Re: Questions about a realtor’s disclosure - Posted by T Jent
Posted by T Jent on April 30, 2000 at 01:14:10:
Re 1) Until there is an accepted offer the seller may entertain as many offers as they like. This is why you always want to put a deadline in the offer. Otherwise the seller can shop around for other buyers at their liesure while you’re still on the hook as your offer remains in effect.
Re 2) Good question. I’m not sure what the agent is obliged to do in this situation since they have a fiduciary duty to both sides, and this is a situation where the interests are diametrically opposed. This is an example of, in my opinion, why the whole notion of “dual agency,” while permitted by the real estate ethics rules, is nonsensical and dangerous. The agent is supposed to be your advocate; their fiduciary duty means they must represent you with the highest loyalty, zeal and responsibility. How do you do this while representing both sides?
But are you sure the agent is actually maintaining dual agency and not just assisting you while acting as the seller’s agent? I believe both parties must sign a document acceding to dual agency. If you didn’t, then the agent is probably in reality the seller’s agent only.