “legal binding contracts” affecting their lives financially. The examples given in the article illustrate how Realtors can financially harm their clients by placing them into contracts knowing they would not be fulfilled.

In recent conversations with peer appraisers, we talked about the impact “lease-option, low-money down deals” with inflated sales prices have had in southwest Missouri. These types of sales programs artificially inflate property values creating a negative impact on the housing market. This is reflected by the 100 percent surge in foreclosures in Greene County this month alone.

The housing market plays a critical role in the continuing growth of Springfield and the metropolitan area. We all should be concerned when professionals ignore their code of ethics for a short-lived gain in their bottom line.

—Douglas Anderson, Anderson Appraisal Service LLC, Springfield