Thread: Legal Responsibility to Seller

Originally Posted by [LEFT

cpcj[/LEFT];61214]I just started talking to an agent about buying a house and among the listings she sent me, one was above the price range that I specified by 50K but she included a note in the email saying that it had been on the market a while and that she knew the seller would come down to my price range. After looking at her listings on the company's website, I see that it is her listing. I have no doubt this is unethical, but is it also illegal? While it doesn't hurt me, I don't want to work with someone that would break the law.

If this real estate agent will roll over on her seller there is no doubt she will roll over on you if you give her the chance and it will benefit her. This agent has done a couple of things wrong but don't worry about it, just move on and find another agent.

Believe it or not, there are some of us who play fair and follow the laws/rules and help our clients get the best deal possible. You are lucky you found this out early.

Thank you for the response. Do you know if it technically illegal, though? I can find several statements online saying that a seller's agent has a legal obligation to obtain the highest price and not divulge information, but nothing that states that it is unequivocally illegal. Also, would you recommend informing the company or the seller?

Thanks.

As far as I know even though it is not ethically correct it is in fact legal.

I guess it comes down to the seller/agent relationship. If the agent has a fidicuary duty to the seller, then I can imagine that divulging such information would be a breach of contract.

Hello-

I think what you have here is an agent anxious to please - rather that an agent that's selling his client down the river to facilitate a sale. For all you know - the listed property may have an owner that's holding on by a financial thread - and they recently told the listing broker "do what you have to to get me offers - I need to sell now!!"

You know - it's sometimes difficult in a dual agency situation to strike the correct balance as to how much information to reveal. For instance - the litmus test I would have used in your situation would be to answer the following questions:
1- What information would I have available to me if I were not representing the seller.
2- Is the information I'm about to pass onto a potential buyer information that a listing broker would normally give me if I called and asked.

I think the agent in this case may have stepped a bit to far - they simply could have said: "this property has been on the market for a while - I would think they may soften their asking price - let's make the an offer and see what happens".

I suggest the best remedy for you is to find another buyer broker -

Good Luck to you on you property search !!
Glenn

Originally Posted by cpcj

Thank you for the response. Do you know if it technically illegal, though? I can find several statements online saying that a seller's agent has a legal obligation to obtain the highest price and not divulge information, but nothing that states that it is unequivocally illegal. Also, would you recommend informing the company or the seller?

Thanks.

Depends on your version of illegal. This situation is a civil (not criminal) matter. While the property owner, upon discovering this situation, could make a financial claim for damages, there is no criminal matter to the situation.