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Old 08-18-2008, 12:29 PM
 
5 posts, read 8,504 times
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I'm looking at a property that an agent told me about. She is about to list it, though the seller is keeping the right to sell it without her if it doesn't work out with me. My question is she asked if I'm okay with her representing both him and me? I don't know the answer to that. We're talking about empty land and it's less than $25k so it's a relatively small amount of money at stake for the agent. There also aren't as many complications possible, like with a building. It seems to me (niaively?) she should be able to represent us both. She and the land are in Wisconsin, and I am in Illinois. Any input?
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Old 08-18-2008, 01:46 PM
 
Location: Venice Florida
1,380 posts, read 5,546,370 times
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I don't know RE law in Wisconsin, but the word "represent" implies working in your interest. There is no way someone can "represent" both the seller's interest and the buyer's interest.

In most states a real estate licensee can work with both parties. In such a situation the licensee can "represent" one party's interests and not the other, or "represent" neither simply working to bring a transaction together.

With the endangered species act there is no such thing as an uncomplicated land deal.
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Old 08-18-2008, 02:36 PM
 
5 posts, read 8,504 times
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Quote:
Originally Posted by FLBob View Post
With the endangered species act there is no such thing as an uncomplicated land deal.
I am unable to find (online) any incidence of problems with the ESA in Wisconsin. Should it be sufficient on my part to request disclosure of any possible ESA implications?
We did discuss how if she represents the seller, she must represent his best interests, but she reassured me she would look after both of us properly. If you're suggesting that's not possible, would I simply select any other agent from a different company?
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Old 08-18-2008, 02:45 PM
 
Location: Venice Florida
1,380 posts, read 5,546,370 times
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I recommend that you speak with the local building department about ESA issues.
If she represents the seller she is not representing you, if you're comfortable representing your own interests then proceed.
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Old 08-18-2008, 03:35 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 20,746,935 times
Reputation: 6430
It's legal to do so in CA, but my company policy is that if a listing agent also comes up with a buyer, then I represent one of the parties just to provide a bit more arms length to the transaction.

The agent still gets paid as if they represented both sides.

Back in the old days I didn't find it hard to represent both sides, I always felt I was a mediator for each party and it seemed to work out well for all concerned.
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Old 08-18-2008, 07:10 PM
 
Location: near Portland, Oregon
472 posts, read 1,625,602 times
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Quote:
Originally Posted by DMenscha View Post
Back in the old days I didn't find it hard to represent both sides, I always felt I was a mediator for each party and it seemed to work out well for all concerned.
That's the way I see it, and I've done more than one offer with only one agent. It saves time, and I'm not convinced I'd get better representation if I went with a second agent. I mean, the two agents can be really good buddies, or they could hate each other's guts-- either way you're not getting good representation. But I do have a good RE lawyer for backup-- someone who's a bit removed geographically, and not likely to play golf with any of the parties involved. It's an objective, dispassionate, "arm's length" transaction you're after, and God knows, that's hard enough without hauling another ego into the picture.
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Old 03-19-2011, 07:45 PM
 
Location: California
5,731 posts, read 6,492,720 times
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Quote:
Originally Posted by scone View Post
That's the way I see it, and I've done more than one offer with only one agent. It saves time, and I'm not convinced I'd get better representation if I went with a second agent. I mean, the two agents can be really good buddies, or they could hate each other's guts-- either way you're not getting good representation. But I do have a good RE lawyer for backup-- someone who's a bit removed geographically, and not likely to play golf with any of the parties involved. It's an objective, dispassionate, "arm's length" transaction you're after, and God knows, that's hard enough without hauling another ego into the picture.

I totally agree!

A good real estate lawyer is terrific idea to protect your rights as they are not commission driven.
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