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Risk to buyer when a dual agent represents them and a seller.
Risk to buyer when the dual is brought in by the seller.
Risk to buyers who are not represented by an agent.
Risk to buyer when a dual agent represents them and a seller.
Risk to buyers who are not represented by an agent.
In both situations, a Buyer essentially has no agent working for them. A "Dual agent" is a misnomer as they aren't really an agent for anyone--they can't advocate for either side.
Quote:
Originally Posted by howard555
Risk to buyer when the dual is brought in by the seller.
Explain the scenario under which you think this would occur. If a property is listed for sale, the Seller already has an agent. The Seller's agent may say that they will serve as a Dual agent, but they may have a difficult time being fully neutral.
In both situations, a Buyer essentially has no agent working for them. A "Dual agent" is a misnomer as they aren't really an agent for anyone--they can't advocate for either side.
Explain a scenario under which this would occur.
I've had an agent show me a few properties. They recently offered to be a dual agent since the seller had asked if I had one and the commission they would charge would be down to 5%. That appears to be an agent brought by the buyer.
A seller asked us if we had an agent. When we said yes they did not respond. If we had said no maybe they would have said well I have one that I can contact so that would be an agent brought in by the seller. An agent unknown to the buyer. My agent is unknown to the seller.
Lawyer for title search. Lender for funds. Lawyer for closing. Buyer inspection.
That leaves what for the agent to do but meet at showings.
Can an agent price negotiate with a stubborn seller on price?
I've had an agent show me a few properties. They recently offered to be a dual agent...
Your agent likely wants to show you a house that they have already listed for sale.
Quote:
Originally Posted by howard555
A seller asked us if we had an agent. When we said yes they did not respond. If we had said no maybe they would have said well I have one that I can contact so that would be an agent brought in by the seller. An agent unknown to the buyer. My agent is unknown to the seller.
FSBO? If neither of you have agents, why would you want to bring in an agent?
Quote:
Originally Posted by howard555
Can an agent price negotiate with a stubborn seller on price?
Sure, if you're dealing with a FSBO property. Otherwise, offers would go through the Seller's agent and your agent would be helping you to craft your offer.
It should be illegal everywhere. It's a dangerous myth that one agent can represent both parties.
People who say that don't understand the meaning of dual agency and representation.
That said, I am not a proponent of dual agency. All my clients, at my recommendation, sign off declining dual agency and requiring full advocacy.
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