BUYER BEWAREThis is a GREAT post I'm re-blogging about how listing agents really puff their listing and have inaccuracies in the listing sheets.

Puffery and inaccuracies are known and common in this business and Barbara Todero talks about the buyers' agents responsibility to protect their clients' best interest.

Of course, it's a shame when listing agents are so OFF BASE that buyers' agents must "trust but verify." 

Wouldn't it be nice if listing agents would GET THE INFORMATION CORRECT prior to uploading the data into the MLS?!?

But, it's much easier, I suppose, to put the oneous and burden of responsibility to check the accuracy of the listing agents' data onto the Buyers' Agent -- which is WHY BUYERS NEED THEIR OWN AGENT! 

This is  EXACTLY WHY "dual agency" (or, here in Oregon, "Disclosed Limited Agents") is such a bad thing for buyers!  The listing agent can put in a lot of crapola in the listing sheet.

As Barbara Todero implies, it's up to the buyer's agent to trust but verify. Well, when the lisitng agent is also acting as the dual agent of both buyer and seller -- HA HA HA  Good luck Buyer trying to figure out the "inaccuraries."  Don't expect the listing agent/dual agent to enlighten you. 

Listing agents are notorious for puffing the listing and inaccurate information in the lisitng sheets.  Sad that they just don't do a better job of putting accurate information in the listing sheets.  But that's why a buyer's agent reads that tripe with a jaundiced eye.

Barbara is absolutely right!  When the listing agent puts inaccruate information in the listing sheet, it's a buyer's agent job to protect the best interests of their client.

"BUYERS AGENTS CANNOT ASSUME THAT INFORMATION SUBMITTED BY LISTING AGENTS IS ACCURATE"

There's more then a few listing agents that look like idiots as a result of their listing information, or disinformation . . . I couldn't agree with Barbara more.

Via Barbara Todaro "New Franklin MA Homes" (RE/MAX Executive Realty ):

As a buyer’s agent, it’s your responsibility to investigate and verify the information that’s being provided in MLS by the listing agent.  Buyer agents cannot assume that information submitted by listing agents is accurate. 

One of the most common mistakes is the number of bedrooms that are listed.  If a property does not have public sewer, the approved septic design will dictate the number of bedrooms that a home can legal provide, regardless of the space available.

Buyer agents need to verify by retrieving a copy of the septic design from the board of health; investigating the rules of the town; and provide this information to the buyer.  This information should be shared with the listing agent, but we are not our sister’s keeper. 

A buyer’s agent can’t police every error in MLS, but a buyer’s agent must provide the correct information to her buyer if a property is of interest and advise accordingly. 

The appraiser should be researching the property at the town office, but we can’t assume that all appraisers do their job properly.  The only protection a buyer’s agent can depend on is the information found by her/him after personally investigating.  It’s your job to make sure that all information provided to MLS is accurate.  Don’t rely on the listing….that information is as good as the listing agent who represents the property!!

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7 Comments on "Trust But Verify"...Reagan...It's Your Responsibility Buyer's Agent!!

JUN
08
590,073 Points 61 Featured Posts Outside Blog Hit Router Attended Rain Camp Called Shot Master
You need to do this as the listing agent too. Pre-approval letter?ncall the lender and ask questions. Non-contingent? Get the buyer's address and see if there home is listed. Then ask the lender. It's surprising the little details that someone 'forgets' to tell you.
10:00pm • #1
980,857 Points 114 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Karen -- a buyers pre-approval is different then the information the listing agent is putting in the multiples.  In our Sales Agreements the lender can only talk to the listing agent about non-personal/non-confidential matters.
10:20pm • #2
JUN
09
851,034 Points 183 Featured Posts Attended Rain Camp Called Shot Master

I loved this post also. And you're right about having your own agent.....get the facts. 
9:11am • #3
980,857 Points 114 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Karen . . . I actually didn't [love the post].  But, hey . . . if anyone wants to put the burden on the buyers agents with the broad brush of "it's on you", this doesn't (IMHO) relieve the listing agents for being half-ass about data their entereing into the MLS.  And here's a thought . . . if the listing agent is taking a stab at it, guessing or doesn't know then why are they even putting it in the multiples to begin with?  
11:00am • #4
428,199 Points 23 Featured Posts Outside Blog Called Shot Master

Carla...you're preaching to the choir!  This underscores the need for real buyer representation.  The burden should be on ALL agents regardless of which side they represent have a duty to make sure the information is truthful and accurate.
1:56pm • #5
1,518,442 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Great post to reblog and the intro is a post in itself.  Buyer's Agents too lazy to verify what's in the listing are not really working in the best inrerests of their client.  You can never take someone else's word for it.
3:00pm • #6
980,857 Points 114 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Christine . . . I agree.  ALL agents need to be a little more professional with the accuracy of information.  

Hey Chris Ann -- why are list agents putting in tripe?  If they're not entering in accurate data, why put it in at all?!?  Lazy is as lazy does.
3:33pm • #7


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Carla Muss-Jacobs - Principal Broker/ Owner | Exclusive Buyers Agent |

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Author Bio: Carla Muss-Jacobs is the Principal Broker/Owner of EBA Portland, LLC an Exclusive Buyer Agency representing Buyers in the Portland Metro real estate market since 1999.

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Carla Muss-Jacobs practices the TRUE FORM of Buyer Agency ~~ Exclusive Buyer Agent.  Her office/brokerage never takes listings and never respresents the Seller.  Exclusive Buyer Agency is the BEST form of legal real estate representation a Buyer can have.  There is 100% Buyer Representation - !00% of the Time.  There are NO CONFLICTS OF INTEREST and there is no possibility of ever having YOUR Buyer Agency comprised.  When buying a house -- it's important to know who is working for you!!  



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