Orlando Real Estate, Orlando Buyers Agent, Orlando Homes, Orlando Buyers Broker: Fake Buyers Agents

Fake Buyers Agents

There are fake buyers agents among us...you know, the agents that like to use the  label of "buyers agent" without the added responsibility that goes with it.

Today home buyers are the ones suing the agent; sellers not so much.  Buyers find suprises after closing;  sellers are glad to be rid of the problem.                                       fake buyers agents

Buyers that hire a buyers agent look to that agent to waive all the red flags and not throw them under the bus.

Recently there was a blog feature about whose responsibility it is when the buyers closing cost credit addendum is not given to the tile company and not added as a buyer credit on the HUD.

 

 A few of the responses were mind boggling:

 

  • "Mistakes happen...." Not reading the HUD is not a mere mistake, it is a breech of fiduciary duty.

 

  • "Closing agent should assure that all addendums are there"  It is not the escrow agents job to babysit any agent.

 

  • "Buyer can sue the seller"  On what grounds? Buyer just signed legal closing documents confirming that everything was correct"

 

  • "Agent must make good on it"  What if buyer agents negliance costs more than the commission?  what if it is double the commission? what then?

 

Every one that calls themselves a "Buyers Agent" has a fiduciary duty to put that buyers interest above their own.  That means that the "buyers agent" needs to worry more about reading the buyers documents than being concerned about whats on facebook.   

Scrutinizing the HUD (closing statement) is a must, not an option.

 

A HUGE misconception is that agents think that you can simply just re-do the closing documents  after closing.  Sure if the name is spelled wrong or an initial is missed that can be corrected...

However, the closing is the death of the contract. The terms of the contract are not in effect after closing.  After closing, seller cannot suddenly remember that they forgot to replace the dining room chandelier and the buyer cannot complain that the refrigerator is not cooling properly.   The home sale is over. Finished.

Try squeezing money out of a seller who has cashed the check and has no legal obligation to start paying.  Sure the seller can be a nice person and pay...or they can change their phone number.

 True Buyers Agents take the responsibility (and liability) for taking care of the buyer seriously and do not rely on the listing agent or the title company to do the work for them.  They take nothing for granted.

A Fake Buyers Agent simply does not step up to do the job that they were hired to do, which of course is unfortunate for the home buyer.

 

For expert representation by buyers agent that do read the HUD, call Buyers Broker of Florida 407-539-1053

 

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Representing ONLY the best interest of the Home Buyer...never the seller.

 Eve Alexander Orlando Buyers Agent

 

Comment balloon 9 commentsMike & Eve Alexander • July 30 2014 11:39AM

Comments

And I'm going to add a "You be careful" to all those Dual Agents out there!  If they DO NOT understand Fiduciary Duty . . . they need to STOP performing Disclosed "Limited" Agent (as defined in my state) duties.  One OOPSIE on either side . . . there can be a claim made (by either seller or buyer) that it was intentional and done by the dual agent to favor one side over the other.  

Most agents have no concept of what representation means.  This is why many agents do not want to practice Buyer Agency.  They do not understand the responsibility involved, and they certainly do not understand the liability!

Posted by Carla Muss-Jacobs, Principal Broker (503) 810-7192, Buyer Focused ~ Buyer Results (BuyersAgentPortland.com | Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% of the Time) about 3 years ago

We are listing agents and that's the side my team members represent, period.... we do not participate in dual agency.... when and if a buyer is foolish enough to not hire a buyer's agent, they go it alone....we remain an agent for the seller.... the responsibilities of a buyer's agent are of a greater magnitude than any listing agent could imagine.... We represent our sellers, if and when, they decide to purchase a home locally.... it's much more work than listing and the burden is on us to make sure the buyer understands what is being purchased and all the numbers that reflect that purchase.....

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) about 3 years ago

A.M.E.N. to what Carla Muss-Jacobs, Principal Broker/Owner  said too!  It IS our fiduciary duty to get these buyers through the Contract as unscathed as humanly possible!  Some are in it just for the check, Eve & Mike; I truly feel that's what the problem is.  They're not conducting themselves as true buyers agents...period!

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) about 3 years ago

Carla:  True. Dual agents take what is simply not possible to do and claim they can do it...

Barbara: You have a great way of doing business...always staying true to your client without games.  I love it!

Deb: Money is the root of all evil.

Posted by Mike & Eve Alexander, Exclusively Representing ONLY Orlando Home Buyers (Buyers Broker of Florida ) about 3 years ago

Mike and Eve,

Suggested for sure! There's also a great post written by AR member @John G. Johston: The Voice for Real Estates 1: RESPA, Student Loans. John wrote this on July 2 and John included a video that supports what your saying regarding scrutinizing the HUD Settlement Statement. Representation isn't about the agent's money, it's about doing the right thing for the right people all the time per the license act. Great post Mike & Eve!

Posted by Patricia Feager, Selling Homes Changing Lives (DFW FINE PROPERTIES) about 3 years ago

Glad you got fired up and posted a blog, Eve ( and Mike). I could tell you were REALLY frustrated.  In practice, I agree with you wholeheartedly. In the scenario I was discussing - it wasn't the issue of blame, more questioning how agents would handle the situation. For example, while I do believe it's inexcusable to not go through a HUD with a fine-tooth comb, I also would have worked, as a listing agent, to solve the problem. I don't know WHY the agent missed the credit - he doesn't work for our office. I was just curious that our agent ( the list) felt that he would stick it to the buyers because their agent missed the credit. Naturally, if the sellers don't step up, I would hope the buyer's agent eats his mistake - and never makes it again. But, your point is made, the HUD-1 is a critical part of the closing and needs our full attention - on BOTH sides. If we can't do that job for our clients - it's a big problem. :

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) about 3 years ago

Patricia:  Yes, I agree and thank you.

Debb:  If the listing agent screwed up, I would not feel that I have an obligation to help them.  Not my problem. Likewise I would never expect a listing agent to help fix any buyer mistakes.  There is a definite line of responsibility that does not cross over to the other agent...simply put, I do not concern myself with any issues that do not effect my buyer client.

Posted by Mike & Eve Alexander, Exclusively Representing ONLY Orlando Home Buyers (Buyers Broker of Florida ) about 3 years ago

You bring up some very good points. I hope as many people read it and stop and think about what they are doing when they get those docs

Posted by Tammy Adams ~ Realtor / Podcaster, A Maricopa Agent who Works, Lives & Loves Maricopa (Maricopa Real Estate Co) about 3 years ago

The biggest issues I've seen come from a lack of attention to detail.  Being sure to cross every T and ensure a buyer is represented to the fullest requires taking care of all the details, it's not optional.

Posted by John Meussner, #MortgageMadeEasy Costa Mesa, CA 484-680-4852 (Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA,) about 3 years ago

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