Comment

Comment by Ben Benita on August 23, 2010 at 10:10am

Edward -- depending on your relationship with the listing agent, as noted, just ask them to escalate the file. Tell them your Buyer is mad, your broker is mad, whatever it takes to get it done.
If they refuse, tell them your Buyer is going to walk if you are not permitted to speak with B of A (this is of course a last ditch nothing to lose conversation to have).

If you e-mail me off here -- [email protected], I will give you a copy of the Buyer Pre-Offer outline we suggest ALL the Buyer's agents we negotiate for get filled in PRIOR to ever making an offer on a short sale....
As soon as I take the time to figure it out, I will put in a link to make it available directly from here (I saw someone else did that with a marketing letter on here)

Comment by Brigitte Powell on August 23, 2010 at 2:15am

tracy, - exactly, I agree.

Comment by Tracy Howard on August 22, 2010 at 6:41pm

On all of my short sale transactions, I represent only the seller as a transaction broker. I do not have a fiduciary responsibility to the seller, but I have the duty to fairly and ethically deal with him/her. I would certainly not agree to take on a fiduciary responsibility to the bank, who is not even a party to the transaction, only a third-party approver. That does not and cannot in my view create any type of fiduciary responsibility from me to the bank.

Comment by Tracy Howard on August 22, 2010 at 6:30pm

Mori, in Colorado we have single agency (fiduciary responsibility to one party) and transaction brokerage (facilitator for either or both parties). Single agency may be as a listing agent (seller's agent) or selling agent (buyer's agent) and carries heavy responsibility for fiduciary duties to your client. So, in that event you are acting in a fiduciary capacity for one party, and you may not enter into a "dual agency" with the other party no matter who is willing to sign releases, or any other type of document. If you decide to represent both parties, then you must become a transaction broker for both parties. The transaction brokerage is just (IMHO) good old fashioned real estate brokerage, where the broker was responsible for acting fairly and responsibly to both parties to a transaction. Most agents in Colorado do not choose to represent both parties as a transaction broker, but lots of agents choose to represent a single party as a transaction broker. Transaction brokerage does not carry a fiduciary duty, but it does carry the responsibility of fair dealing and ethical treatment of whomever you are facilitating for.

I agree with Bryant. I think transaction brokerage is great, and as long as you can stay neutral, is a natural way to deal fairly and ethically with anyone.

Comment by Karen on August 20, 2010 at 5:34am

oops! i need a freddie mac contact

Comment by Karen on August 20, 2010 at 5:29am

HELP! I need a contact ph# for the Wells fanniemae rep!!!
Karen
561-866-5743

Comment by Brigitte Powell on August 19, 2010 at 11:29am

LoL :-) guess we have gone off track, but yes, that's what has to happen if the buyer is ok with the listing agent representing both sides. We used represent both seller and buyer, but always had to disclose that we represent the Seller and that it was "buyer beware" . The buyer just wasn't represented unless he/she got an attorney. We did have to treat the buyer fairly and ethically. A lot has changed since then :-).
Yes, the buyer, and seller sign saying that we all know that I as the listing agent am representing the Seller and not the buyer......and believe it or not, but a lot of people think they are so savvy about Real Estate that they insist on doing it that way. We still have to make sure lthat the buyer is treated eithically, but the buyer is on his/her own. i've only had one like that since i have been back, and I fought him tooth and nail NOT to do this....he got mad at me and insisted on signing it. He is a good friend now.....but he knows I still think he is crazy for doing it that way. I was going to hand him over to another respected agent who would write the offer. I discussed all of this with him in detail and why it would be best that way. I would pay the agent an agreed upon percentage of the commission for writing the offer, negotiating the price and working it thru to closing. The only reason I was in that spot was that the couple wanted to see my listing after we were out looking at a couple of other listings. I never thought they would be interested in mine :-).

Comment by Mori Langshaw, Sr on August 19, 2010 at 2:42am

you have to get the buyer to sign a release saying he understands that the agent is representing both the buyer and seller? How is that even possible. How can one person truly "represent" both sides. Thats ethically impossible.

Do you mean that the buyer signs "something" (not necessarily a release) stating that he/she understands that you represent the seller and not him/her?

Gosh, we have really gone off topic here....

Comment by Brigitte Powell on August 19, 2010 at 1:43am

Hey Bryant, thanks for that input, most of the agents in our area wouldn't change that.
Bob, you will find this hillarious, but Montague Miller and Company is one of the most ethics and regulations oriented RE companies in our area. Many agents in our area have been trained by our Barbara McMurry - managing broker of our main office in Charlottesville, Va. We were the first and may still be (don't know that for sure) the only RE company in our area approved to teach and get credits for the agents who take the classes. New agents in our office must partner with a seasoned agent when they get their first listing. We have new agent classes and Relo classes we must take. I'm all for it, because they get a really good base of information. It is also strongly recommended :-) STRONGLY :-) that the listing agent is not also the Buyer's agent. The RE company can't demand it ...YET :-) but unless a buyer signs a release saying he understands that the agent is representing both the buyer and the seller, we can't do it.....and there are many agents who will not represent both, inlcuding myself (I remember 1979 when we didn't have buyers agents) ;-)

Comment by Bryant Tutas on August 18, 2010 at 11:52pm

We've been transaction brokers in Florida for about 10 years now. NO fiduciary unless we choose to work as single agents. Most don't. laws vary greatly from State to State. personally I am a HUGE fan of transaction brokerage.

Here's my opinion on agency and real estate

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