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Buyer's agent same as seller's agent

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What are the pros and cons if the buyer's agent is same as seller's agent?

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February 03 - Woodbridge

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Reba Haas, "reba_haas"
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Reba Haas, "reba_haas"

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One last thing. Check your specific state's laws on this issue as some states do not allow it at all.

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February 04

Reba Haas, "reba_haas"
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Reba Haas, "reba_haas"

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You don't say what state you live in, but WA State does not require fiduciary duties and the agents here are monitored by common and agency law. You can read the specifics of each type of agency at this link to the Revised Code of Washington (RCW) that speaks to each situation: http://apps.leg.wa.gov/RCW/default.aspx?cite=18.86

I personally don't do dual agency with my clients although dual agency can exist if I and another agent from our brokerage are both involved in a transaction. In that case we disclose the situation and note that each of us acts separately although our broker's office is technically the dual agent because they hold both of our licenses. Agents are independent contractors and we do not share client files with each other and we have a duty of confidentiality and loyalty to our specific client.

The main reason I prefer single agency is that I want to work 100% for my client and not have what I consider to be a built in conflict of interest in attempting to represent 2 parties in the same transaction. Now, it is possible for an agent to act as a transaction coordinator, but in that instance there must be complete transparency on the part of the agent and the buyer and seller must keep confidential for themselves whatever they do not want to share with the other party. It is a rare situation that this occurs.

You should consider what it is that you want from your agent before deciding which route to go.

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February 04

Joe Nernberg, "Home Inspection Pro"
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Joe Nernberg, "Home Inspection Pro"

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Dual agency makes me uncomfortable. Can one attorney effectively represent both plaintiff and defendant? I believe real estate transactions are more efficient with less people involved, but have dual agents been treated fairly in litigation?

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February 04

Wayne F. Smith, "wsmith2inc31725330"
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Wayne F. Smith, "wsmith2inc31725330"

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- Buyers agent has a fiduciary responsibility to the buyer.
- Sellers agent has a ficuciary responsibility to the seller.
- Disclosed dual agent has a fiduciary responsibility to both and must NOT place one parties interest above the other OR THEMSELVES ! ! ! ! This is a basic component in the intent of the Code of Ethics.

A common misunderstanding in "dual agency" is that the agent does not have to be the same person. A Disclosed Dual Agent scenario exists even if there are 2 different agents that happen to be with the same Broker/Agency. This scenario happens quite often, especially with larger brokerages and/or ones with multiple offices within a geographic area.

I disagree with Lewis' answer as written, and I'm sure he did not intend to make a blanket statement infering that ALL agents act on behalf of the seller in such a scenario. There are those that take the Code of Ethics seriously. Those that take their business and run their business (agents are independent contractors and as such "own" their business) looking long term will take GREAT care to make sure that BOTH parties are treated fairly and ethicially and create a collaborative win-win scenario. Every client that I work with and for is a source for future business and referrals. That future business and the growing of my business is worth far more to me than an extra $300 in my pocket on a $10K "over-charge".

www.housesofhunterdon.com

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February 04

Lew Corcoran, "Lew Corcoran"
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Lew Corcoran, "Lew Corcoran"

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Generally speaking, in practice, with you have a dual disclosed agent, the agent will lean towards representing the seller as he or she will attempt to get as high as price for ther sellers as he or she can. The agent will not be able to disclose to you as the buyer anything he or she knows about the seller while at the same he or she will not be able to disclose anything about you to the sellers. While some states prohibit dual disclosed agents, some real agencies also prohibit the practice as by its very nature it's a conflict - such as an attorney would be in representing both sides of a case.

You're better off having a Buyer's Agent represent you in any transaction where you are purchasing a home. He or she will disclose what he or she knows about the sellers while at the same time not disclose what he or she knows about you, and will work with you to get a price lower than the asking price. How much lower will depend on the market, the condition of the home, how the home is priced against the market, and so on.

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February 03

NICHOLAS CHRISTOPHER, "NICKCHRIS"
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NICHOLAS CHRISTOPHER, "NICKCHRIS"

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There are not really any pros or cons. When you have both sides of a deal the agent has fiduciary duty to both parties. We are unable to comment on accpetable offer or any items such as that.

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February 03

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Buyer's agent same as seller's agent

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