I'm not a Realtor, but have been in the middle of 60 million dollars worth of transactions. The idea that a Realtor would take no responsibility at all for entering marketing data into the MLS is lame.
I like your informative posts.
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I'm not a Realtor, but have been in the middle of 60 million dollars worth of transactions. The idea that a Realtor would take no responsibility at all for entering marketing data into the MLS is lame.
I like your informative posts.
aa, you should read up on "fiduciary" and FL real estate law.
Joe Mammy, get ready for some changes on that recent change regarding keeping a listing active. ECAR sought legal advice, and they are likely reverting back to the way we've always done it. If it is under contract, unless it has a 72 hour, or less, kickout clause, it must be placed in contingent or pending.
Joe Mammy, get ready for some changes on that recent change regarding keeping a listing active. ECAR sought legal advice, and they are likely reverting back to the way we've always done it. If it is under contract, unless it has a 72 hour, or less, kickout clause, it must be placed in contingent or pending.
aa said:
You would think that would be an easy wouldn't you, but lenders will not disclose the amount they are willing to accept in advance. SO, if you want to ***** about the listing price, call the lenders and moan away. It would be very helpful to us all, the buyer, the seller, and the Realtor.
If you are selling something and using the MLS to advertise it I think full disclosure is called for. At some point in the last 3 years it has become the fashion to entice the public into receivership transactions with false advertising. If the price is not known, it's not known.
SJ, I thought I understood fiduciary. Will you clarify where I misunderstood Realtor's and their fiducial responsibilities? I think you might be implying that Realtor's are only beholden to their client, but I'm not sure.
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So why are you groaning about the Realtors instead of the banks, who will not disclose the acceptable amount? You are focusing your energy in the wrong direction.
Personally, I think it would be great if we didn't accept listings on properties of which we don't know that the listing price is acceptable. It would force lenders to play ball, rather than sitting on the sidelines, hoping for multiple offers from which to choose. I could only guess that all Realtors hoped for the same thing. The only problem with that is that the sellers would be more greatly harmed in the process, until the lenders understood our rules. You just won't see it happen.
Personally, I think it would be great if we didn't accept listings on properties of which we don't know that the listing price is acceptable. It would force lenders to play ball, rather than sitting on the sidelines, hoping for multiple offers from which to choose. I could only guess that all Realtors hoped for the same thing. The only problem with that is that the sellers would be more greatly harmed in the process, until the lenders understood our rules. You just won't see it happen.
There are three types of ways in which a Broker can represent you:
1) No-representation (we still have duties)
2) Transaction Broker (no fiduciary duties - because a Transaction Broker may handle both sides of the transaction, and wouldn't be able to show favoritism to either side.)
3) Single Agent Broker (fiduciary duties) - though without transferring to a different type of representation, thus losing fiduciary duties, you cannot show any other listings which are held by your brokerage. That also means that if a Realtor working as a Single Agent Broker, takes a listing, no other agent working under that Broker can show the listing, unless the Realtor who is showing the property is acting in the very-limited, No Representation Agency. Also, you should be aware that in a Single Agency Brokerage, the client may be liable for the Realtor's actions and the Realtor may be liable for the Client's actions.
In Florida, unless otherwise disclosed, all Real Estate Agents act as Transaction Brokerages.
If you want to read an attorney's summarized history of Agency, click here. I read through it and it looks fairly on target.
If you want to go directly to the Florida Statutes controlling Agency, see Florida Statue [SIZE=-1]475.278.[/SIZE]
1) No-representation (we still have duties)
2) Transaction Broker (no fiduciary duties - because a Transaction Broker may handle both sides of the transaction, and wouldn't be able to show favoritism to either side.)
3) Single Agent Broker (fiduciary duties) - though without transferring to a different type of representation, thus losing fiduciary duties, you cannot show any other listings which are held by your brokerage. That also means that if a Realtor working as a Single Agent Broker, takes a listing, no other agent working under that Broker can show the listing, unless the Realtor who is showing the property is acting in the very-limited, No Representation Agency. Also, you should be aware that in a Single Agency Brokerage, the client may be liable for the Realtor's actions and the Realtor may be liable for the Client's actions.
In Florida, unless otherwise disclosed, all Real Estate Agents act as Transaction Brokerages.
If you want to read an attorney's summarized history of Agency, click here. I read through it and it looks fairly on target.
If you want to go directly to the Florida Statutes controlling Agency, see Florida Statue [SIZE=-1]475.278.[/SIZE]
Realtors already know the price. It is Recorded in the Official Records and it's called a Mortgage. You might find it under the shortcut RM in the Court Clerks Website. You'll also find things like a Deed and Restrictive Covenants which you might want to study and disclose to the public if you're going to advertise in the MLS. What you're talking about is me going to a bank and telling them to settle a recorded mortgage and possibly a UCC for less than its legitimate securitized amount so you will know how to price a listing without being misleading.
I think I understand now. Thanks for the time you put in.
So, Realtors don't have to disclose everything they know about the property and it's Title if it does not put the property in a light most condusive to gaining an offer.