Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Gail Eller

Gail Eller has started 2 posts and replied 12 times.

Post: When a Real Estate broker is the buyer Question

Gail EllerPosted
  • Okeechobee, FL
  • Posts 12
  • Votes 1

Many thanks to everyone who has answered my question.

Post: When a Real Estate broker is the buyer Question

Gail EllerPosted
  • Okeechobee, FL
  • Posts 12
  • Votes 1

Many thanks to everyone who has answered my question.

Post: When a Real Estate broker is the buyer Question

Gail EllerPosted
  • Okeechobee, FL
  • Posts 12
  • Votes 1
Originally posted by @Greg H.:
Originally posted by @Bryan L.:

@Greg H. I am a Realtor/investor. NAR has no requirement to provide a market analysis . Neither does my state association. The do require that I disclose to the seller that I am a licensed agent if I am interested in buying it myself. And, in my state there is an official form for that along with a form called Confirmation of Agency Status. On that Agency Status form, it would be marked and made clear that I am representing myself and not representing the seller. Taking it another step, in TN we have a standard disclaimer form that says that I as a Realtor am not an expert in structural issues, square footage, environmental hazards, etc, etc, etc, INCLUDING that I am not an expert in the current value, investment potential, and/or future value of the property. It goes on to say that the true current value of a property can only be ascertained by a licensed appraiser (which I am not).

 Keep in mind, I am only speaking of the specific narrow scenario where the first contact was regarding listing services which appears to be the scenario the OP was speaking of. 

If no client relationship exists, none of what I stated applies in any way.  I am a broker who in 98% of my transactions, I am the the principal and no such measures are needed other than disclosing that I am a broker 

I am on vacation in Key West but I will try to pull it up on the plane ride home

Post: When a Real Estate broker is the buyer Question

Gail EllerPosted
  • Okeechobee, FL
  • Posts 12
  • Votes 1

Thank you.

Post: When a Real Estate broker is the buyer Question

Gail EllerPosted
  • Okeechobee, FL
  • Posts 12
  • Votes 1
Originally posted by @Russell Brazil:

Who is your first duty to as an agent in your state? Might seem like a silly question, but in MD and DC by law your first duty is to the public. (Not your client or yourself). So if you were in MD/DC you have the potential of running afoul by not informing the individual of the value of their home.  This of course varies dramatically by state

Post: When a Real Estate broker is the buyer Question

Gail EllerPosted
  • Okeechobee, FL
  • Posts 12
  • Votes 1

Thank you

Post: When a Real Estate broker is the buyer Question

Gail EllerPosted
  • Okeechobee, FL
  • Posts 12
  • Votes 1
Originally posted by @Account Closed:

@Gail Eller  This varies by state.  It also depends on the exact conversation and possibly the level of expertise of the property owner.  In some places it might also depend on what type of property.

If I was a broker and wanted to do this on a regular basis, I would first talk to a lawyer and second record all of my incoming calls.

Post: When a Real Estate broker is the buyer Question

Gail EllerPosted
  • Okeechobee, FL
  • Posts 12
  • Votes 1

Thank you Maria for taking the time to respond.

Post: When a Real Estate broker is the buyer Question

Gail EllerPosted
  • Okeechobee, FL
  • Posts 12
  • Votes 1
Originally posted by @Maria McCreless:

I am not an attorney, but from my understanding if there is no listing agreement the broker does not have to give his opinion of worth.  You can contact the Board of Realtors for your area and they can get a legal opinion for you. 

Post: When a Real Estate broker is the buyer Question

Gail EllerPosted
  • Okeechobee, FL
  • Posts 12
  • Votes 1

Thank you Maria and Michael