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I should also note that this agent is "big" in the community -- sells high end property -- and works for a fairly well known and large firm.
I'm wondering if filing a complaint will do any good -- but I am not one to let ethical slips pass by.
Quote:
Originally Posted by MikeJaquish
There are significant red flags here.
I would leave your agent and friend out of it, double check your facts, and call the Commission.
When selling a property they own, a licensed agent cannot represent a buyer. There cannot possibly be any legally-required confidentiality observed by the buyer's agent, or in dual agency, when one of the principals is also the agent.
"Brokers As Parties to Transactions. There is an inherent conflict of interest presented by a broker representing the very party against whom the broker, as an interested party, is negotiating. Paragraph (o) of Rule A.0104 prohibits a broker who is selling property in which the broker has an ownership interest from representing a buyer of the property."
Unfortunately we'd sustain a $2000 financial loss -- and there actually are very few properties in our price range and desired area available. I want the property -- but don't want to legitimize unprofessional behavior.
Quote:
Originally Posted by xxrb1
According to this document, if the contract has been signed by the seller/owner without disclosing the fact by writing before, then he or she is at fault. If no paper has been signed by the owner/seller then there is no fault according to the text. However, it the seller wrote the contract and asked you to sign it before he/she signed it, this is contentious and only a judge will figure out if at fault or not.
My advice: when you buy a real estate property the seller knows way more about the value of the property than you and your agent would ever known for a while. So, if the seller is a not somebody you can trust why not looking for another home and pass on this one. I am sure they are ton of houses for sales that match your criteria.
Just move on to the next house, do not loose your time with such kind of people.
I should also note that this agent is "big" in the community -- sells high end property -- and works for a fairly well known and large firm.
I'm wondering if filing a complaint will do any good -- but I am not one to let ethical slips pass by.
Well, a call to the BIC could help get some clarity. Again, be sure you have your story straight.
Ethics? I most certainly don't belittle them, and no one ever wants to sit in to defend themselves in an ethics complaint hearing. But ethical parameters take distant second place when compliance with state laws or regulations are in question.
Board of Realtors enforces ethics. They can spank, but cannot suspend or seize a license like the Commission can.
Real Estate Commission for law and regulations.
Firm BIC or Board of Realtors for ethics.
I understand them attempting to coerce you to use them as an agent was potentially unscrupulous, but what harm have you actually suffered? Presumably you offered the price you were willing to pay, seller accepted, you have your agent representing you, presumably you are going through the rest of the due diligence items, etc. Your buyer's agent is getting his commission. Yes the seller/listing agent is a jackass but not sure that is a crime.
Unfortunately we'd sustain a $2000 financial loss -- and there actually are very few properties in our price range and desired area available. I want the property -- but don't want to legitimize unprofessional behavior.
If you can get an agreeable property at an agreeable price, you should probably just hold your nose and proceed.
You are not "legitimizing unprofessional behavior." You are acquiring a property.
Keep your eye on the ball, which is acquiring a property in a low inventory environment.
Quote:
Originally Posted by cheapdad00
I understand them attempting to coerce you to use them as an agent was potentially unscrupulous, but what harm have you actually suffered? Presumably you offered the price you were willing to pay, seller accepted, you have your agent representing you, presumably you are going through the rest of the due diligence items, etc. Your buyer's agent is getting his commission. Yes the seller/listing agent is a jackass but not sure that is a crime.
If the agent practices are as described, taking the account at face value, it may well go beyond being a jackass, and it may be reasonable to assume that this is not just one isolated situation.
The only fuzzy thing is in what role the OP was pressed to "use" the agent.
Buyer's agent or in Dual Agency? Very reasonably reportable.
As an unrepresented buyer without any agency relationship, just to write the offer? Slightly aromatic, but not a violation, as long as the role was disclosed and clearly explained. That doesn't seem to be the case.
Then there is the point of apparently not clearly, openly disclosing ownership of the subject property.
At minimum, the BIC wants to know about the OP's concerns. We don't know if the agent has had prior similar "misunderstandings," but the BIC's job is to know and the BIC wants to do his/her job.
A good BIC would consider a call about the situation a favor, and thank the caller.
Last edited by MikeJaquish; 07-08-2016 at 04:52 AM..
Indeed. That said, the listing agent is also the owner/seller and did not disclose -- that's the heart of the matter. How could someone represent my interests AND their interests responsibly and fairly?
Quote:
Originally Posted by cheapdad00
I understand them attempting to coerce you to use them as an agent was potentially unscrupulous, but what harm have you actually suffered? Presumably you offered the price you were willing to pay, seller accepted, you have your agent representing you, presumably you are going through the rest of the due diligence items, etc. Your buyer's agent is getting his commission. Yes the seller/listing agent is a jackass but not sure that is a crime.
Thanks for the input -- the agent HAS done this before, apparently.
Quote:
Originally Posted by MikeJaquish
If you can get an agreeable property at an agreeable price, you should probably just hold your nose and proceed.
You are not "legitimizing unprofessional behavior." You are acquiring a property.
Keep your eye on the ball, which is acquiring a property in a low inventory environment.
If the agent practices are as described, taking the account at face value, it may well go beyond being a jackass, and it may be reasonable to assume that this is not just one isolated situation.
The only fuzzy thing is in what role the OP was pressed to "use" the agent.
Buyer's agent or in Dual Agency? Very reasonably reportable.
As an unrepresented buyer without any agency relationship, just to write the offer? Slightly aromatic, but not a violation, as long as the role was disclosed and clearly explained. That doesn't seem to be the case.
Then there is the point of apparently not clearly, openly disclosing ownership of the subject property.
At minimum, the BIC wants to know about the OP's concerns. We don't know if the agent has had prior similar "misunderstandings," but the BIC's job is to know and the BIC wants to do his/her job.
A good BIC would consider a call about the situation a favor, and thank the caller.
Thanks for the input -- the agent HAS done this before, apparently.
I would hope that it a statement backed by evidence and not merely an assumption. Speaking with the broker-in-charge is fine but present facts, not speculation.
Indeed. That said, the listing agent is also the owner/seller and did not disclose -- that's the heart of the matter. How could someone represent my interests AND their interests responsibly and fairly?
Welcome to the notion of dual agency. You are right, and dual agency is a slippery path. I guess the Realtor association pushed hard to make sure the dual agency has its way into the law. The only aspect of the law that would protect you is that they have to disclose it. I guess more than 50% of the people buying a home have no clue what does it mean. Welcome to the land of the free where the devil is in the detail .
I know some real estate agents that refuse to do dual agency because, they do not see how ethically they can represent both customers. As always, you have good cop and bad cop.
Back on your issue, suck i. u. and call the commission if you want to make sure this behavior is not unreported.
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Too Many Losses
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