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Home Selling
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There is an advantage to you as seller but it is not necessarily a positive or ethical one.
The buyer has many legal rights. The right to a fair negotiation. The right for an independent inspection. The right to receive full and honest disclosure of property condition. The listing agent is expected by you as seller to represent you 100%. Will this same agent advocate for repairs or issues once an inspection report comes in? Will the agent disclose anything a qualified buyers agent diligently seeks for his or her client?
Dual Agency, AKA Buyer Facilitation, inherently favors the seller no matter how fair or balanced listing agents think they are.
Full disclosure: I am a listing agent. Do I like the idea of facilitating both sides? Absolutely. Am I concerned about making each side legal and Whole, preventing liability? Absolutely. Do I stay away from Dual Agency? Absolutely!!
Oct 1, 2008 at 3:22 AM
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Not really. Unless your agent represents the only possible buyer for your property. Opinions vary on this. One thing to note is that when the agent represents both the buyer and the seller, he/she only really truly represents the contract itself. Some agents just don't do dual agency, because you can't really fully represent both parties. For example, lets say you are asking $400K for your house. But then the agent does a CMA for the buyer (which she can only do if she is representing them) and she recommends they offer $389,000. That is not really representing you and your price of $400K. Dual agency is perfectly legal in VA, it just has to be disclosed. To some, it doesn't matter, especially since the goal is to get your home sold. Using the example above, if the asking price truly is too high, and the CMA justifies the lower asking price, you can't argue with the recent solds data. It is what it is. And the agent is working to get your home sold, which is the goal. You shouldn't be suspicious of this- VA law requires an explanation of both dual and designated agency and an up front request from the seller whether or not they will permit it. This is supposed to be addressed during the signing of the listing agreement. We have a code of ethics to follow and I think most agents who do dual agency are ethical. But it all boils down to what you are comfortable with.
Sep 14, 2008 at 12:15 PM
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2 responses
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