Hi,

I have a friend who is shopping for a house in Calif. and has found one
that she and her husband like a lot. They'd like to make a bid and try
to purchase it. Yet they've also learned that their real estate agent
also represents the person selling the house. What should they do in
this situation?

Many thanks for any advice,

Sally

wrote in message
ups.com...
Hi,

I have a friend who is shopping for a house in Calif. and has found one
that she and her husband like a lot. They'd like to make a bid and try
to purchase it. Yet they've also learned that their real estate agent
also represents the person selling the house. What should they do in
this situation?

really? the real estate agent represents the seller? whoever heard of
such a thing!
there oughta be a law!

AllEmailDeletedImmediately wrote:
wrote in message
ups.com...
Hi,

I have a friend who is shopping for a house in Calif. and has found one
that she and her husband like a lot. They'd like to make a bid and try
to purchase it. Yet they've also learned that their real estate agent
also represents the person selling the house. What should they do in
this situation?

really? the real estate agent represents the seller? whoever heard of
such a thing!
there oughta be a law!

I think the OP is saying that the same agent is representing both the
seller and the buyer.

-jav

This is called "Dual Agency", and it is not at all uncommon. It must be
disclosed by the agent, and there are some very specific rules (which
vary state to state) about what they are and are not allowed to do.

Have they actually retained this agent as their buyer's agent, or is it
just someone they stopped in to look at houses from? These are two
completely different situations. If he/she is not your friends' buyer's
agent, there is no fiduciary duty, and he/she works completely for the
seller. Again, not at all uncommon, just realize who's interests are
being represented. If this is the case, they may want to retain a
separate buyer's agent to represent them (or at least a lawyer to look
over paperwork; an agent can help with valuations and suggestions too).

wrote:

they've also learned that their real estate agent
also represents the person selling the house. What should they do in
this situation?


Its called dual agency. Ask for a discount on the commision for starters - use
it to pay for an independent review of the deal.

Proceed with caution and get some outside advice. Dual representation
is legal and considered ethical in the industry, but it shouldn't be.
The main thing the agent wants is to make the sale because they don't
get paid otherwise. The agent will lean on whichever party seems most
pliable in order to get a contract signed, and the final price may or
may not be fair market value. Get a list of comps (recent sales of
comparable houses in the neighborhood) which the agent has or can get.
Hire a private inspector, and the contract should state that the seller
must correct all problems for the sale to close. Pest inpsectors,
city/county inspectors and appraisers have different or limited goals,
and are not a substitute for a private inspector. Scout the
neighborhood, and talk to people who live there about problems. In
particular, traffic, noise , crime, and schools should be investigated.
Agents are very good at showing houses at times when traffic in front
of them is minmal (visit the area at rush hour). For some cities, crime
maps are available which show burglaries, car thefts and violent crimes.

Mike

wrote:
Hi,

I have a friend who is shopping for a house in Calif. and has found one
that she and her husband like a lot. They'd like to make a bid and try
to purchase it. Yet they've also learned that their real estate agent
also represents the person selling the house. What should they do in
this situation?

Many thanks for any advice,

Sally

On 4 Apr 2006 06:26:02 -0700, wrote:

Hi,

I have a friend who is shopping for a house in Calif. and has found one
that she and her husband like a lot. They'd like to make a bid and try
to purchase it. Yet they've also learned that their real estate agent
also represents the person selling the house. What should they do in
this situation?

Many thanks for any advice,

Sally

"Learned" how? The agent told them? Or they found out on their own?
As other posters have mentioned, this is called "Dual Agency" and
while legal, the agent's fiduciary duty is to the seller.

If the agent told them, no problem. If the agent did not disclose, I
would RUN to a different agent for representation even if I had an
agreement with the first. That agent would have a
license/ethical/legal issue with not disclosing this in the first
place.

"Javier" wrote in message
...
AllEmailDeletedImmediately wrote:
wrote in message
ups.com...
Hi,

I have a friend who is shopping for a house in Calif. and has found one
that she and her husband like a lot. They'd like to make a bid and try
to purchase it. Yet they've also learned that their real estate agent
also represents the person selling the house. What should they do in
this situation?

really? the real estate agent represents the seller? whoever heard of
such a thing!
there oughta be a law!

I think the OP is saying that the same agent is representing both the
seller and the buyer.

says nothing about a buyer agent.

On 4 Apr 2006 06:26:02 -0700, wrote:

Hi,

I have a friend who is shopping for a house in Calif. and has found one
that she and her husband like a lot. They'd like to make a bid and try
to purchase it. Yet they've also learned that their real estate agent
also represents the person selling the house. What should they do in
this situation?


Real estate agents only get paid when they make a sale. If your
friends somehow believe a buyers agent is working in their interest,
then they should talk to the agent to see what they are willing to do.
I never really believed that since the seller pays and a buyers agent
usually only gets paid from a sale.

wrote:
Hi,

I have a friend who is shopping for a house in Calif. and has found one
that she and her husband like a lot. They'd like to make a bid and try
to purchase it. Yet they've also learned that their real estate agent
also represents the person selling the house. What should they do in
this situation?

Many thanks for any advice,

Sally


We were told by our buyer agent that if this situation arose we could
get another agent (from a different realtor) to complete the transaction.

They should have gotten a form that defined "dual agency".

AllEmailDeletedImmediately wrote:
"Javier" wrote in message
...
AllEmailDeletedImmediately wrote:
wrote in message
ups.com...
Hi,

I have a friend who is shopping for a house in Calif. and has found one
that she and her husband like a lot. They'd like to make a bid and try
to purchase it. Yet they've also learned that their real estate agent
also represents the person selling the house. What should they do in
this situation?
really? the real estate agent represents the seller? whoever heard of
such a thing!
there oughta be a law!
I think the OP is saying that the same agent is representing both the
seller and the buyer.

says nothing about a buyer agent.



How are you reading the original post?

He said that his friend and her husband found out that their agent (ie,
the buyer's agent) is also representing the seller.

-jav

"Javier" wrote in message
...
AllEmailDeletedImmediately wrote:

says nothing about a buyer agent.

How are you reading the original post?

He said that his friend and her husband found out that their agent (ie,
the buyer's agent) is also representing the seller.

when people look to buy a house, they usually use one agent. that agent
isn't necessarily a buyer's agent. they often don't understand that the
agent
really works for the seller. the op never mentioned that they found out
their buyer's agent was representing the seller. and maybe the agent
isn't
a buyer's agent, but just the person showing them houses.