Let's face it. We all have a friend or neighbor that is a Plumber, Doctor, Nurse, Attorney, or any of the other thousands of job holders that may have information the rest of us need. How often have you caught yourself calling a friend who is a Nurse and asking him/her about a fever or rash instead of going to the Doctors office? Or checking with your CPA or Attorney friend about a question that you swear will only take a second for them to answer? Happens all the time.
It also happens in Real Estate. We agents get asked all the time from friends, relatives, and neighbors, questions about all sorts of things. What color should I paint my living room? Should I renovate or sell? And these I love, I am selling my home to X investor company. I don't have to pay a buyer agent! Can you help me with the paperwork? Many questions are simple and easy to answer. Others, not so much.
Honestly, I really don't mind helping when I can. But as agents, we have to be careful how far we go in giving help without representation. Did you know that most agents carry a special insurance that helps if errors in contracts are made? Its called E&O insurance. Did you also know that this insurance probably will not cover the agent in a situation where they are not representing legally the aggrieved party?
It's true, in a lawsuit happy society, we agents have to protect ourselves. So, when you ask an agent a real estate related question, just know there may be limitations on their answer to you unless you engage that agent in representation.
Now, any questions?