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Replies (9)
- Margaret Shea, "sheasellsrealty"
- Contributions:402
You don't say what state you live in, but in CT, the listing agent must have the informed consent of the Buyer before presenting an offer to the Seller. Here the Buyer has the option to be represented by the agent as well, and the agent becomes more a transaction coordinator who cannot disclose what the Seller will accept or what the Buyer is willing to make as their final offer. The agent then has a fiduciary duty to both parties.The exception to this is if you are an unrepresented Buyer,
which I would NOT recommend. You would be a customer, not a client and would be accorded fair and honest treatment, but anything you would say the Seller's agent would have a fiduciary duty to tell his client, the Seller, not YOU. In some states, (ie: RI) the listing agent must secure the written permission of not only the Seller & Buyer but also of the Principal Broker of the firm. Check the laws in your state, and at the very least make sure you are represented as a client as well, even if in a dual agency situation. Dual agency is fairly common and many competent agents are able to represent both parties fairly. If the agent is related to the Seller, the agent should disclosed that fact to you , and you would in most cases be well advised to have someone else to represent you.
which I would NOT recommend. You would be a customer, not a client and would be accorded fair and honest treatment, but anything you would say the Seller's agent would have a fiduciary duty to tell his client, the Seller, not YOU. In some states, (ie: RI) the listing agent must secure the written permission of not only the Seller & Buyer but also of the Principal Broker of the firm. Check the laws in your state, and at the very least make sure you are represented as a client as well, even if in a dual agency situation. Dual agency is fairly common and many competent agents are able to represent both parties fairly. If the agent is related to the Seller, the agent should disclosed that fact to you , and you would in most cases be well advised to have someone else to represent you.
- Paul Howard, "paulalanhoward"
- Contributions:50
Hi MK83,
Since you CLEARLY state you are buying in Tennessee and seem to pretty much understand the situation you are in I won't muck things up with how things work in my state. I do, though, have a suggestion. There are 5 members of NAEBA (the National Association of Exclusive Buyer Agents www.naeba.org ) in Tennessee. I recommend you call one of them. Janine Wilson is a member and she is in Johnson City. Even if that is not near you I bet you would benefit from a conversation with her. Her contact information is at www.TNBuyerBroker.com (Tell her another NAEBA member suggested you call).
Good Luck
Since you CLEARLY state you are buying in Tennessee and seem to pretty much understand the situation you are in I won't muck things up with how things work in my state. I do, though, have a suggestion. There are 5 members of NAEBA (the National Association of Exclusive Buyer Agents www.naeba.org ) in Tennessee. I recommend you call one of them. Janine Wilson is a member and she is in Johnson City. Even if that is not near you I bet you would benefit from a conversation with her. Her contact information is at www.TNBuyerBroker.com (Tell her another NAEBA member suggested you call).
Good Luck
- ConnieK_Oklahoma
- Contributions:2899
this might help a little
http://www.tarnet.com/files/pdf/Guide_To_TN_AgencyLaw.pdf
- Ofe Polack, "Ofe Polack"
- Contributions:1417
In order for your buyer agent to show you a property she has listed, before showing you the house , she must disclose in writing that she is a dual agent, and likewise do the same with the seller. You should have a document that discribes the role of the dual agency before you write an offer. Ask your buyer agent to show you the dual agency disclosure and at that time, ask all the questions you feel are necessary.
- Debra (Debbie) Rose, "Livingston NJ"
- Contributions:2729
Don't be afraid to stay with your agent and allow her to act as a dual agent.
If she is competent and professional, she will know how to handle that transaction.
I have often, over the years, been in the same situation - there has never been an issue with this..........dual agency is legal in NJ, and if I show any company listing - not just my own listing, I will be considered a dual agent.
I would never put the rights of one party above the rights of the other party.
I can share comps and other factual information, fully explain the contract, and present an offer the buyer is comfortable with...........and can relay the seller's response with full clarification.
Anyone who clams that because they are a "buyer's agent" they can get you the house "for less" is making , imo, an unfounded claim.
There is a price the seller will accept and the buyer will pay...........a dual agent can help you get to that point, and make sure each party has the information they need to proceed.
Just as an aside - over the years I have seen dedicated "buyer's agents" not act in a professional manner, and share more information than they should (ie - "My buyer will come up, this is just their opening offer").
Just because someone has a title, doesn't insure the buyer is being properly represented!
Discuss this with your agent......share your concerns......ask her, if she hasn't aleady, to explain what she can and can't tell you ............and trust her (if she has earned that trust) to do the right thing!
All the best......ultimately, do what is most comfortable for you.
If you do choose to find another agent - a "buyer's agent"..........make sure it is someone who is actively working in, and totally familiar with YOUR area, and knows (better yet, has seen) the comps that will be used.
Good luck!
If she is competent and professional, she will know how to handle that transaction.
I have often, over the years, been in the same situation - there has never been an issue with this..........dual agency is legal in NJ, and if I show any company listing - not just my own listing, I will be considered a dual agent.
I would never put the rights of one party above the rights of the other party.
I can share comps and other factual information, fully explain the contract, and present an offer the buyer is comfortable with...........and can relay the seller's response with full clarification.
Anyone who clams that because they are a "buyer's agent" they can get you the house "for less" is making , imo, an unfounded claim.
There is a price the seller will accept and the buyer will pay...........a dual agent can help you get to that point, and make sure each party has the information they need to proceed.
Just as an aside - over the years I have seen dedicated "buyer's agents" not act in a professional manner, and share more information than they should (ie - "My buyer will come up, this is just their opening offer").
Just because someone has a title, doesn't insure the buyer is being properly represented!
Discuss this with your agent......share your concerns......ask her, if she hasn't aleady, to explain what she can and can't tell you ............and trust her (if she has earned that trust) to do the right thing!
All the best......ultimately, do what is most comfortable for you.
If you do choose to find another agent - a "buyer's agent"..........make sure it is someone who is actively working in, and totally familiar with YOUR area, and knows (better yet, has seen) the comps that will be used.
Good luck!
- Debra (Debbie) Rose, "Livingston NJ"
- Contributions:2729
well, I just read through TN's agency laws (the link that Connie provided).....seems that there is a status as "facilitator", it also seems that the agent can advise you, the buyer, but still be a seller's agent...I read everything twice, and found it a bit convoluted.........so.... I suggest you sit dwn wth your agent, and have her explain this, and your options, to you in full.
- mk83
- Contributions:5
The more I work with this agent, the more I am becoming dissatisfied with their service. It seems I have to hound my agent with follow up calls and emails sometimes just to send me information on properties that I am interested in. Not to mention it seems that I have been doing all the work when it comes to finding properties listed. I am starting to think its probably best I find someone else to represent me.
Since I did not sign any kind of buyers agreement before even looking at homes, the agent never mentioned it and I never really knew much about it starting out. Maybe I should have done more research on my end being a new first time homebuyer, I thought I could trust an agent to fully disclose any and everything that should be in my best interest. So at this point am I not really fully represented by this agent? I did pull out a copy of the paperwork on a home that I submitted offers on a month ago, and the agent checked and signed off on the form stating that they are a designated agent for the buyer (me). At that point I guess the agent did represent me. So now that I am looking at other properties, is this agent just acting no more as a facilitator to me when showing me properties and not actually representing me? Can I move along at this point to someone else without having to be bound to this agent for their services?
This is just really starting to get confusing and stressful for me, I am just ready to get into a home and get all of this over with
- Debra (Debbie) Rose, "Livingston NJ"
- Contributions:2729
mk - I can see your confusion, and must admit I am a bit confused as to the process in TN, too!
Fortunatley, I am in NJ, so I don't have to understand how TN "does it"! :)
Since I can't comment on how to proceed, what I can suggest is that you sit down with a Broker - maybe the Broker of the agency your current agent works for..........and ask to have all of this explained to you, step by step.
If you are unhappy with the services the current agent is offering, or lack thereof, you should look into finding someone with whom you feel more comfortable .
Choosing the right person to represent you is crucial - especially as a first time buyer.
Agents who respond here (including me!) are well intentioned, but might wind up confusing you further with various suggestions.
So..........make an appointment to sit with a Broker (manager) from either the company you have been working with...OR another reputable company.....once the process, and representation options are clarified for you, you should, and will, have more confidence moving foward.
All the best...and have a wonderful holday season!
Fortunatley, I am in NJ, so I don't have to understand how TN "does it"! :)
Since I can't comment on how to proceed, what I can suggest is that you sit down with a Broker - maybe the Broker of the agency your current agent works for..........and ask to have all of this explained to you, step by step.
If you are unhappy with the services the current agent is offering, or lack thereof, you should look into finding someone with whom you feel more comfortable .
Choosing the right person to represent you is crucial - especially as a first time buyer.
Agents who respond here (including me!) are well intentioned, but might wind up confusing you further with various suggestions.
So..........make an appointment to sit with a Broker (manager) from either the company you have been working with...OR another reputable company.....once the process, and representation options are clarified for you, you should, and will, have more confidence moving foward.
All the best...and have a wonderful holday season!
- Christine McDaniel, "Christine McDaniel"
- Contributions:414
MK - As a first time home buyer this should be an exciting experience. I'm not going to say it won't be a little stressful because things may come up. Your agent will try to make your transaction go as smoothly and efficiently as possible.
My state allows for dual agency. I personally do not handles both sides of a transaction. If a buyer is interested in a home I've listed, I do show it. I am working to sell the home on behalf of my sellers. I tell them upfront that should they want to put in an offer on the home, I will refer them to an agent in my office to represent them.
It sounds like you really need to sit down and have a talk with your agent and their managing broker if you'd like. They won't know your concerns if you don't tell them.
My state allows for dual agency. I personally do not handles both sides of a transaction. If a buyer is interested in a home I've listed, I do show it. I am working to sell the home on behalf of my sellers. I tell them upfront that should they want to put in an offer on the home, I will refer them to an agent in my office to represent them.
It sounds like you really need to sit down and have a talk with your agent and their managing broker if you'd like. They won't know your concerns if you don't tell them.
Dual agent? First time home buyer
I have been looking to buy a home for the past 4 or 5 months now using the same agent. Recently, I recently viewed a home that I am interested in, and want to put in an offer. The thing is, the agent I had to represent me is also the listing agent for this home.
Since I have been working with this agent for a while now, I am kind of concerned that I will not have a chance at getting a fair price at good terms since the agent knows the types of homes I have already looked at. Even though I am sure that it gets into a legal situation if an agent states this information to the other party, but I am kind of concerned that the agent may hint to the seller to press on for terms in best interest for the seller. I am living and buying in Teneesee, and I know that dual agency is allowed, but I am not familiar with the guideline of what can and cannot be disclosed.
I am kind of at a loss on what to do here, especially since I am a first time homebuyer. I really like the house, it has everything I want, and in my price range. I really don't want to walk away from it becuase of this, since I have only found one other house that I was interested in and offered upon in the past 5 months I have been looking.
I feel comfortable about what I should offer, and what I should ask for from the seller. So basically at this point the agent will just be submitting offers for me. My agent probably has a good idea on what range I am looking to spend in, I never gave a true limit on what I can spend, so I hope this doesn't get into a situation where the agent pressures the seller to reject offers less than the list price. I am also concerned that if I change agents at this point, the agent will try to pressure the seller to not accept my offers unless they are at list price or claim that the home has offers on it in order to try and get more. What should I do in this situation, keep the current agent or find another one quick?
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