Sellers agent wants to also be the buyers agent. OK? (for sale, foreclosure)

[justnice]

Hi. We are about to place our condo for sale. The agent we chose to list the condo just ask if it is ok for him to also be the buyers agent. We're not sure of this, and would appreciate if anyone would give us their opinions or share their experiences?

[billiken]

I would look at it this way--your agent is supposed to be acting in your best interests. It seems to me that there would be a conflict of interest if your agent was also trying to act in the best interests of the buyer.

[middle-aged mom]

By this, does this agent mean the buyer's agent for your property or your buyer's agent for another property, you plan to buy?

If the former, it's called dual agency. Your agent is asking you if it's OK with you to represent both parties, should that become the case.
When that happens, he can only share public information with either party and not be party to advising either party how/what to negotiate.

It does not strike me to be in your best interest to agree to dual agency. Should a buyer make direct contact with him and want to make an offer, he can refer out the buyer's representation to another agent so that both buyer and seller have their own representation.

Be aware that in most cases, regardless what you agree to, or not, it is substantially more likely that another agent will represent the buyer.

[BurrRidge Cub]

Originally Posted by justnice

Hi. We are about to place our condo for sale. The agent we chose to list the condo just ask if it is ok for him to also be the buyers agent. We're not sure of this, and would appreciate if anyone would give us their opinions or share their experiences?

Sure, it's O.K. It's really what you feel comfortable doing? Do you feel comfortable having an agent represent both sides? There are restrictions to what a Dual Agent can, and can't do for both parties...but nothing illegal about it.

If you are thinking about it, then you need to find out from this particular agent what he is legally bound to do for you...which really isn't much, to be honest.

I know I wouldn't want to be a dual agent. I just don't think I'd be able to give either side the due representation they should receive.

I know at my office, we've had several agents represent both sides, and seem to do alright, but I wouldn't want to.

[jamaicabound60565]

In some states this is illegal, in Illinois its allowed you just have to sign off on it.

I would generally think it's a conflict of interest b/c under normal circumstances you don't want the buyer and their agent knowing how low you will go on price and other info like that.

I think its better that you are the seller seeing as how the more it sells for the bigger the agents commission will be however with the market being tough like it is the agent could potentially not act in either of your best interests just to get the sale done and get their commision.

I recently bought a foreclosure and I used the listing agent who was also the banks agent however since the bank isn't a person and doesn't care as much about things I felt like the realtor favored me over the bank so I didn't have an issue with it. For appearances however my agent had another person in her office act as my agent on paper so to speak so not to make it look like a conflict of interest.