I represent buyers and sellers as a Single Agent in the great state of Florida, which includes the following duties to my clients:
- Full Disclosure
- Confidentiality
- Dealing honestly & fairly
- Presenting all offers & counteroffers in a timely fashion
- Accounting for all funds
- Loyalty
- Skill, care & diligence in the transaction
- Disclosing all known facts that materially affect the value of residential value and may not be readily observable.
- Obedience
The standard in our state is Transaction Brokerage, and the differences between Single Agency and Transaction Brokerage are bolded above.
I wrote and presented an offer on a short sale for a buyer today: the house was a cute, remodeled beach bungalow originally built in 1941; the original garage had been converted to a bedroom (really a master suite) with an attached bath, in a great neighborhood, 2 car garage, and listed for $150,000.
In other words, A DEAL.
My buyer wanted to use his VA financing, and the age of the roof was going to be an issue. I had a roofer take a look, and confirmed what I thought: there was virtually no life left in the current roof, which was going to be an issue for a VA loan.
I persuaded my buyer to consider FHA 203K as an alternative; I knew, since the property already had multiple offers, the VA financing would be an issue, and make our offer less attractive. He wanted to use his VA, and even after our candid conversation that the seller would be more interested in pursuing cash and conventional offers, we wrote an offer, slightly over list, with VA financing.
We received an email yesterday telling us the seller had chosen to present another offer, which I had anticipated would happen.
Why would I write an offer I was fairly certain would not be accepted? Because of the obedience portion of the Single Agency representation. I have to do what my buyers and sellers want me to do, unless it is illegal, immoral or unethical.
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