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I'm in the process of reviewing properties for a home purchase. It's been several years since I bought a home and have a question. Can the listing agent for a home I'm looking to buy also be my agent? Just seems like a conflict of interest to me. Better for me to get my own agent?
I'm in the process of reviewing properties for a home purchase. It's been several years since I bought a home and have a question. Can the listing agent for a home I'm looking to buy also be my agent? Just seems like a conflict of interest to me. Better for me to get my own agent?
Gracias!
What State are you in?
In NC, Yes the listing broker can represent you, the buyer, in what is known as dual agency.
Thanks for the answers! I am buying in Missouri. I like the Seller's agent but don't want to have a conflict of interest or put him in an uncomfortable situation.
In Florida, dual agency is prohibited. We have "transaction brokerage", which we work for the fairness of both parties, - to put the transaction together. You should check with the agent.
Thanks for the answers! I am buying in Missouri. I like the Seller's agent but don't want to have a conflict of interest or put him in an uncomfortable situation.
The agent should be more than happy to let you know his companies policy regarding Dual Agency (basically the scenario you would have should s/he decide to represent both parties)
There are certain restrictions with dual agency and you will want to fully understand these according to your states laws - the agent will know.
You can also ask the agent to refer you to another agent they feel comfortable recommending and who will do a good job for you, I'm sure they have someone in mind who can help. Just remember to interview the 'new' agent to ensure you will be able to work well together prior to hiring, should you decide to go this route.
Thanks for the answers! I am buying in Missouri. I like the Seller's agent but don't want to have a conflict of interest or put him in an uncomfortable situation.
WKTULLY, a couple of follow up comments. Even if dual agency is allowed in the state, tecknically the agent doing dual agency wouldn't be representing either party but would serve as a facilitator. Also, if you do decide to get a Buyer Agent, if you go through the listing agent to do this, then the listing agent may be getting a referral fee from the Buyer Agent, which would decrease the Buyer Agent's commission who would be working for you.
It's in your best interest to have your own agent. The listing agent can fill out paperwork for you (and will be happy to do so if it's legal in your state since he/she will pick up the entire commission in the process) but the listing agent cannot offer you advice or work on your behalf.
My advice would be for you to find a good buyer's agent. Someone with experience both as an agent and in the area you're planning to buy. You don't pay any more for having your own agent (the commission structure is already spelled out in the contract that the listing agent has with the seller) and you'll get professional advice from someone who is obligated to work in your best interests.
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