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Jim Scheller
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Jim Scheller answered:
Bonita,
It sounds to me that your agent should have told you that the house would be going back to the bank if he knew.
The question is: did he know this when the negotiations were starting? If so, then no, he wasn't fulfilling all his fiduciary obligations to you (at least as defined here in Minnesota...). Material facts about the property should be disclosed to the principal (you).
If he didn't know this then, he should have told you as soon as he knew. If he did this, then I don't believe you have anything to be concerned about.
Good luck!
It sounds to me that your agent should have told you that the house would be going back to the bank if he knew.
The question is: did he know this when the negotiations were starting? If so, then no, he wasn't fulfilling all his fiduciary obligations to you (at least as defined here in Minnesota...). Material facts about the property should be disclosed to the principal (you).
If he didn't know this then, he should have told you as soon as he knew. If he did this, then I don't believe you have anything to be concerned about.
Good luck!
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