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But I could get another agent if I weren't bound to an exclusive agreement with you.
And you would have exactly the same problem. The new agent, every time you have to get a NEW one, would want to get paid by SOMEONE. At SOME point, they will learn that the co op may not be available to them, and they will want YOU to guarantee they will get paid.
I guess that , theoretically, it's possible that some agent will say that he's willing to take the chance of not getting paid, and will work for you and hope to get the co op. Probably not the guy I'd hire, but hey, have fun.
And you would have exactly the same problem. The new agent, every time you have to get a NEW one, would want to get paid by SOMEONE. At SOME point, they will learn that the co op may not be available to them, and they will want YOU to guarantee they will get paid.
I guess that , theoretically, it's possible that some agent will say that he's willing to take the chance of not getting paid, and will work for you and hope to get the co op. Probably not the guy I'd hire, but hey, have fun.
How does the new agent find out about past activity?
How does the new agent find out about past activity?
How does the new agent NOT find out about the past activity?
When I first meet a new buyer client, we sit down & talk. I ask questions like, have you seen any houses yet, have you made any offers, have you been working with another agent in this area? So, unless the buyer lies, I sort of find out right then.
When we go to see the property, I'm astute enough that I'll pick up on the fact she's been here before. I believe most agents would notice that.
The new agent writes a contract for Ms. House Buyer. Presents said contract to listing agent, who says, "Hey, this is the same buyer that Old Buyer agent wrote a contract for. Do you represent her now?"
Do you envision a scenario where a buyer can offer on the same property with a new agent, and the listing agnent doesn't mention that fact?
Last edited by Bill Keegan; 05-11-2009 at 07:36 AM..
Reason: typos
How does the new agent NOT find out about the past activity?
When I first meet a new buyer client, we sit down & talk. I ask questions like, have you seen any houses yet, have you made any offers, have you been working with another agent in this area? So, unless the buyer lies, I sort of find out right then.
When we go to see the property, I'm astute enough that I'll pick up on the fact she's been here before. I believe most agents would notice that.
The new agent writes a contract for Ms. House Buyer. Presents said contract to listing agent, who says, "Hey, this is the same buyer that Old Buyer agent wrote a contract for. Do you represent her now?"
Do you envision a scenario where a buyer can offer on the same property with a new agent, and the listing agnent doesn't mention that fact?
Sure. I have represented people twice in recent years who first saw the home with another agent. And those are the ones I know about. Never heard a thing. In fact I suspect that disclosing that information by a listing agent might well be a violation. I don't however know if an offer was actually written. You can have a procuring cause problem without an offer. We always ask a new prospective client if they are working with someone. If they are we tell them they have to chose. I would think well over half our clientele has worked with other agents locally. Some have worked with three or four. You can sometimes get ratings of many of the local agents from a client. That may be why procuring cause actions are rare. Everybody has clients that came from other people.
Sure. I have represented people twice in recent years who first saw the home with another agent. And those are the ones I know about. Never heard a thing. In fact I suspect that disclosing that information by a listing agent might well be a violation. I don't however know if an offer was actually written. You can have a procuring cause problem without an offer. We always ask a new prospective client if they are working with someone. If they are we tell them they have to chose. I would think well over half our clientele has worked with other agents locally. Some have worked with three or four. You can sometimes get ratings of many of the local agents from a client. That may be why procuring cause actions are rare. Everybody has clients that came from other people.
Cap, I have no disagreement with anything you say in this post. My participation in this discussion was regarding a particular scenario, where an offer WAS writen, and then the buyer chooses to "back out" and hire a new real estate agent to purchase that same property. All of my comments & questions have come with an eye on THAT particular scenario.
And although this isn't a disagreement, there is a point I'd ask you to clarify. A listing agent disclosing to a buyers agent that his buyer has viewed this house with a different buyers agent might be a violation of what, exactly?
And although this isn't a disagreement, there is a point I'd ask you to clarify. A listing agent disclosing to a buyers agent that his buyer has viewed this house with a different buyers agent might be a violation of what, exactly?
Cap, I have no disagreement with anything you say in this post. My participation in this discussion was regarding a particular scenario, where an offer WAS writen, and then the buyer chooses to "back out" and hire a new real estate agent to purchase that same property. All of my comments & questions have come with an eye on THAT particular scenario.
And although this isn't a disagreement, there is a point I'd ask you to clarify. A listing agent disclosing to a buyers agent that his buyer has viewed this house with a different buyers agent might be a violation of what, exactly?
I am not aware that writing an offer was required anywhere in this thread. It is not required for a procuring cause action.
I said might. The Nevada agent has a duty of confidentiality to his client. Is such a matter covered by that confidentiality? Well I would be reasonably sure the terms and conditions of the offer were. I see potential harm to the seller if the listing agent was to release that info. For instance it might scare off the buyers agent....which is not in the sellers best interest.
So I would think the listing agent has to keep his mouth shut.
I said might. The Nevada agent has a duty of confidentiality to his client. Is such a matter covered by that confidentiality? Well I would be reasonably sure the terms and conditions of the offer were. I see potential harm to the seller if the listing agent was to release that info. For instance it might scare off the buyers agent....which is not in the sellers best interest.
So I would think the listing agent has to keep his mouth shut.
Nahh, I think that's a bit of a reach Cap, though I will admit to not knowing how things work out there in Nevada. Also, I would expect that the listing agent would have an OBLIGATION to tell the new buyers agent, "Hey, I may not be allowed to pay you the co op on this, as there will likely be a procuring cause claim made by the first guy who wrote the contract for this buyer of yours."
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