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Tina
Tina, Lawyer
Category: Real Estate Law
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Experience:  17 years of legal experience including real estate law.
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In reviewing online some of the "fiduciary duties of a real

Customer Question

In reviewing online some of the "fiduciary duties of a real estate agent" as a seller's agent or buyer's agent it clearly stated { http://www.exclusivebuyersagents.com/duties.htm}
As a fiduciary, a real estate broker is held by law to owe specific duties to his/her principal (the person who they are representing), in addition to duties or obligations set forth in a listing agreement, buyer representation agreement, or other contract of employment. Subagents of the broker also owe the same fiduciary duties to the broker's principal. These specific fiduciary duties include:Loyalty
Obedience
Disclosure
Confidentiality
Reasonable Care and Diligence
Accounting
In relationship to the Corbit & ***** *****'s, you were acting as the seller's agent there were many times that I felt that you were not "using reasonable care and diligence." For example, in the initial dealing with Trish Billings, agent for the buyers she wanted her client "the Jackson's} to move in prior to April 11 since they were traveling from Borger, Texas to Lusby, Md since Corbit Jackson was offered a job at Dominion Power to start on April 18th. I do not think that the information submitted in regards ***** ***** Jackson's credit history and prior employment history were properly screened. Mr. Jackson had not worked for a long period of time, and most
FHA loan lenders require a steady employment record. I cannot vouch for their personal credit history per se, but as one lenders explained to me quote" Father Wayne, you cannot obtain an FHA loan in a matter of a 4 months delay especially if your credit score is bad and your debt exceeds your monthly income." That sounded logical to me.So a letter was presented that the Jackson's would purchase sometime before July 11, 2016, but around the end of June we discovered that no bank or lender was willing to give them a loan for the amount of the purchase of $225,900. According to Mrs. Jackson and her email saying that they had a lender that would loan them $150,000 but never clearly gave the exact information of who that lender was. Also adding that they had three other lenders but no proof was ever submitted. As the seller's agent it was in your best interest to investigate all of this on my part since I could not have access to the financial and credit history because of the confidentiality involved. I felt that even though you claimed to be in constant contact with the person processing
their loan that there was "never" ever any concrete evidence that they would be able to obtain financing for an FHA loan. I am told that this bogus approval letter is given to everyone, and is useless in other words.Even after the fact when Trish Billings backed out of representing her clients the Jackson's I had to consistently keep on asking what was happening. I felt that you, yourself did not even know and that you were too busy to be on top of things. After extending a lease from July 11 thru January 2017, there was still no guarantee that these individual would ever get financing.May 9th, brought some unexpected storm damages of three trees and water leaking in a basement window. As I explained to you that because of installing a new Payne Carrier heat pump over $5,000 with Perdue and Sons, HVAC, and replacing a new basement door to the amount of $650. that my cash funds were depleted. I requested a conference call with the Jacksons informing them of my current financial hardship and offering them a reduction of their monthly rent from $1600 to $1000 per month. The Jacksons agreed and we obtained a legal agreement drafted by Attorney Shannon Dent and signed by both parties.We both gave the Jackson's numerous contractors and I did alot of work on my effort to try and get a licensed contractor in there to perform the work in a timely manner. The one estimate I received from a tree expert was for $4000, but Mr Jackson stated that was to expensive. As for the licensed contractor to repair and f
JA: Because real estate law varies from place to place, can you tell me what state the association is in?
Customer: Maryland, Calvert County
JA: Has any paperwork been filed?
Customer: No, because I understand that if you file with the Md Real Estate Commission you must have an attorney, Due to the circumstances that this real estate agent has placed me in I do not have the financial means to hire a lawyer to represent me against this individual realator.
JA: Anything else you want the lawyer to know before I connect you?
Customer: Are there any agencies that I can file a complaint that does not require a presence of a lawyer.
Submitted: 1 month ago.
Category: Real Estate Law
Customer: replied 1 month ago.
Alex Esquire
Attorney at Law
In reviewing online some of the "fiduciary duties of a real estate agent" as a seller's agent or buyer's agent it clearly stated { http://www.exclusivebuyersagents.com/duties.htm}
As a fiduciary, a real estate broker is held by law to owe specific duties to his/her principal (the person who they are representing), in addition to duties or obligations set forth in a listing agreement, buyer representation agreement, or other contract of employment. Subagents of the broker also owe the same fiduciary duties to the broker's principal. These specific fiduciary duties include:Loyalty
Obedience
Disclosure
Confidentiality
Reasonable Care and Diligence
Accounting
In relationship to the Corbit & ***** *****'s, you were acting as the seller's agent there were many times that I felt that you were not "using reasonable care and diligence." For example, in the initial dealing with Trish Billings, agent for the buyers she wanted her client "the Jackson's} to move in prior to April 11 since they were traveling from Borger, Texas to Lusby, Md since Corbit Jackson was offered a job at Dominion Power to start on April 18th. I do not think that the information submitted in regards ***** ***** Jackson's credit history and prior employment history were properly screened. Mr. Jackson had not worked for a long period of time, and most
FHA loan lenders require a steady employment record. I cannot vouch for their personal credit history per se, but as one lenders explained to me quote" Father Wayne, you cannot obtain an FHA loan in a matter of a 4 months delay especially if your credit score is bad and your debt exceeds your monthly income." That sounded logical to me.So a letter was presented that the Jackson's would purchase sometime before July 11, 2016, but around the end of June we discovered that no bank or lender was willing to give them a loan for the amount of the purchase of $225,900. According to Mrs. Jackson and her email saying that they had a lender that would loan them $150,000 but never clearly gave the exact information of who that lender was. Also adding that they had three other lenders but no proof was ever submitted. As the seller's agent it was in your best interest to investigate all of this on my part since I could not have access to the financial and credit history because of the confidentiality involved. I felt that even though you claimed to be in constant contact with the person processing
their loan that there was "never" ever any concrete evidence that they would be able to obtain financing for an FHA loan. I am told that this bogus approval letter is given to everyone, and is useless in other words.Even after the fact when Trish Billings backed out of representing her clients the Jackson's I had to consistently keep on asking what was happening. I felt that you, yourself did not even know and that you were too busy to be on top of things. After extending a lease from July 11 thru January 2017, there was still no guarantee that these individual would ever get financing.May 9th, brought some unexpected storm damages of three trees and water leaking in a basement window. As I explained to you that because of installing a new Payne Carrier heat pump over $5,000 with Perdue and Sons, HVAC, and replacing a new basement door to the amount of $650. that my cash funds were depleted. I requested a conference call with the Jacksons informing them of my current financial hardship and offering them a reduction of their monthly rent from $1600 to $1000 per month. The Jacksons agreed and we obtained a legal agreement drafted by Attorney Shannon Dent and signed by both parties.We both gave the Jackson's numerous contractors and I did alot of work on my effort to try and get a licensed contractor in there to perform the work in a timely manner. The one estimate I received from a tree expert was for $4000, but Mr Jackson stated that was to expensive. As for the licensed contractor to repair and fix the water problem, the Jackson's after a long period of time retained Affordable Solutions. According to both owners Mr & Mrs. Gibb, of Affordable Solutions there was never any mentioning of a water leak. They went to the property and did some caulking for $270 and that was it.As for the trees, Mr. Jackson stated that he took down some of them {I am certain for his skewers that he owns} and apparently had some verbal agreement with Mr, Karl Bowen, Solomon's Island. Mr. Jackson never stated to myself that Mr Bowen was going to do the work. Finally, after receiving an email from Mr. Jackson, I investigated the matter only to discover that Mr. Bowen did not have a tree expert license. When I confronted him about this matter, he refused to discuss his agreement with Mr. Jackson and then rudely hung up.
After several attempts, I finally discovered that Mr. Bowen was not indeed licensed as required by the State of Maryland and that another party
Expert:  Law Educator, Esq. replied 1 month ago.
Thank you for your question.

I am sorry, but what is your specific question for us about this?

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