Whether you are buying or selling a home, you want your real estate agent committed to you fully.
However, with dual agency, what originally would be an agent who fights for you in deals with your home will now turn to a neutral party in the transaction.
The agent you hired to look out for your best interests no longer fully represents you, and they also are not allowed to offer you any advice that you would be getting if they were just working as your agent alone. When you find a home and would like know what you should offer, they would not be able to help you because it would actually be unlawful.
In selling, if a buyer makes an offer, your agent is no longer allowed to offer you advice as well. In this situation, both the buyer and seller would be left to do the negotiating alone. The only winner in this would be the real estate agent, who gets paid by both parties and actually does not have to provide their expertise in the negotiation process.
Not only that, but after getting under contract, the agent also can’t aid you with the inspection process, where you might want help in negotiating some parts after seeing the inspection report on the house.
By law, real estate agents are required to explain dual agency to both a buyer and a seller. It is more common that dual agency starts with the seller, so if you are selling your home, make sure you reject dual agency completely and sign an exclusive seller contract.
If you are paying the agent to sell your property, then you want them wholly on your side. Now, that doesn’t mean that they can’t show your house to potential buyers. Just make sure that your agent is representing you and only you.
For further information, you can click for the article: https://article.wn.com/view/2018/03/10/Dual_Agency_in_Real_Estate_is_a_Conflict_of_Interest/
Posted: 7-16-2018 4:08PM EDT