This is helpful to understand: What is the meaning of a Transaction Coordinator? And, why is it important to know?
Simply put, a coordinator owes no duty to the buyer or seller.. (It’s the complete opposite of a dual agent… But, there’s more)
Learn more about it from this short video…
We had an incident in the State of Michigan were a broker was representing a law firm…
They had refused to sign a buyer agency with him. The seller was a bank who owned a multimillion dollar property… They gave the broker a commission letter, but they would not list with him…
In the beginning, he told both parties that he was going to be a coordinator of this transaction. And they all agreed… Except, he got a little carried away.
The Broker told the law firm they should offer a million dollars below asking price! The bank Found out and sure enough, the broker lost out BIG time.
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