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The Listing Agent Stole My Buyer! What Can I Do? - YouTube
Channel: Randall School of Real Estate
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from the mailbag I received this email
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this past week and it says dear Paul
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here's my story I showed a buyer over 30
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houses and I've written five
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unsuccessful offers all were beaten out
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by better offers my buyer is qualified
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up to one hundred and fifty thousand
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dollars with FHA financing it's so hard
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to find anything for them after all of
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this work
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my buyers stopped by a random open house
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this past weekend without me the open
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agent who was also the listing agent
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convinced my buyers to write an offer
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with her I think I deserve at least a
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referral fee but the listing agent
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refuses to pay what can I do
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sincerely Jacob and that's a great
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question and I'll give you four possible
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answers in this video
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hey everyone my name is Paul for Chesky
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I'm the director of Randall's school of
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real estate before we get started on
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today's video do me a huge favor give
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this video a thumbs up hit that little
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red subscribe button click that little
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notification bell and share this video
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with others wow I can't tell you how
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many times in my real estate career I've
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seen this happen and honestly I have
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been a victim of this situation as well
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but the question is does Jacob have any
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kind of recourse here and the answer is
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actually yes and no and maybe if this
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has ever happened to you do me a favor
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please write just a word yes down in the
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comment section I would be curious to
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know how many people have been faced
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with this situation
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Jacob first of all understand this the
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buyer can choose to work with whoever
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they want regardless of how many times
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you've shown them houses or how many
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offers you've written on their behalf
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but on its face there are really no
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procuring causes here that I see also
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understand this it sounds like your
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buyers really need a home they want a
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home and certainly they've had their
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share of disappointments and sometimes
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that causes desperation and buyers have
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a tendency that when faced with the
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glimmer of hope that they might actually
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get a house they will forgo any loyalty
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that they have to their agent just so
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they can get that house and listen
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that's not a reflection on what kind of
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agent you are you obviously sound like
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you're a great agent but that is today's
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reality in the tight market place so I
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want to break this down into two parts
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for you Jacob first of all are you
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entitled to any financial compensation
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and second are there any disciplinary
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options you can take against that open
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agent so answer number one let's look at
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the compensation aspect first does Jacob
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have any recourse Jacob if you had your
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buyer sign what's called an exclusive
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buyer agency agreement then yes the fact
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is you're entitled to compensation
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you're entitled to the amount of money
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that was agreed to in that buyer's
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exclusive agency agreement now I want to
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clarify something here
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an exclusive buyer agency agreement is
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not the agency disclosure that the
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licensees have their clients sign that
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outlines the agents duties and
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responsibilities under license law this
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is a separate contract not unlike the
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listing contract between the broker and
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the buyer and the purpose of it is to
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protect the agent and the broker from
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this exact very thing that happened to
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Jacob now if you have no such contract
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there is no claim of any compensation
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either from the buyer or from the open
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agent also keep this in mind since the
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buyers exclusive agreement is
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technically between the buyer and the
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broker only the broker can bring legal
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action against that buyer so if there's
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an agreement in place you'll need to
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have a discussion with your broker
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before you take any legal action because
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it will have to be your broker that
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takes that legal action answer number
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two what about filing a complaint
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against the open agent with the Real
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Estate Commission now from a licensed
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law perspective Jacob may actually have
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an actionable complaint with the Real
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Estate Commission against that open
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agent now I say may have I actually
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spoke to Gregg lemon who's the director
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of the Nebraska real estate commission
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and unlike a listing contract he
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indicated there are no specific
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prohibitions in the statute or in the
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Commission precedent about poaching
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other agents clients from that do have
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an exclusive buyer agency agreement in
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place but depending on the fact pattern
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there are certainly other violations
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that could have occurred with that
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meeting between Jacobs buyer in that
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open agents okay let me give you an
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example here in Jacobs case his buyers
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went to an open house and those buyers
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spoke with that open agent if that open
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agent made any kind of statement that
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open agent says something to the effect
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that buyer's exclusive agency agreements
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aren't enforceable or no worrys courts
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don't like these type of agreements or
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that open agent says something to the
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effect of dolt
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about buyer exclusive buyer agency
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agreements they aren't worth the paper
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they're written on something like that
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then there would certainly be a
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potential violation so it really depends
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on the facts in each individual case and
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what was said between Jacob's buyer and
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that open agent now also remember here
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kind of important there are no current
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commission precedents that doesn't mean
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a future commission won't make one if
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they have the right case to look at
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something to think about
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answer number three in Jacobs case if
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the open agent is a member of the
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Realtors Association Jacob might have
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recourse through the ethics process so
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let me explain a couple of things here's
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a couple of possible scenarios the
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realtor code of ethics standard of
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practice 15 to says Realtors have the
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obligation to refrain from making false
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or misleading statements about other
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real estate professionals their
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businesses and their business practices
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includes the duty to not knowingly or
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recklessly publish repeat retransmit or
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pas republish false or misleading
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statements made by others this Duty
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applies whether false or misleading
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statements are repeated in person in
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writing or by technological means or by
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any other means in Jacobs example if the
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open agent and the open agent made a
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false or misleading statement about
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Jacob or Jacobs company such as I'll
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give you an example maybe the open agent
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said you'd be better off allowing me to
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write up the offer because the the agent
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Jacob you've been working with has been
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sued several times by previous clients
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and that's a false statement there would
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be grounds to file an ethics complaint
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under standards of practice 15 to answer
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number four standard of practice 16 nine
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says Realtors prior to entering into a
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representation agreement have an
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affirmative obligation to make
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reasonable efforts to determine whether
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the
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prospect is subject to an a current
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valid exclusive agreement to provide the
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same type of real estate service now
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standard of practice 1613 goes on to say
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before providing substantive services
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such as writing a purchase offer or
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presenting a CMA to prospects Realtors
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she'll ask prospects whether they are
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party to any exclusive representation
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agreement Realtors shall not knowingly
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provide substantive services concerning
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a prospective transaction to prospects
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who are parties to exclusive
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representation agreements except there's
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a couple of exceptions here with the
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consent of the prospects exclusive
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representatives or at the direction of
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prospects what does all this mean let me
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break it down for you Jacob's buyers go
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into the open house the open agent has a
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duty to number one ask if they're
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working with an agent and if they are is
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there a buyers exclusive agency
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agreement in place if there is a buyer
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exclusive agency agreement in place then
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the open agent at that point would
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either have to call Jacob and get
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permission to work with those buyers
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with Jacobs permission or number two the
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prospects were would have had to
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directly indicate to the open agent that
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they want her to write that offer now
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understand this if that is the case and
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the prospects buyers and struck the open
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agent to write the offer the open agent
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has a duty under license law I believe
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to inform Jacobs buyers that hey I will
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write the offer but you do have this
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agreement out there and those agreements
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do include monetary concessions and
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compensation so you may still have to
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pay those that that amount that's listed
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in that buyer's exclusive agency
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agreement so you need to speak with your
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attorney because there are some
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financial consequences before we move
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forward there your failure of that open
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agent to give that advice that could
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constitute a license law violation now
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if the buyers still say okay great we
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are where
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we want a new move forward then the open
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agent would be okay to move forward and
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right write up that offer it still
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doesn't alleviate the compensation under
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that contract that those buyers may
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Jacob and Jacobs company it just removes
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the the open agent from any liability
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under the Code of Ethics and now answer
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number five I lied I know I said four
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but there's actually five and that is
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it's happened to the best of us I know
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what sucks but that's the reality of it
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one option is just to move on and live
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to fight another day last thing my
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recommendation for all you agents out
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there working especially in those tight
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markets where there's low inventory and
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the buyers fall into that particular
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particularly that first-time home buyer
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price range please get an exclusive
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buyer agency agreement signed before
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before committing to work with them be
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open and honest with your buyers about
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what these agreements are and why you
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want them to sign it it's really the
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only way to protect your interest
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against this very situation that we've
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been discussing in this video all right
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guys that's all I have for today's video
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if you have any questions or comments
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about today's topic please leave me a
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comment down below if you have a
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particular situation you'd like me to
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opine on or you have a suggestion about
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a video topic please drop me an email my
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email address is right down here
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if you'd like more information on how to
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get your license or unique continuing
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education please reach out to us and
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give us a call that's all I got for
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today's video until next time I hope to
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see everyone in class
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