WOULD YOU HIRE YOUR WIFE'S DIVORCE LAWYER?
You should understand from the beginning of your relationship with your real estate agent what type of relationship exists. In most states, real estate agents (both brokers and sales associates alike) are required by law to let consumers know whether they represent the buyer or the seller. This is discovered when disclosing agency to your client. It is in writing. One must obtain permission to represent both parties in a real estate transaction. However, would you hire your wife's divorce lawyer? I believe you would like your own representation.
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In the past, real estate agents represented the seller exclusively, whether the agent helped a seller to market and sell the home or helped a buyer find and purchase the home. In other words, agents were at one time legally bound to represent the seller in a residential real estate transaction. In that same scenario, the seller paid both the listing agent and the agent who brought the buyer. However, in today's real estate market, you may find that you can choose between a wide variety of options for representation. If you want to sell a home, you can work with a "seller's agent". If you are purchasing a home, you can work with a subagent of the seller's agent and, in many areas, you can engage an exclusive "buyer's agent". An additional situation in some states is dual agency. This type of agency exists when the buyer decides to have the seller's agent prepare the offer on the buyer's behalf. A buyer who elects this situation, and all additional parties to a transaction, should receive full disclosure of representation. In some states, dual agency also affects the real estate professionals fiduciary responsibilities to the seller. Keep in mind that real estate laws differ from state to state and even from locale to locale. And within this framework of variety, laws can change. For more in-depth answers for your specific situation, talk with a knowledgeable real estate professional and ask about local practices. Be sure that you understand and are comfortable with the options involved when you engage the services of a real estate agent. |
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interesting take....we have had some buyers in the past year...that will only work with the listing agent figuring that they will sacrifice their commission to make the sale....and some do !
Some buyers are not fully informed about dual agency and this is when the inexperienced agent gets in trouble.
it is amazing that some buyers want THE cheapest deal, and those are the ones who really open themselves up to post-settlement "issues."
I would prefer my own representation in a real estate transaction
Janice I have learned that real estate is a team sport and everyone must know their position on the team. Imagine having the quarterback playing the offensive guard position at the same time. Leaves too many holes
Eric that is your choice
I see that many agents will not touch dual agency because of the liability
I like your analogies. I would prefer my own agent too imprtortant to screw up
Thanks for the rain. Is anyone for dual agency on AR today?
I think I would step into dual agency with caution.
Irene dual agency is ok if you know the steps
Once we enter into a dual agency I tell my clients that I can help them with everything but the negotiations.
Great input Will
I have never been in a dual agency situation that actually culminated in a closing. I did have a seller and a buyer (the buyer came through the open house on the property) who were both clients and disclosure was made, but the deal didn't go anywhere due to the court (foreclosure).
A recent situation that I found myself in, and Lenn's response to it, has me thinking a little differently about the feasibility of attempting to be a dual agent. At this point, I'd rather not, unless I had some guidance on how to walk that tightrope...
William great input