Being an Exclusive Buyer's Agent and a member of the National Association of Exclusive Buyer Agents (Disclosure: I'm also on the Board of Directors), I was excited to see the following article on FoxBusiness.com:
Buyer Agent Organization Comments on Ummel Home Buying Case
The Association's position is simply that part of a Buyer's Agent's due diligence is to prepare comparative market analyses on properties being considered for purchase. (Certainly before submitting an offer on a property.)
As stated, all the details of the case are not readily available, but when a consumer hires a Buyer's Agent to help them with their home purchase, they believe (and should receive) advice and counseling regarding price. Does that mean that the Agent or Broker should be held responsible (and liable) if prices decline after a purchase? Of course not. Perhaps the agent had valid comparables or justification for the price offered and accepted. An analysis of recent sales that justified the offer price would have protected the agent in this event, and may have changed the Buyer's mind as to whether or not they wanted to complete the sale or not. (Or, they may have chosen to move forward anyway... certainly that is a Buyer's choice!)
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Benjamin-Good thought provoking post as usual. I just went to my continuing education class on agency and dual agency was discussed. In Illinois, you are the agent of the person with whom you are working. Dual agency is allowed, only with informed written consent. Even in that case, the buyers agent must present a comparative market analysis. I work alone, but I wonder about people who have teams with buyers agents. The agent who is the main person on the team gets the credit for all sales. That really is dual agency. I wonder if that is always disclosed to the buyer.