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How do you not know if the agent is representing the buyer also? Things usually go like this: "Hey, Mr Seller, I'm personally showing your house today to one of my own buyer clients. If my buyer client likes your house, remember what we talked about with Intermediary and how I can't really give you any advice or opinions? Let's review that really quick... any questions? I hope this buyer likes your house as I might be bringing you an offer..."
I'm confused as well. I did look at a contract from New York from an offer we made last year. Item #25 clearly lists break down for names of Seller/Buyer Brokers as well as agents.
As of this writing, it is possible that the buyers have gone to contract on the alternate home and, thus, our transaction may be over.
Given you and the buyers have not agreed to terms, anything is possible.
It is possible that our agent was also acting as a buyer's agent for the other party, but we were never asked to sign the legally required documents disclosing dual agency status.
Assuming you received a written offer, it will show you who is representing the buyer.
I have a simple question. Is this normal conduct for a seller's agent?
Is what normal? In down or flat markets, it's common stuff for the listing agent to negotiate with their clients, the sellers, especially when deep into the selling season to achieve the seller's objective of getting sold. What kind of proof do you have that your agent disclosed something to the buyer , given you are not certain who respesents the buyer?
I am thinking of pursuing sanctions and fines against the agency and agent through our state licensing body, as well as recovery of our legal expenses. Any thoughts and advice would be appreciated. Thanks.
If your agent was also the buyer's agent and you did not authorize this in writing, that's a problem.
This is person is from LI and one of the things that is way different there is offers are almost never in writing. It's all verbal till the contract is signed, and on LI that is AFTER the home inspection. But the contract should have the name of the brokers as noted. It should also have any contingencies.
If your agent was also the buyer's agent and you did not authorize this in writing, that's a problem.
Thank you. In NY, there are clear rules about acting as a seller's agent, which is what we signed for. The state's disclosure form says that a sellers agent must abide by the following "fiduciary duties": reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. We never signed a dual agency agreement with our agent. Furthermore, our agent was listed as both the sellers agent and the listing agent on the offer to purchase. There was no buyers agent shown on this document.
We have evidence that, at the same time attorneys for both parties were discussing final terms of the contract, our "sellers agent" was showing our buyers alternative properties to our home. We also have evidence that our "sellers agent" was giving the buyers negative, false information which could only have induced the buyers to find an alternative home.
Sorry, but my initial reaction is you lost the sale as the buyer was looking to close fast and you had issues with that and now you are looking to blame others.
Sorry, but my initial reaction is you lost the sale as the buyer was looking to close fast and you had issues with that and now you are looking to blame others.
What am I not understanding?
Thanks
Read the thread. It's unethical behavior that violates state licensing guidelines, a concept that I guess some agents don't grasp right away.
I would appreciate any opinions, particularly from real estate agents, on the following scenario:
Here in NY, the licensing requirements call for a seller's agent to have the following obligations to the seller: "reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account." In dealings with a buyer, the seller's agent should "exercise reasonable skill and care in performance of the agent's duties; deal honestly, fairly and in good faith; and disclose all facts known to the agent materially affecting the value or desirability of the property, except as otherwise provided by law."
We signed up with a sellers agent and, at one point, received a serious offer, but for less than the house was worth. We had to endure multiple phone calls from our seller's agent and the agency's owner pressuring us to take the lower price. We resisted.
Several weeks later, the same buyers came back and we agreed on a fair price. During the contract negotiations, there was some back and forth wrangling about the buyer's desire for a much faster than normal occupancy date and our desire to have reasonable and customary protections on our ability to vacate our home. We were subjected to an irate phone call from our own seller's agent, demanding to know why we had to have these protections in the contract. At the same time, the agent threatened that the agency was showing our buyers at least one alternative home to ours. We also have evidence that the agency was undermining our transaction by giving the buyers false statements about our intentions to vacate our home in a timely fashion. As of this writing, it is possible that the buyers have gone to contract on the alternate home and, thus, our transaction may be over. It is possible that our agent was also acting as a buyer's agent for the other party, but we were never asked to sign the legally required documents disclosing dual agency status.
I have a simple question. Is this normal conduct for a seller's agent? I am thinking of pursuing sanctions and fines against the agency and agent through our state licensing body, as well as recovery of our legal expenses. Any thoughts and advice would be appreciated. Thanks.
You ask for and "appreciate" opinions from real estate agents? You have no respect for real estate agents, yet ask for assistance?
Since you are hell bent for litigation, you need to call an attorney, and pay the big bucks for legal advice.
You ask for and "appreciate" opinions from real estate agents? You have no respect for real estate agents, yet ask for assistance?
Since you are hell bent for litigation, you need to call an attorney, and pay the big bucks for legal advice.
You're absolutely right. It was my mistake to bring up a clear ethical breach and expect to get support on a forum populated by real estate agents.
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