response to Exclusive buyers agent
(MBD - 08/15/2000 04:14 PM)
Main Topic:
Bad Buyer's Agent Turns Buyer Off
Response to selling your own listing
Posted By: btolle - 08/20/2000 10:50 AM
I noticed the remark:
"If I am working with a buyer and that buyer decides to purchase a home that I have listed then I must, by law, inform the buyer that in this particular case I represent the seller. If the buyer does not feel comfortable with that, I offer to refer them to a buyer's agent who will negotiate in their best iterest (sic)."
One HUGE problem: By the time you get to this point you know everything about the buyer, their financial capabilities, and their motivations. Now you represent the seller in negotiating.
Surely you don't expect anyone to believe you would not use this information in the negotiations. In fact, if you DON'T use this information you will have violated your fiduciary duties to the seller by witholding information from them that would benefit them.
Your offer to refer them to another agent is meaningless since you already know enough about the buyer to put them at a serious disadvantage.
This scenario will make a very interesting lawsuit. If you use the information you obtained from the buyer while you had a Fiduciary relationship the buyer could sue you for violating your fiduciary duties (in particular Loyalty) to them. Fiduciary duties do not cease just because you no longer have a relationship with someone.
If you don't use the information you could be sued by the seller (whom you also have a Fiduciary relationship with) for not giving them all the information you possessed.
Like trying to put the toothpaste back in the tube, it's going to get messy.
I repeat: Ethics is not always as easy as it looks.
Thank you, Bill Tolle ---------------------------------------------------------------- ExclusiveBuyersAgents.com 100% Loyalty To Home Buyers 100% Of The Time! 1-800-304-7199 - (409) 384-9094 http://ExclusiveBuyersAgents.com mailto:BillTolle@ExclusiveBuyersAgents.com