Try this out for food for thought…
The bills introduced in Missouri HB 122 and HB-220 will help exempt realtors from MOST liability in the sale of a house.
“Gosh don’t blame me, I didn’t know an airplane was supposed to have brakes or wings / I’m just the airplane salesman. I shouldn’t have any liability because I steered you into buying a dud OR using a mechanic to check it that was blind OR has no training AND never finds any problems (which helps me sell more airplanes)”.
[FONT=Arial][/FONT] The carrot being given to Missouri Legislators to help them justify this blatant rip-off, is that if the legislators pass the bill to help act as a “Bullet Proof Shield” for the real estate community - the Realtor Boards around the state will ASK their agents to NOT recommend a specific individual in professions like - engineers, home inspectors, termite inspectors, mortgage brokers, contractors, ETC, but they could ONLY give out broad lists of names.
But we all know how that works. The agent hands out a list of Home Inspectors OR gives the buyers the local YELLOW PAGES, for example; the buyer then asks who they should hire. The agent’s response will likely be - I can’t CHOOSE or RECOMMEND any SPECIFIC inspector for you, BUT many agents in my office say Inspector A (one-eyed Louie), or Inspector C (20 Minute Billy) is really good and points to where they want to steer the buyer to.
Where do you think the buyer then gravitates to …… All along the agent is still directing the buyer to the inspector, engineer, contractor that the agent often knows is soft OR cheap. But in a law suite the agent and broker can say **WE DID NOT SPECIFICALLY RECOMMEND ANY INSPECTOR. **Can you prove that my agent did. **CASE CLOSED, **no liability for the commissioned house salesmen or women
[FONT=Arial][/FONT] The professions specifically named in HB-220 to PROTECT real estate licensees from ARE: home inspectors, termite inspectors, engineers, environmental hazard experts, mortgage brokers, wood- destroying inspection and control experts, land surveyors, geologists, or other home inspection type experts (like maybe chimney sweeps, foundation contractors, roof contractors, etc).
The HB-220 also states that: “A recommendation alone by a licensee of the person making the statements or the ordering of a report or inspection alone will not constitute selecting or engaging a [FONT=Arial]Person”. [/FONT]
[FONT=Arial]Figure out what that really does for real estate agents.[/FONT]
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So BOTTOM LINE if something goes wrong in the transaction: the seller lied **OR **did not disclose known defects OR skillfully hides them; the real estate agent knows there are problems because the seller told them OR they had a previous deal FLIP because of things a previous inspection revealed BUT the agent or seller don’t disclose them. Now the **NEW **buyer gets into the house and 6 months or 11 months later the problems start showing up / WHAT does the NEW owner do – Try and chase down the seller who now lives in Idaho **OR **sue his RE Agent that subtly steered him into this lemon, NO now they take the **EASY **path AND sue the inspector(s) BECAUSE the commissioned house sales persons might have ALSO written a bill to license them AND gotten them liable for 3,4, or 5 years AND might have mandated E&O insurance or similar ………. Whatever!
Gosh in this economy with business off by 35%-40% and trying to hang on by my fingertips, I love the Realtors politics … It gives my blood pressure such a challenge.