Perhaps it's because I'm a partner in a real estate company; perhaps it's because I relocated.
Either way, the practice of a real estate agent showing our listings under "seller agency" has created issues. We just don't permit it, and our sellers know why. Seller permission, case by case, required.
"I've been selling real estate here for fifteen years, and THAT'S THE WAY WE DO THINGS!" was one response from a very successful local agent wanting to bring buyers to the listing.
In an effort to quickly and (hopefully) efficiently dispel the notion that changes are for the purpose of rocking a boat, the following scenario occurred with a recent showing:
A brand new agent enthusiastically presented our listing to her buyers. Mentioning that the front yard was huge, the response to her buyer's query about the possibility of a pool in the front yard was met with, "SURE! There's plenty of room!".
Coming in as a sub-agent (or, with a buyer having the "seller agency" box neatly checked on the NYDOS disclosure- same thing) creates this problem for our seller (owed fiduciary, per NYS).
New York State added to the menu of offerings "BROKER AGENCY". While somewhat difficult to decipher, it does include the following :" THE BUYER AND SELLER THEREFORE DO NOT HAVE VICARIOUS LIABILITY FOR THE ACTS OF THE BROKERS AGENT". Good for our seller.
Problematic for ourselves, as owners of a real estate company, is the last line in that agency agreement:
"THE LISTING AGENT OR BUYERS AGENT DO PROVIDE DIRECTION AND INSTRUCTION TO THE BROKERS AGENT AND THEREFORE THE LISTING AGENT OR BUYERS AGENT WILL HAVE LIABILITY FOR THE ACTS OF THE BROKERS AGENT".
I REALLY don't want to pay for a pool that was represented. Under either of the above scenarios, the possibility exists that either our seller, or ourselves, will be out with shovels after closing.
Bring your buyers- please. That we want to sell the house is in evidence with the integrity that we'll bring to the table, respecting both you, and your buyers. But, let's start the process accepting our respective responsibilities, for which your buyer is paying part of the fee that our seller is offering.
Keeping our seller "off the hook" with respect to inadvertent misrepresentations is what we agreed to do for them when we listed the house.
I've never been good at digging holes, and I don't want to learn this late in the real estate game- besides, the cute shoes that the selling agent was wearing would be ruined, when I pick her up at 1 a.m and hand her a shovel! * after dark- the town will not accept this front yard pool, due to setback requirements.
*Posted in real estate law group. Curious for responses about what goes on BEFORE a lawyer is introduced to the process in NY.
As reluctant as many of us are to let go of summer months on the North fork of Long Island, fall brings activities that offer fun that appeal to any age level.
I still laugh out loud when the memory is revisited- and going again this year with or without the kids is simply a North fork experience that is as required (by us) as hitting the beach on a gorgeous day.
The following link provides much in the way of resources for North fork, Long Island fall activities. See you there!