New rules: buying without an agent

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:By the time you file a complaint with the state licensing board, the house will be sold.

The file the complaint to build a record. This is how antitrust lawsuits are won.

Anonymous wrote:Why would you retain a lawyer when you can fill out a form on line to make the complaint.

The lawyer isn't for the complaint. The lawyer is to assist with the transaction, if needed.

Anonymous wrote:Better way: if the listing agent refuses to show the house, explain to her that she is violating her fiduciary duties to the seller and you will contact the seller directly to explain his or her rights under the listing agreement including cancelling the listing. If agent still refuses, submit an offer contingent on you having access to the house.

Yes do all that. Also file the complaint so regulators have material to work with.

Why would you pay a lawyer to file a complaint? Just go to Pro Publica or similar and follow its process to file a complaint. They were involved in the Real Page suits

By the time a lawyer submits or even reviews an offer, the house will be sold. Do it once so that you know not to use a lawyer on subsequent offers.

I repeat: “The lawyer isn’t for the complaint.”

[Anonymous]

Anonymous wrote:So you pay the commission to the sellers agent? Do they have your best interest at hand of they are trying to get commission on both ends? Anyone ever do this?

Seller pays seller agent from sale proceeds, like always. Buyer can’t negotiate the seller commission.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yes. Contact the listing agent. If they refuse, report them. Consider retaining an attorney, just in case.

They won’t refuse but they will require you to sign a buyer agreement with them

Breach of fiduciary.

What does this mean?

[Anonymous]

Question. If a listing agent puts a NAR lockbox on the property does that meet the fiduciary showing obligation?

[Anonymous]

The thing is, if many people have agents or the seller has an open house, there are plenty of people coming in. The agent has to show the house but not at your convenience and by the time they open the door for you, it might be too late.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yes. Contact the listing agent. If they refuse, report them. Consider retaining an attorney, just in case.

They won’t refuse but they will require you to sign a buyer agreement with them

Breach of fiduciary.

What does this mean?

Seller (principal) wants to sell.
Seller wants the most buyers and ultimately the most money.
Seller (principal) enlists Agent (agent).
Seller wants the most buyers and ultimately the most money. Agent is entrusted.

Agent (agent) now acts on their behalf of seller (principal).

"Fiduciary duties are legal obligations that require (agent) to act in the best interests of (principal)"

"They (agent) won’t refuse but they (agent) will require you to sign a buyer agreement with them (agent)"

Breach of fiduciary. Unless the seller decides it benefits them - the seller - and instructs the agent "It is in my best interest that you - who represent me - also represent the buyer of my property under dual agency. This is best for me - the seller.".

If that condition is not met, Breach of fiduciary.

[Anonymous]

Anonymous wrote:If seller's agent refuses, contact the state licensing board and GCAAR to file a complaint.

This^. If enough people would file a complaint or a case, eventually sellers agents would've no option to refuse. To be fair, most are more than willing to show if you seem like a legit party.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yes. Contact the listing agent. If they refuse, report them. Consider retaining an attorney, just in case.

They won’t refuse but they will require you to sign a buyer agreement with them

Breach of fiduciary.

What does this mean?

Seller (principal) wants to sell.
Seller wants the most buyers and ultimately the most money.
Seller (principal) enlists Agent (agent).
Seller wants the most buyers and ultimately the most money. Agent is entrusted.

Agent (agent) now acts on their behalf of seller (principal).

"Fiduciary duties are legal obligations that require (agent) to act in the best interests of (principal)"

"They (agent) won’t refuse but they (agent) will require you to sign a buyer agreement with them (agent)"

Breach of fiduciary. Unless the seller decides it benefits them - the seller - and instructs the agent "It is in my best interest that you - who represent me - also represent the buyer of my property under dual agency. This is best for me - the seller.".

If that condition is not met, Breach of fiduciary.

This. The listing agent is required to act in the best interest of the seller (who pays them). So no, the listing agent can't delay or refuse to show the home to an unrepresented buyer, nor can they require that the unrepresented buyer hire the listing agent as a buyer's agent.

[Anonymous]

Does a buyers' agent have a fiduciary duty toward the buyer? In the pre-NAR settlement world the buyers' agent was being paid by the seller, so it seems to have voided - or perhaps complicated - the fiduciary duty toward the buyer.

I'm curious about what has been argued in court.

[Anonymous]

agents do a lot of shady stuff and don't let sellers know what they are doing.

[Anonymous]

Anonymous wrote:Does a buyers' agent have a fiduciary duty toward the buyer?

Yes.

Anonymous wrote:In the pre-NAR settlement world the buyers' agent was being paid by the seller, so it seems to have voided - or perhaps complicated - the fiduciary duty toward the buyer.

It's always been complicated because the listing agent can offer buyer broker compensation. Seems like a conflict of interest.

Anonymous wrote:I'm curious about what has been argued in court.

Moehrl was mainly focused on listing agents offering buyer agent compensation. The result is buyer agents shopping for higher commissions. This incentivizes buyer agents to not act in the best interests of buyers.

Where listings offer lower or zero commissions, buyer agents will lie to buyers about the home the buyer wants (tell them its sold for instance) because the agent wants a higher commission.

[Anonymous]

As a seller, do I expect the list agent to open my house to a buyer whenever a buyer wants to see my house, assuming my house is empty, under the current regulations?

[Anonymous]

Anonymous wrote:As a seller, do I expect the list agent to open my house to a buyer whenever a buyer wants to see my house, assuming my house is empty, under the current regulations?

You decide. You expect the listing agent to show your listing according to what you decide, within reason.

Expecting a listing agent to show your listing at 11pm to buyers with no proof of finances isn't reasonable.
Expecting a listing agent to show your listing at 1pm to unrepresented buyers with proof of finances is reasonable.

[Anonymous]

Anonymous wrote:By the time you file a complaint with the state licensing board, the house will be sold. Why would you retain a lawyer when you can fill out a form on line to make the complaint.

Better way: if the listing agent refuses to show the house, explain to her that she is violating her fiduciary duties to the seller and you will contact the seller directly to explain his or her rights under the listing agreement including cancelling the listing. If agent still refuses, submit an offer contingent on you having access to the house.

In this market? no. rates have really slowed things down.

[Anonymous]

Anonymous wrote:

Anonymous wrote:By the time you file a complaint with the state licensing board, the house will be sold. Why would you retain a lawyer when you can fill out a form on line to make the complaint.

Better way: if the listing agent refuses to show the house, explain to her that she is violating her fiduciary duties to the seller and you will contact the seller directly to explain his or her rights under the listing agreement including cancelling the listing. If agent still refuses, submit an offer contingent on you having access to the house.

This.

+100
I haven’t found this to be necessary in this area though. Most agents are professional and care about getting the house sold and want to show to as many interested buyers as possible. I’ve seen properties in NWDC and Arlington without any issues. They have been responsive.