This is not really new news for many of you , but the story circulating around news organizations and blogs about a buyer who has filed suit against their agent mentions a twist. Aside from the main story is the “smaller” issue that the agent evidently also arranged the buyers financing. At least that is how I interpreted it, although I could be open for correction.
Agency (who is representing who in a purchase and sale transaction for those new to buying) is a tough thing to sort out for some consumers. In Washington State, agency law has gone through several variations and changes throughout the years.
But, when an agent is actually representing a buyer in a fiduciary capacity and then places their loan officer hat on, with no fiduciary duty as of today (could be changing), it makes for some potentially serious complications when things go sideways during a transaction.
Speaking solely for myself, if I were an agent, knowing what I know about the challenges they encounter, there is no way I would ever want to put myself, livelihood or assets at risk by playing a dual role.
I’ve never played with a live grenade before…..but, sheesh, acting as a buyer’s agent and arranging their financing is just not my recipe for fun. It’s exciting enough working in the escrow business thank you very much.
PS. If any of you have not had a chance yet this season to grab your boards out of the basement, do so, because the snow has been superb this season.