Every now and then i do a rant video. I know there are people out there who dont like my rant videos, for those, this video and post are not for you.
The code of ethics for real estate agents says we need to be honest to all party in the transaction and that includes one agent to another and the buyers agent to the seller.
So agents, I know you have a fuduciarey responsibility to your buyer, but if you write an offer on a short sale and it says in the addendum you have ernest money for 90 days to give it time to be negotiated, then you are bound contractually.
If your buyer decides three weeks later later they want out of the deal, but when they learn they will lose their earnest money if they back out then mysteriously change their mind and decide to stay in, it is your responsibility to be honest with the selling agent.
In this situation the agent was just looking for the first opportunity to get out and save the earst money. As a matter of fact when we asked if the agent if the buyer was really still in because we did not want to lose the houes to foreclosure the agents response was sign an addendum to release the earnest money and we will answer that. That right there tells you they knew the buyer had been out of the deal for a while. Unfortunately for me the code of ethics does not allow me to call out the agent or i would get in trouble.
Yes you have fuduciary responsibility to pretoect your buyer, but you also have the responsibility of being honest. And buyers if you are not sure if you want the house, if you havent seen it yet, don’t write the offer. If you do, and your offer is accepted, then you need to fullfil the contract.