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I realize some states are lucky enough that Dual-Agency is ILLEGAL and I wish tomorrow it would become illegal in ALL states, but until then, I'll continue to warn buyers & Sellers to stay clear of DUAL AGENCY! For any reader that doesn't know what dual agency means, it's when one RE agent represents BOTH buyer & Seller. Trust me, you DONOT want to EVER have your agent represent both you and the Seller/Buyer. It can be the WORSE move in the RE transaction that you could possibly make!!! And guess what? It DOES NOT help you as a Buyer OR Selller in any way shape or form. The ONLY person it helps is the agent and or broker! How? Because it takes one agent out of the equation therefore it ultimately give the agent/broker MUCH MORE OF YOUR MONEY!!! You have ABSOLUTELY NO OBLIGATION to agree to DUAL AGENCY and why this is still legal in many states is a complete mystery to me!!!!
MAKE SURE that when you sign your listing agreement, Buyer's agent agreement, or any paperwork for that matter, you DO NOT allow the RE agent to slip you this DUAL AGENCY form to sign!!!!
Would you want your attorney to represent you and the defendant? THIS IS NO DIFFERENT!!!! PLEASE BEWARE! It's your money and your house! Guard it with your life! Think about it? Why else would it be ILLEGAL in many states?
DO NOT allow the RE agent to slip you this DUAL AGENCY form to sign!!!!
There is a tendency for some former used car sales people to believe that everyone does business the way they were expected to do business, back when.
I am not an advocate of dual agency and I do not operate as one, despite that it is legal, with express written approval by both parties, in all but a handful of states, including my own.
Not all states define dual agency the same way. Some states, such as my own, define it at the agent level while other states define it at the broker level and default to a transaction agent. And then again, some states do not define it at all, because the agent is deemed a transaction agent without a fidcuciary duty to any party, so long as all parties are treated with honesty and fairness. No doubt there are variations/mutations, across all states.
Interestingly, in my neck of the woods, many sellers prefer dual agency and some buyers actually seek it out.
Mature sellers remember the old days when there was no such thing as buyer agency. Instead, the agent representing the buyer was considered a sub agent, of the seller. ( I believe this remains true, in some states).
Mature clients also have a tendency to expect their listing agent to be the one to sell their home to a prospective buyer because that was the most common way, 29 years ago, when they bought their house.
Then there are some sellers who view DUAL AGENT MAN as an opportunity to pay a reduced fee, given the agent's duality. The potential reward ( saving money) seems to over rule the risk that their interests could be compromised or that DUAL AGENT MAN cannot legally advise them, when they need it most, during negotiations.
Conversely, some buyers seek out the listing agent for the same reason, expecting the DUAL AGENT MAN will kick back/in all or a part of his/her fee, to them. And by golly when buyer and seller are $X apart on price or in a tizzy about the need for a new toilet seat, all eyes divert to DUAL AGENT MAN.
It's all a matter of perspective and there are more perspectives than there are posters, on any one internet forum.
I realize some states are lucky enough that Dual-Agency is ILLEGAL and I wish tomorrow it would become illegal in ALL states, but until then, I'll continue to warn buyers & Sellers to stay clear of DUAL AGENCY! For any reader that doesn't know what dual agency means, it's when one RE agent represents BOTH buyer & Seller. Trust me, you DONOT want to EVER have your agent represent both you and the Seller/Buyer. It can be the WORSE move in the RE transaction that you could possibly make!!! And guess what? It DOES NOT help you as a Buyer OR Selller in any way shape or form. The ONLY person it helps is the agent and or broker! How? Because it takes one agent out of the equation therefore it ultimately give the agent/broker MUCH MORE OF YOUR MONEY!!! You have ABSOLUTELY NO OBLIGATION to agree to DUAL AGENCY and why this is still legal in many states is a complete mystery to me!!!!
MAKE SURE that when you sign your listing agreement, Buyer's agent agreement, or any paperwork for that matter, you DO NOT allow the RE agent to slip you this DUAL AGENCY form to sign!!!!
Would you want your attorney to represent you and the defendant? THIS IS NO DIFFERENT!!!! PLEASE BEWARE! It's your money and your house! Guard it with your life! Think about it? Why else would it be ILLEGAL in many states?
FrozenAngel, do you feel you were burned in a dual agency real estate transaction? What personal experience have you had with dual agency that's prompting you to post such dire warnings?
I suppose there is an opportunity for someone with no or low ethics to take advantage of a dual agency situation, but that type of individual would probably take advantage of any situation.
When I sold my 1st house in CA, my agent ended up representing both me and the buyer. He did a great job and was above board in all aspects of the deal.
If you don't like dual agency, then don't agree to it. Otherwise, the buyer or seller should be able to decide for themselves.
In my opinion the worst move a buyer or seller can make is to be ignorant of how real estate transactions work and their rights and responsibilities. Knowledge is a powerful weapon.
I'm not a fan of dual agency either. I've had one transaction wherein I experienced dual agency. I was the buyer. I was represented by my agent and she wanted to show me her listing. While showing the listing, she mentioned something about the fence and the overhead cover being permitted. Turned out it wasn't. It ended up costing her $2,000 of her commission. I came out okay, but she made a mistake that she wouldn't have made if she had not repped the buyer. So I don't think it's a good idea for either.
I like the analogy of likening it to a lawyer representing both plaintiff and defendant. That's exactly how it is.
FrozenAngel, do you feel you were burned in a dual agency real estate transaction? What personal experience have you had with dual agency that's prompting you to post such dire warnings?
I suppose there is an opportunity for someone with no or low ethics to take advantage of a dual agency situation, but that type of individual would probably take advantage of any situation.
When I sold my 1st house in CA, my agent ended up representing both me and the buyer. He did a great job and was above board in all aspects of the deal.
If you don't like dual agency, then don't agree to it. Otherwise, the buyer or seller should be able to decide for themselves.
In my opinion the worst move a buyer or seller can make is to be ignorant of how real estate transactions work and their rights and responsibilities. Knowledge is a powerful weapon.
Well, apparently I don't have a clue, but it isn't just ethics at play. In my scenario, while the listing agent was trying to "sell" me the house, she made a costly mistake. So dual agency isn't just about ethics, as I evidenced in my situation.
Business brokers do it all the time and they will tell you "I'm not representing the buyer or the seller, but more the mediator"...well guess meanwhile collecting from both sides and unless you are business smart, they will not tell you the important things...along the way we figured out so much and all the broker did was moving his head to a "yes, or no"...what a b.s. to have dual agents being allowed and only inexpereinced people will fall for it.
I understand that it is the best thing for the agent and the easiest way to manipulate a client...although if a client is smart they will be able to handle it, or be as smart as we were and getting our price so much lowered that the agent had to lower his commission as well to get the deal done!
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Dual agent man
