About Broker Representation of Dual Clients and Appraisals

By
Real Estate Agent with Lyon Real Estate BRE #00697006

Twice a year, one of the great things about working at Lyon Real Estate is the legal updates we receive. Spring and Fall. This is a 3-hour or so in-person informational session generally held at our Sacramento Board of Realtors. Not only do the lawyers cover new laws in an entertaining manner, but they also discuss recent court cases. This is where we learn about the types of things that the parties -- er, buyers, because it's almost always buyers -- sue over.

Last year we learned the handy catch phrase, you got it, you give it.

This year we learned two key points: verification and learn.

They also discussed what happens when a large brokerage represents more than one seller or more than one buyer in a transaction. It's not an area we give a lot of thought to, especially when we don't even know the agent, perhaps, in question. But it can affect our clients. It is still dual agency.

This situation made me question whether we should provide what could be considered detrimental information not available in MLS (closed or not) to an appraiser who very well might be appraising a property owned by another Lyon client. The lawyer agreed with me, btw.

You can read more in my personal blog today at this link: Why Agents Might Not Cooperate with Sacramento Appraisers.

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Certified HAFA Specialistelizabeth weintraub

 

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Elizabeth Weintraub is an author, home buying expert for About.com, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area with an emphasis on Elk Grove. Call Elizabeth Weintraub at 916.233.6759. Put 40 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. BRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available with free shipping.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

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Ambassador
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents Pending information is not available to anyone as it has not settled and possibly may not .That being said I never want to get on the wrong side of an appraiser but we need to do our due diligence

Apr 26, 2018 10:32 AM #1
Rainmaker
1,979,897
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Hannah Williams In our market, yes, pending information is available to those who ask and from those who choose to disclose. In our eagerness to appease an appraiser, who rarely remembers our kindness anyway, we can easily step into that mess known as dual agency at a large brokerage.

Apr 26, 2018 11:51 AM #2
Rainmaker
3,484,224
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Elizabeth, Colorado eliminated dual agency several years ago, and being an independent broker, don't have to worry about that situation.  Nice to attend these informative classes.

Apr 27, 2018 05:45 AM #3
Rainmaker
2,134,606
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

It is certainly something to consider when associated with larger brokerage firms, where separate agent are involved in a dual agency sale.  However, there is a difference between "dual agency" and "dual agent," although legally it is best to not blur the line too much.  I remember one of the more contentious transactions I was part of.  It involved another agent who represented a buyer in my same office.  My seller becamed worried about whether he was being fully represented because of dual agency in that sale.  That was until I had a confrontation with the other agent when she presented my seller with a "Christmas Wish List" of items her client wanted fixed after a home inspection report.  Mr. Seller felt considerably more comfortable when I quickly put that list to rest!

Apr 27, 2018 10:17 AM #4
Rainmaker
1,979,897
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Joan Cox I try not to operate in dual agency at all but it is difficult at times.

Apr 27, 2018 10:24 AM #5
Rainmaker
1,979,897
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

My seller becamed worried about whether he was being fully represented because of dual agency in that sale.  That was until I had a confrontation with the other agent

Myrl Jeffcoat See, you provide an excellent example of dual agency, and your seller voiced a reasonable concern. And you should not have had a "confrontation" with the other agent since you both work for the same broker and cannot claim "my seller" any more than the other agent could claim "my buyer." 

 

Apr 27, 2018 10:28 AM #6
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Elizabeth- it seems to me that the twice a year meeting you have for legal updates is well worth an agent's time. If it makes you stop and think, or reconsider what could happen, then it's worth it. 

Apr 27, 2018 10:36 AM #7
Rainmaker
1,979,897
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Kathy Streib Especially in California where the state religion is real estate and any downer aspect or disappointment leads to a lawsuit.

Apr 28, 2018 09:12 AM #8
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