And lots of discussion lately about buyers wanting / deserving seller information from property purchased at auction.
While a state (such as New York) or a particular transaction (such as real property) could require such disclosure, it’s really not all that complex. Here’s a quick overview of who is the client, customer and agent which hopefully will shed some light on this subject.
At auction the seller is the client. The Auctioneer is the agent. The buyer is the customer.
- Client says he wants buyer information collected by agent (a legal direction) then agent must comply or be in violation of his fiduciary duty.
- Customer says he wants seller information and contacts agent. Auctioneer is to contact client with the request. Such disclosure is entirely up to the client.
It’s really just (about) that simple.
Mike Brandly, Auctioneer, CAI, AARE has been an auctioneer and certified appraiser for over 30 years. His company’s auctions are located at: Mike Brandly, Auctioneer, Keller Williams Auctions and Goodwill Columbus Car Auction. He serves as Adjunct Faculty at Hondros College of Business, Executive Director of The Ohio Auction School and Faculty at the Certified Auctioneers Institute held at Indiana University.