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.
Hi. I'm in PA and I know that it's allowed/ legal for a broker to represent a buyer and a seller. We are looking to buy.
We are looking at 2 houses plus new construction, all with the same real estate listing agent and we do not currently have our own buyer's agent. She has offered to reprersent us, which again is allowed.
Is this wise for a buyer, especially on the resales? If the agent is working for both sides, is it beneficial to the buyer, because it's in the agent's best interest to complete the deal and maybe give up some commission?
I am happy to use this agent as a buyer's agent for other properties (that she does not list).
Any thoughts are greatly appreciated. Thanks!
By the way, I'm not as concerned about new construction, because I know some builders who could help me price out what it would cost to build a new house.
I started to write something about "most agents" being trustworthy but this really doesn't do you much good since you never really know if the agent across from you is the exception. I don't have a problem being in the middle but, to be honest, if I were the buyer I'd still want a little more separation of the two sides, so to speak. Plus, two sets of eyes always sees more than one, IMHO, and having a second agent involved will probably help assure that all the "i"s are dotted and the "t"s are crossed. Believe me, it is nice to get both sides of a deal as an agent and, again, most agents are just fine at that. I just think the system works better when there are two agents, both working toward assuring that the deal is a "win-win" for everyone involved.
I agree with two agents and it is doesn't have that much to do with honesty although some. We once looked at a house where an offer had been made and the agent told us just what we would need to offer in order to buy the house for which she was the broker. Another time, the buyer made a comment to our agent about what he was willing to pay which probably was not the best idea he ever had. I would think as an agent, it could be uncomfortable. It just really depends on the area you are in and the competition and such.
Thanks for the replies. I asked a few friends who purchased recently, and they all agree with you (get my own agent).
However, to complicate matters a bit:
1) The new construction land is owned by the builder. He allows 1 other builder to build, so we would get 2 quotes. The real estate agent represents the owner/ builder.
2) The resale that we like is owned by the sister of the builder
3) The house next door to what we like was sold 6 months ago and is very comparable to the resale that we like. There are 2 other houses for sale in the neighborhood (one by this real estate agent, one by another) as comparables too.
4) I know contractors who can tell me how much it would cost and how much they would charge for building the new construction in the neighborhood (keep in mind, they cannot build it, per the builder's rules). Therefore, if it's new construction, I'm not as worried about the price (but I know the "cost" to the builder). My father is also an architect who can help.
5) That gives me 1 reently sold, 2 on the market homes, and a new construction home as price comps. There really are no other similar developments in the area, so this is the best information we could get (of course I'll look at other comps, but these 4 data points are very strong).
For things like inspections, appraisals... I trust this realtor to walk me through the process and the 3rd parties are all independent anyway. Thanks again!
Hi. I'm in PA and I know that it's allowed/ legal for a broker to represent a buyer and a seller. We are looking to buy.
We are looking at 2 houses plus new construction, all with the same real estate listing agent and we do not currently have our own buyer's agent. She has offered to reprersent us, which again is allowed.
Is this wise for a buyer, especially on the resales? If the agent is working for both sides, is it beneficial to the buyer, because it's in the agent's best interest to complete the deal and maybe give up some commission?
I am happy to use this agent as a buyer's agent for other properties (that she does not list).
Any thoughts are greatly appreciated. Thanks!
By the way, I'm not as concerned about new construction, because I know some builders who could help me price out what it would cost to build a new house.
Don't do it.
WHY wouldn't you want someone looking out for your best interests solely??
If you want a classic example of a real estate agent burning the candle on both ends and nor caring as long as they get a commission...I present.....
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.
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.
