Asked by justin, Los Angeles, CA • Mon Nov 12, 2012
Nobody who answered my previous question addressed the critical issue of fiduciary duty. Does a Buyer's agent who works for an agency that employs listing agents have a fiduciary duty to the seller? (for examples, to report to the seller what you had told your buyer's agent was the maximum you were willing to spend, or to protect information accidentally discovered about the seller)
Using Google and looking through the two sites listed, NAEBA.org, and REBAC.net, I found two agents who claim to take no listings, Lori D. Frankfort in Studio City, and Richard Barclay in Granada Hills.
The first agent "works with a partner who only takes listings", while she "only works with Buyers". Would this mean she has a fiduciary duty to the Buyer, or does she still have such a duty to the seller?
The second agent is reported to be an Exclusive Buyer's Agent of an Exclusive Buyer's Broker.
Does anyone have experience dealing with either of the two, or know anything at all about them?
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