From: "homan4" 
Newsgroups: alt.real-estate-agents alt.real-estate
Subject: Re: What is going on with the market?
Date: Wed, 23 Feb 2005 06:54:03 -0500

What is it with you guys?  I had one sentence suggesting that the way 
realtors operate in Florida - which I mentioned in a previous post that I 
believe to be crooked - might be a contributing factor to homes being listed 
way over market, and you guys go crazy with the "but it is legal" routine. 
Fine it is legal, so is single agency.  I understand why transaction and non 
rep agency exist.  The problem is that instead of starting with single 
agency and transitioning only when needed, most brokers start with 
transaction agency as firm policy, one company in my town - which claims to 
be the largest in the county requires agents to be non rep.  The transition 
provisions were made so brokers could offer the highest possible service, 
but most brokers have taken the slime route and gone with the lowest common 
denominator.  I think I have made it clear that I think this type of 
unethical, slimy, Mr. Hainey type of real estate practice is shameful.  The 
point I was trying to make in this thread is that this type of practice of 
real estate is one reason why listings are so over priced not to argue the 
merits of transaction agency.  My original post was on topic, your 
arguments about my not understanding agency is not.  Let's get back on 
topic - do you believe the transaction and non rep status allow for greater 
abuse in over pricing homes?  Yes or no?

My apologies to orangetrader for going off topic.


"homan4"  wrote in message 
news:oXOSd.14297$%U2.4650@lakeread01...
> Exactly my point.  Some states interpret working *for* the seller as 
> having the responsibility to price the home correctly, because "sub 
> agents" depend on the accuracy of pricing when showing buyers.  In these 
> states listing a home drastically over-priced is considered a violation of 
> fiduciary responsibility, and some local Boards consider that to be an 
> action that is in essence "non-cooperating" because the sub agents cannot 
> sell the home because buyers cannot find a mortgage due to appraisal 
> problems.
>
> In Florida the lack of or as you are so insistent on "limited" fiduciary 
> responsibility of transaction agents, and non reps allows for homes on the 
> market way above market value.
>
> To take it a step farther In Florida I have had homes priced at or maybe 
> 5% above market shown by agents to buyers qualified to make purchases 20% 
> below the asking price.  These agents then have the brass to present a CMA 
> to the home owner explaining that they feel the home is over priced to 
> justify low ball offers from people who were not qualified to buy the home 
> in the first place.
>
> The bottom line is this irresponsible behavior on the par of agents who 
> would be fined by the state or suspended from a local MLS if they actually 
> had to represent someone in a *full* fiduciary manner is the reason homes 
> are listed over price by so much.
>
> If you look at the definition if "Fiduciary" the only limit on a true 
> fiduciary relationship is the scope.  In any transaction you are either a 
> fiduciary or you aren't.  By definition fiduciary responsibility is not a 
> limited responsibility, so stop playing with words and start serving your 
> clients as clients and stop this "its not my job" garbage.  Until Florida 
> Brokers take their responsibility to buyers and sellers seriously and stop 
> this hillbilly, wild west transaction broker and non rep nonsense, and 
> doing irresponsible things like listing and selling property without even 
> seeing it, the real estate market in Florida will never be stable.
> "Casey"  wrote in message 
> news:n6JSd.689$Ec2.544@lakeread02...
>> homan4 said
>>
>>> Lastly I will say this is Florida.  Real estate agents have no fiduciary
>>> responsibility to the seller.
>>
>> That's incorrect as I pointed out before.  It depends on the agency
>> relationship.
>>
>> From my other post:
>>
>> In Florida, the agency relationship can either be a) single agent with
>> *full* fiduciary duties, b) transaction broker with a more limited non-
>> fiduciary relationship, or c) no broker relationship.
>>
>> The type of agency relationship must be fully disclosed to the
>> customer.  A transaction broker can represent both parties of the
>> transaction, while a single agent cannot.  A single agent works *for* a
>> client - a transaction broker works *with* customers.
>>
>>
>>
>>
>> Casey
>
>