U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-21-2012, 09:05 PM
 
26 posts, read 24,530 times
Reputation: 69

Advertisements

I have located a house I want to purchase. However my realtor will have to be "limited Representation" because their firm (another office & agent) is the sellers agent also. I have read the disclosure regarding this and don't see any real-world issue with this. Am I right or should I be very wary of this "dual" representation issue?
Reply With Quote Quick reply to this message

 
Old 06-21-2012, 09:59 PM
 
60 posts, read 229,023 times
Reputation: 42
What is the location of your prospective house?
Reply With Quote Quick reply to this message
 
Old 06-21-2012, 11:06 PM
 
Location: Phoenix AZ
5,920 posts, read 10,440,488 times
Reputation: 9226
In az, a "dual agent" can't negotiate on either parties behalf. It's effectively no representation at all. I wouldn't recommend it.
Reply With Quote Quick reply to this message
 
Old 06-22-2012, 09:32 AM
 
Location: El Dorado Hills, CA
3,670 posts, read 7,974,554 times
Reputation: 3748
Every state is different.

If the listing agent is a different agent than your agent, the law still considers it the same agent b/c the deal is with the broker. Thus it's a dual agency.

In practice, your agent should be looking out for your best interests as well as providing their fiduciary duty to the other party, and vice versa.
Reply With Quote Quick reply to this message
 
Old 06-22-2012, 12:07 PM
 
Location: Salem, OR
13,740 posts, read 31,556,293 times
Reputation: 12105
Quote:
Originally Posted by miltner View Post
I have located a house I want to purchase. However my realtor will have to be "limited Representation" because their firm (another office & agent) is the sellers agent also. I have read the disclosure regarding this and don't see any real-world issue with this. Am I right or should I be very wary of this "dual" representation issue?
In reality, two agents from the same office working under the same principal broker is generally fine. The problem is a legal one in that their fiduciary duties are legally blunted, per se, so they don't owe you as much as if there were two agents from separate firms.

So all that said, if you trust your agent, things should be fine. You just don't want the same agent representing both sides. Two different people from the same office is generally not a concern.
Reply With Quote Quick reply to this message
 
Old 06-22-2012, 12:31 PM
 
Location: Cary, NC
31,592 posts, read 55,307,520 times
Reputation: 30150
The OP is in AZ, and has an answer specific to AZ.
Reply With Quote Quick reply to this message
 
Old 06-22-2012, 06:41 PM
 
26 posts, read 24,530 times
Reputation: 69
I am the OP and am located in Az ( I posted the thread in the AZ forum but it was moved here). I am not talking about a dual agent. They are different agents in different offices, but the same brokerage firm.
Reply With Quote Quick reply to this message
 
Old 06-22-2012, 06:48 PM
 
Location: DFW - Coppell / Las Colinas
29,920 posts, read 34,526,470 times
Reputation: 35918
Quote:
Originally Posted by miltner View Post
I am the OP and am located in Az ( I posted the thread in the AZ forum but it was moved here). I am not talking about a dual agent. They are different agents in different offices, but the same brokerage firm.
You should have no problems. My company has 32 local offices with 1600 agents. I give them the same professionalism I give to any agent. In most cases the 2 agents may not even know each other. Our agents are some of the best trained so I know when I deal with them it is usually best for all the parties.

The agent represents your best interest no matter who the other agent is associated.
Reply With Quote Quick reply to this message
 
Old 06-22-2012, 08:35 PM
 
Location: Phoenix AZ
5,920 posts, read 10,440,488 times
Reputation: 9226
Quote:
Originally Posted by Rakin View Post
You should have no problems. My company has 32 local offices with 1600 agents. I give them the same professionalism I give to any agent. In most cases the 2 agents may not even know each other. Our agents are some of the best trained so I know when I deal with them it is usually best for all the parties.

The agent represents your best interest no matter who the other agent is associated.
That isn't true in a dual agency situation in AZ - here, a dual agent has to represent both the buyer and the seller as fiduciaries. The agent effectively can't use any information to the benefit one party over another.
It's a sticky legal situation, and one that many brokers in az want nothing to do with.

As a dual agent, i can't offer opinions about what a seller would take, or what a buyer might pay without Violating that fiduciary responsibility.

You're getting less as a buyer or as a seller if your agent can't work for you exclusively.
Reply With Quote Quick reply to this message
 
Old 06-22-2012, 09:16 PM
 
Location: Oro Valley AZ.
1,024 posts, read 2,244,109 times
Reputation: 1179
Quote:
Originally Posted by Zippyman View Post
That isn't true in a dual agency situation in AZ - here, a dual agent has to represent both the buyer and the seller as fiduciaries.
INCORRECT - In AZ. Dual agency/Limited Representation is created when both buyer and seller are reresented by the same Broker. This can be either one agent representing both parties or two agents, one for the buyer and one for the seller. The "Consent to Limited Representation" form has two boxes, one for "single licensee" and one for "Two Licensee" . You check which ever box is appropriate and write in either one or two agents name. With very large regional firms controlling the market here "Dual Agency" with two separate agents involved happens quite often. Either another agent from another office or even another agent in the same office.

OP states they have their own agent, seller has their own agent. They have the same broker, nothing to worry about.

Last edited by RickTucsonHomes; 06-22-2012 at 09:31 PM..
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top