Foreclosure in 20152>Question Details

Holmesx4, Home Buyer in 20152

Pros & cons of using the listing agent as the buyers agent.

Asked by Holmesx4, 20152 Fri Jun 4, 2010

In VA, can a listing agent also be the buyers agent? This is a foreclosure property that I'm looking at. What are the pros & cons of using the listing agent as opposed to getting another agent to be the buyers agent? (I am the buyer.)

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Janice Cairns’ answer
It is in your very best interest to get your own Buyer's Agent to represent you in the purchase of any home, whether foreclosure, short sale or regular sale. A Buyer's Agent with no ties to the seller will be in the best position to advise you on potential problems with the property, comparable sales, neighborhood issues, etc. The listing agent might be a wonderful agent with all the best intentions, but it's difficult to keep allegiances straight when working for more than one party in a transaction.
0 votes Thank Flag Link Mon Jun 21, 2010
The listing agent has their highest priority as the person selling the house. That means they are looking out for the seller, and not your best interests.

I would use a different agent. It would be bad if you mentioned you could afford $125k but only wanted to pay $100k for this house. You might find the listing agent relays that information to the seller and they try to force your bid higher. After all, you could afford it.
0 votes Thank Flag Link Fri Jun 4, 2010
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