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#1
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real estate agent help
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 |
#2
Posted to misc.consumers.house
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real estate agent help
On 4 Apr 2006 06:22:32 -0700, wrote:
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? I used to be a commercial real estate agent in California. Here's what I can tell you: Dual agency is very common. Dual agency must be disclosed by law (http://www.dre.ca.gov/disclosures.htm#_Toc122939772) Here's what Nolo--a provider of legal information, forms, and solutions for do-it-yourselfers--says about dual agency: "One of the best reasons to hire a real estate agent, however, is that the sellers are likely to use their own agent -- and you want to keep that agent from taking over the process. In fact, the seller’s agent may pressure you to let him or her represent both of you, in a “dual agency” relationship that primarily benefits the seller. (The less scrupulous sellers’ agents don’t make it clear that they’re working for both people -- but if only one agent is involved in your transaction, it’s fair to assume that the agent’s loyalties are with the seller.) It’s better to have your own agent than settle for dual agency." Notice this phrase: "In representing both Seller and Buyer, the agent may not, without the express permission to the respective party, disclose to the other party that the Seller will accept a price less than the listing price or that the buyer will pay a price greater than the price offered." Ok, so ... since they're not supposed to do that ... it never happens, right? Hmmm. My final word on dual agency is this: it CAN work, but the agent is technically (arguably) acting as a "sub-agent" of the seller's agent. After all, the commission IS being paid by the seller, right? Also, when the agent is paid based on a commission, then the more you pay for the house, the more they make. It's that simple. An *entirely* honest, ethical agent will put that fact aside in trying to represent your best interests. Is that the kind of agent you have here? Trying to insert a "buyer's agent" at this point might really stir the pot. If it's a house your friend wants, and if your friend has no reason to doubt the ethics and character of the agent, then he/she should probably move forward as is, BUT they should be VERY aware that they no longer have somebody looking out SOLELY for their interests, so they need to guard their own position a bit more jealously. Good luck! |
#3
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real estate agent help
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#4
Posted to misc.consumers.house
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real estate agent help
Cindy writes:
I just made an offer on a house and made my offer being accepted tied to the seller's agent getting my listing. Cindy, I'm a little confused here. Are you saying that you placed a bid on a new-to-you home, and made their acceptance of your offer somehow contingent on their listing agent also becoming your listing agent to sell your existing home? Do you also have a home sale contingency in your offer or something? I'm curious why anyone would do such a thing. On the pro side, you'll obviously motivate the agent to get your home unloaded quickly so they can get both commissions, but on the down side, you're giving the enemy all your cards and putting that agent in an interesting situation with the sellers. If I were teh sellers I'd be wanting to know from my agent what kind of financial shape y'all are in and what sort of property you have before accepting that offer. And as an agent in that situation, I'm guessing I'd be pushing you to list that house of yours for below market value for a quick sale so I can get both selling commissions quickly. So I guess I'm not sure how your interests will end up well served? Or am I missing something here? -- Todd H. http://www.toddh.net/ |
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