State Law Imposing Fiduciary Duties In Foreclosure Rescue Deals Has Some Washington State Real Estate Agents Howling

In Seattle, Wasshington, a blog on the Seattle Post Intelligencer reports:

• It appears that most of the complaints about the [recently passed Washington State] equity skimming law are originating with representatives of real estate agents. [...] The reason for this is that the law impresses new duties on the agents and with the new duties the prospect of liability. Over the years there has been a good deal of marketing to get you to think of real estate agents as "real estate professionals." This law they believe is taking this idea too far.

• The crux of this concern is that real estate agents might be characterized as "distressed home consultants" who the new law says owe a fiduciary duty to the the distressed home owner, someone facing foreclosure.

For the rest of the story, see What Are Real Estate Agents Complaining About?

See also, New law worries county Realtors.

For a related article on the new Washington State foreclosure rescue statute, see No Whining About the New Equity Skimming Legislation.