I've had ENOUGH!! - Posted by Tyler

Real Estate Investing
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Who CAN you trust out there? - Posted by Tyler

Posted by Tyler on April 03, 1999 at 12:09:08:

No offense taken…by any means.

I acutually got into a very lengthy conversation with a broker I was dealing with a couple weeks ago about this subject. He made it very clear to me that when he was representing ME to the seller, he had fiduciary responsibility to ME. When he came back with info from the SELLER, his responsibility was with THEM.
This guy has been a broker for 16 years, now.

I believe that what you and Piper are saying is probably the fact (I tend to rely more on the info here, than in the REAL world :slight_smile: ). However, I’ll be very interested to see what he tells me, if I go back to him and challenge this.

Another note, here: What do you think is the best way to find out about all the small legal details like this one? These are not the issues normally discussed by the CRE community, but at the same time I feel naked not knowing my stuff. If I can’t rely on my broker with 16 years experience, HOW WILL I EVER know who to believe, without knowing the law MYSELF!

Thanks for the tip, Rob.

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Re: Who CAN you trust out there? - Posted by JPiper

Posted by JPiper on April 03, 1999 at 21:37:40:

Most states require written disclosure as to agency no later than when financial information is taken, or when an offer is written.

If you’re the buyer, and the agent is representing you, in most states you would have to have entered into a written agreement concerning that representation.

I understand your frustration. I would only say that it’s important to know all you can, and this means knowing the law to the best of your abilities.

JPiper