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Answers (26)
- Pasadenan
- Contributions:21428
selling agent should reveal ---> selling agent should *not* reveal
- Pasadenan
- Contributions:21428
"For instance, an agent representing both cannot tell a seller what the buyer is willing to spend. Conversely, the agent cannot tell the buyer what the seller is willing to take. Within the rules of agency representation, it's required that when an agent knows a material fact, they must share that fact with their client." -
Well, any agent worth anything will know about the material facts and will have to disclose them regardless (of course, many just claim ignorance and tell you that is your inspector's issue, so you have absolutely no protection regarding material facts no matter what Realtor®(s) you select). The sellers will still try to claim ignorance of forgetfulness (due to amount of time, or stress of the process). And the buyer still can't sue the agent due to the arbitration agreement signed, and won't be successful in court against the seller unless it was blatant deceit.
And so, a duel agent cannot reveal what a buyer will spend, or what a seller will accept? A selling agent should reveal what their client will spend either. Nor should a listing agent reveal what their client will accept. So these "exclusive agents" have no more information to share that a duel agent, unless of course the agents violate the confidentiality agreement, which most of the agents do most of the time, even when they think they are not, but such things as tone of voice and inflection and body language. Besides, all the agents have the same goal... get to the closing table, and get the deal closed. That may not be the goal of the clients on any specific property or offer.
The agents also claim they will "negotiate" for you; but how are they going to negotiate without disclosing your confidential information? What do that have to negotiate about? Are the agents willing to take a personal lose if they cause you to spend to much or give too much away, or cause the deal to fall apart? Most are not... thus they don't do any negotiations; but only carry out the instructions of their clients, assuming they have the ability to do that.
The only difference is that listing agents will pull high comps for their CMA's, and selling agent's will pull low comps for their CMA's, and Duel agents will pull middle of the road comps for their CMA's, unless they are representing a developer, in which case the price is the price, but they can throw in extras and can discount for the amount the developer would have had to spend on a selling agent.
Well, any agent worth anything will know about the material facts and will have to disclose them regardless (of course, many just claim ignorance and tell you that is your inspector's issue, so you have absolutely no protection regarding material facts no matter what Realtor®(s) you select). The sellers will still try to claim ignorance of forgetfulness (due to amount of time, or stress of the process). And the buyer still can't sue the agent due to the arbitration agreement signed, and won't be successful in court against the seller unless it was blatant deceit.
And so, a duel agent cannot reveal what a buyer will spend, or what a seller will accept? A selling agent should reveal what their client will spend either. Nor should a listing agent reveal what their client will accept. So these "exclusive agents" have no more information to share that a duel agent, unless of course the agents violate the confidentiality agreement, which most of the agents do most of the time, even when they think they are not, but such things as tone of voice and inflection and body language. Besides, all the agents have the same goal... get to the closing table, and get the deal closed. That may not be the goal of the clients on any specific property or offer.
The agents also claim they will "negotiate" for you; but how are they going to negotiate without disclosing your confidential information? What do that have to negotiate about? Are the agents willing to take a personal lose if they cause you to spend to much or give too much away, or cause the deal to fall apart? Most are not... thus they don't do any negotiations; but only carry out the instructions of their clients, assuming they have the ability to do that.
The only difference is that listing agents will pull high comps for their CMA's, and selling agent's will pull low comps for their CMA's, and Duel agents will pull middle of the road comps for their CMA's, unless they are representing a developer, in which case the price is the price, but they can throw in extras and can discount for the amount the developer would have had to spend on a selling agent.
- Carolyn Howard-Carnegie, "Carolyn H Carnegie"
- Contributions:5
To answer your question, you most definitely can trust a dual agent Realtor to work on behalf of the buyer. By state law, if the Realtor is assosicated with an office that participates in dual agency, then it is okay to work with that Realtor. More importantly, when choosing a Realtor, you as the buyer, must feel from the outset of the relationship that you have someone working on your behalf that you can trust. The majority of Realtors want to do a great job. Our reputation depends on it, however, there are always bad apples in every bunch, that seem to affect the rest in a negative manner.
- sunnyview
- Contributions:25120
"Some agents are "slippery". Realtors are Realtors because of an ethics class we take. Ask if the agent is a Realtor."
Gimme a break. If you truly feel that the NAR membership alone insulates buyers from "slippery" agents", you must not have been in business for long or you refuse to acknowledge that there are plenty of slippery Realtors®.
Buyers need to do what they can to choose an honest, professional agent in the first place. They also need to assume that any agent including a buyers agent may not have their best interests at heart until they get to know them better. There are lots of good agents, but every profession has bad apples. Real estate is no exception to that rule.
You may not know that what kind of an agent you really hired until your transaction is closed and you have some time to get true perspective. Dual agency is not my preference for anyone, but the most experienced buyer that has the ability to judge the quality of the agent and look out for warning signs on their own.
Gimme a break. If you truly feel that the NAR membership alone insulates buyers from "slippery" agents", you must not have been in business for long or you refuse to acknowledge that there are plenty of slippery Realtors®.
Buyers need to do what they can to choose an honest, professional agent in the first place. They also need to assume that any agent including a buyers agent may not have their best interests at heart until they get to know them better. There are lots of good agents, but every profession has bad apples. Real estate is no exception to that rule.
You may not know that what kind of an agent you really hired until your transaction is closed and you have some time to get true perspective. Dual agency is not my preference for anyone, but the most experienced buyer that has the ability to judge the quality of the agent and look out for warning signs on their own.
- John & Jennie Fodera, "Hudson Valley Agents"
- Contributions:30
Some agents are "slippery". Realtors are Realtors because of an ethics class we take. Ask if the agent is a Realtor.
Your best bet here is to listen closely to what the dual agent is telling you. If they are a Realtor, ethics says confidentiality for both parties should be the norm. So even though the agent is working now for both buyer and seller they have to provide fair business dealing to both. It is possible that the seller agent side of the dual agent would want to "squeeze" a higher sale price but they also have to look out for the buyer. This all depends on the morality of the agent/Realtor.
Your best bet here is to listen closely to what the dual agent is telling you. If they are a Realtor, ethics says confidentiality for both parties should be the norm. So even though the agent is working now for both buyer and seller they have to provide fair business dealing to both. It is possible that the seller agent side of the dual agent would want to "squeeze" a higher sale price but they also have to look out for the buyer. This all depends on the morality of the agent/Realtor.
- Rushel Reed, "Rushel Reed"
- Contributions:308
Even though this question is several months old, it's relevant for buyers and sellers every day.
A dual agent, which in Oregon is known as a "Disclosed Limited Agent" is perfectly legal. However, the practice of representing both parties in a transaction is SLIPPERY. One basic rule of agency requires maintaining confidentiality. When an agent represents both parties, the rules of confidentiality essentially make the agent a document preparer at best. They can't share information about either party with the other.
For instance, an agent representing both cannot tell a seller what the buyer is willing to spend. Conversely, the agent cannot tell the buyer what the seller is willing to take. Within the rules of agency representation, it's required that when an agent knows a material fact, they must share that fact with their client. As you can see, it's impossible to represent both parties fully (thus the Limited Agent moniker) when you are both required AND prevented from sharing information on both parties.
A dual agent, which in Oregon is known as a "Disclosed Limited Agent" is perfectly legal. However, the practice of representing both parties in a transaction is SLIPPERY. One basic rule of agency requires maintaining confidentiality. When an agent represents both parties, the rules of confidentiality essentially make the agent a document preparer at best. They can't share information about either party with the other.
For instance, an agent representing both cannot tell a seller what the buyer is willing to spend. Conversely, the agent cannot tell the buyer what the seller is willing to take. Within the rules of agency representation, it's required that when an agent knows a material fact, they must share that fact with their client. As you can see, it's impossible to represent both parties fully (thus the Limited Agent moniker) when you are both required AND prevented from sharing information on both parties.
- Paul Howard, "paulalanhoward"
- Contributions:50
"split agents" , now that is a new made up term apparently intended to confuse the issue. Traditional agents (which you are calling 'split agents') may indeed work as a buyer's agent - IF and only if, the buyer does not want to see a home that agent's company listed - something they can not know when they begin the process --- unless that company is an exclusive buyer representation office. The definition of an exclusive buyer agent is an agent that works for an exclusive buyer representation office.
There are those who strive for ambiguity and obfuscation.
Then there are those who offer disambiguation and clarity.
There are those who strive for ambiguity and obfuscation.
Then there are those who offer disambiguation and clarity.
- Richmond F., "Richmond 723"
- Contributions:138
Dual Agents work out of a traditional real estate office both as a traditional agent and a buyer agent. They can take on buyers directly as clients, but since they work in a traditional real estate office, they can also represent the seller. In this situation you need to remember to keep your comments spare and look for the best deal. A dual agent cannot negotiate on the buyer's behalf and cannot recommend specific terms, including a purchase price. If you want a true buyer broker without dual agency, be sure to look for an Exclusive Buyer Broker. Split Agents do the same type of work as a dual agent, in that they can represent the buyer or seller. The main difference is that they never represent both in a transaction. If you hire a split agent as your buyer broker, they are bound to the same rules as an exclusive buyer broker. Everything you say is held in confidence and they work solely and completely in your best interest.
- Paul Howard, "paulalanhoward"
- Contributions:50
To say nothing of, it is deceptive to put a hotlink to 'buyer's agent' when what you find when you get there is the lack of any disclaimer that the person may not be in a position to act as a buyer's agent.
You shouldn't advertise a service without a disclaimer that you might not be able to provide the service to the person seeing the ad.
You shouldn't advertise a service without a disclaimer that you might not be able to provide the service to the person seeing the ad.
- Michael Emery, "MikeEmery"
- Contributions:7286
Johnny
It's a violation of Zillows "Good Neighbor Policy" to use hotlinks that go back to your website. And it's kind of smarmy, too.
It's a violation of Zillows "Good Neighbor Policy" to use hotlinks that go back to your website. And it's kind of smarmy, too.
- AtlantaHomesForSale
- Contributions:40
[Promotional content and multiple embedded hotlinks to agent site removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]
- Natalie Daniel, "nataliedaniel"
- Contributions:1
Hi there,
No one seems to have touched much on your question in regards to how long it usually takes to hear back on a Fannie Mae property. I would say that normally, you should receive a answerr with in a week. Under some circumstances it could possibly take longer, each situation is different.
Good Luck!
No one seems to have touched much on your question in regards to how long it usually takes to hear back on a Fannie Mae property. I would say that normally, you should receive a answerr with in a week. Under some circumstances it could possibly take longer, each situation is different.
Good Luck!
- T.C. Whiting, "TC_at_PNC_Bank"
- Contributions:332
The answer is, you never know. If there isn't a major financial incentive for you then what would be in it for you? This depends on the area, but let's take a 6% commission split for example. If you have your own agent, they get 3% and the listing agent gets 3%. Guess what happens if you just use the listing agent? Yep they get the whole 6%. So it should be worth 1-2% to them to have you use them for both.
The buyers side Realtor cost you nothing. I would highly recommend having one working in your interests. And get one that comes highly recommended by someone you know. There is a HUGE difference between a good and average agent. And they're not all alike. If you have already picked out the house and you're sure you want it, you might even be able to get some incentives from that agent too (since he only has to do part of his job).
Frankly, I think I'd much rather have a Realtor working for me than the 1 - 2%
Feel free to contact me if you have any questions or would like more of my thoughts on this. If you're in South Western Michigan by any chance I have a good referral for you.
The buyers side Realtor cost you nothing. I would highly recommend having one working in your interests. And get one that comes highly recommended by someone you know. There is a HUGE difference between a good and average agent. And they're not all alike. If you have already picked out the house and you're sure you want it, you might even be able to get some incentives from that agent too (since he only has to do part of his job).
Frankly, I think I'd much rather have a Realtor working for me than the 1 - 2%
Feel free to contact me if you have any questions or would like more of my thoughts on this. If you're in South Western Michigan by any chance I have a good referral for you.
- Pasadenan
- Contributions:21428
You can't even trust a "buyer's" agent to work on behalf of the buyer.... they aren't called the "selling agent" for nothing!
Their business is to "sell", and without a "sale" they make no money, and the commission is set by the "seller", so the buyer's agent works for themselves and for the seller, not the buyer.
And if they are a Realtor®? The buyer is in even bigger trouble as NAR is known for intentionally lying to the public and for their really bad U.S. government lending and housing polices that they lobby for.
It is not about squeezing the most out of a transaction as possible... it is about getting the deal done and putting as little work is as possible to make a commission, so that they can move on to the next.
Besides, NAR states that if Realtors® are involved at all, the buyer gets to pay 30% extra. (Of course that is a total lie, but that is what NAR tells people and what many Realtors® believe).
Their business is to "sell", and without a "sale" they make no money, and the commission is set by the "seller", so the buyer's agent works for themselves and for the seller, not the buyer.
And if they are a Realtor®? The buyer is in even bigger trouble as NAR is known for intentionally lying to the public and for their really bad U.S. government lending and housing polices that they lobby for.
It is not about squeezing the most out of a transaction as possible... it is about getting the deal done and putting as little work is as possible to make a commission, so that they can move on to the next.
Besides, NAR states that if Realtors® are involved at all, the buyer gets to pay 30% extra. (Of course that is a total lie, but that is what NAR tells people and what many Realtors® believe).
- John McFarland, "JohnBuyerSideRealty"
- Contributions:23
No. A dual agent cannot favor one party to the detriment of the other party. Dual agency only allows the agent to perform neutral ministerial acts in order to collect both sides of the commission.
- FinallyBuying
- Contributions:47
I highly recomend against working with a dual agent. Since they not only represent you and the seller, they are not allowed to divuldge anything negative in their opinion about the property that would make the property less appealing. We saw several properties where our agent would have been dual and there were so many questions he could only answer in a on the fence manner. It is not in the best interest of a buyer to work with a dual agent in my opinion.
- CHB Eco Custom Green Home Builders, "CapitalHomeBuilders"
- Contributions:518
Sorry I am a builder, but I have my Florida and Georgia Real Estate Lic. I have had my experience with Florida agents and Georgia agents and I do not trust the so called Dual Agents in my area of Georgia especially the ones I have had the unfortunate luck to work with and they are a few.
- Carmen Brodeur, "Scottsdale AZ"
- Contributions:1035
It is never a good idea to have the same person representing both sides. Too many possible conflicts of interest.
- Paul Howard, "paulalanhoward"
- Contributions:50
The only 'agent' that got the answer about the agency part of the question right was Dennis Knight.
Anyone that says dual agency can be done and provide a great outcome for all concerned or even implies that they are working for one side over the other either in intentionally misleading the consumer or are so misinformed about their legal duties that they are violating the law.
No matter how 'good' an agent is they can't use their skills to benefit either the buyer or seller to the detriment of the other if they are a dual agent.
If I have someone represent me I don't expect them to be working for the other side too.
Anyone that says dual agency can be done and provide a great outcome for all concerned or even implies that they are working for one side over the other either in intentionally misleading the consumer or are so misinformed about their legal duties that they are violating the law.
No matter how 'good' an agent is they can't use their skills to benefit either the buyer or seller to the detriment of the other if they are a dual agent.
If I have someone represent me I don't expect them to be working for the other side too.
- ProfessorBaron
- Contributions:303
Real estate is always buyer beware. Even the best and most professional agent in the world still only earns a living by selling real estate. So there is always at least some conflict of interest. That being said, there are many many very skilled, experienced, honest and professional real estate sales people.
However, unless you are being guided by a very experienced real estate buyer, who is not your sales agent, or an experienced real estate attorney (and of course that means more cost to the transaction to you) you should be cautious about using the same agent who has the listing the first few times you buy property.
Fannnie/Freddie - it varies and depends....be patient.
However, unless you are being guided by a very experienced real estate buyer, who is not your sales agent, or an experienced real estate attorney (and of course that means more cost to the transaction to you) you should be cautious about using the same agent who has the listing the first few times you buy property.
Fannnie/Freddie - it varies and depends....be patient.
- Dennis Knight, "The NJ Realtor"
- Contributions:58
Dual agents should never be considered to be working for one side over the other. Dual agents are suppose to be an equal agent for both sides. You should get a buyer's agent, who will work for your best interest.
- Jim Stevenson, "therealtorguy"
- Contributions:1111
I have been a dual agent and it can be donewith a great outcome for everyone involved. When I get a new listing, I explain to the sellers that there may be a possibility where I may be a dual agent and ask them not to tell me how low they will go. I don't ever want them to feel that I may disclose this price to a buyer. In dual agency, I owe fiducary responsibility to both the buyer & seller-equally and fully. I also request that the buyer doesn't tell me how high he will go for a property. It can be tricky, but an ethical agent can handle it with little or no problems.
Agents work on commission and we want to make the sale happen. A good dual agent will work with best interest of both parties to ensure the deal closes with all parties happy ... we also live on referrals.
Banks can take a long time to reply to an offer. Hopefully the agent has been in contact with the asset manager and can get a prompt reply for you. Many banks are going to an online offer submission which reduces the response time.
One last thing, if you are least bit uncomfortable with the agent, seek another agent.
Agents work on commission and we want to make the sale happen. A good dual agent will work with best interest of both parties to ensure the deal closes with all parties happy ... we also live on referrals.
Banks can take a long time to reply to an offer. Hopefully the agent has been in contact with the asset manager and can get a prompt reply for you. Many banks are going to an online offer submission which reduces the response time.
One last thing, if you are least bit uncomfortable with the agent, seek another agent.
- slipperyfrogs
- Contributions:16
No.
- sunnyview
- Contributions:25120
"so when people like sunnyview insinuate otherwise that we would be somehow untrustworthy is nothing more than an opinion and as they are entitled to one it doesn't make it true..."
You're right Nick. I respect your statement. There are some agents that I would trust to do a dual agency and others that I would not. the problem I see is that most people know whether they have an honest agent until late in the transaction when it is too late to switch.
I do agree that REO's are a a bit different from a traditional sale, but feel that caution in any dual agency transaction is still better than blind trust.
You're right Nick. I respect your statement. There are some agents that I would trust to do a dual agency and others that I would not. the problem I see is that most people know whether they have an honest agent until late in the transaction when it is too late to switch.
I do agree that REO's are a a bit different from a traditional sale, but feel that caution in any dual agency transaction is still better than blind trust.
- Nick Setting, "NickSetting"
- Contributions:484
It's actually easier to trust a Bank Owned Representative because for the most part we hold few confidentialities on behalf of the bank nor know their negotiating position. The negotiations are handled by the asset manager who merely consults our opinion but follows their own procedures. Another point is that often Bank Owned Brokers are able to mitigate the process and even get better results from being experienced. I have been a Dual Agent numerous times on my REO listings and all of my clients have had nothing but great things to say.
Although we do work for the Seller when we become Dual Agents we have a fiduciary responsibility to BOTH parties although some would try and portray otherwise. I do my job the same whether in Dual Agency or being just the Buyer's Agent, so when people like sunnyview insinuate otherwise that we would be somehow untrustworthy is nothing more than an opinion and as they are entitled to one it doesn't make it true...
Although we do work for the Seller when we become Dual Agents we have a fiduciary responsibility to BOTH parties although some would try and portray otherwise. I do my job the same whether in Dual Agency or being just the Buyer's Agent, so when people like sunnyview insinuate otherwise that we would be somehow untrustworthy is nothing more than an opinion and as they are entitled to one it doesn't make it true...
- sunnyview
- Contributions:25120
Dual agency is tricky. You have to treat the other agent as if they are working primarily for the seller because they are. Their primary obligation is to the seller. It can help you to go through the listing agent as long as you are competent in doing your own due diligence, interpreting your own inspections, keeping your goals and financials close to the vest.
The agent has the extra incentive to close the deal because they are getting a double sided commission, but in exchange you have to guard against disclosing too much information and in making sure you do not trust the statements about things in the transaction/inspections that are "typical".
If this is your first house and you are not experienced, I would not recommend a dual agent at all. I think it is dangerous since you simply don't know what you don't know.
The agent has the extra incentive to close the deal because they are getting a double sided commission, but in exchange you have to guard against disclosing too much information and in making sure you do not trust the statements about things in the transaction/inspections that are "typical".
If this is your first house and you are not experienced, I would not recommend a dual agent at all. I think it is dangerous since you simply don't know what you don't know.
Can you trust a dual agent realtor to work on behalf of the buyer?
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