Home Buying in Wayne>Question Details

Mikai, Home Buyer in Rockville, MD

Can my buyer's agent be seller's agent on the property I found?

Asked by Mikai, Rockville, MD Sun Apr 28, 2013

I asked my buyer's agent to contact a stressed property owner (I gave her address, she sent letter). She came back to me and told me the "market" value is more than I would pay and she will try to be their seller's agent. I did some in-depth research on this. She kicked me out. Is this common?

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This question was asked from this property: http://www.trulia.com/property/3116458294-110-Ivywood-Ln-Way…

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Agents are required to submit all written offers. In addition there is a form that the seller can fill out in response. If you are uncomfortable in the way this was handled I recommend that you ask the agent to refer you to someone else to represent you and make a written offer and request a written response. It is likely that the agent is being honest with you since she would have every reason to make your offer work. What is the address of the property? I am happy to help if I can.
0 votes Thank Flag Link Wed Dec 4, 2013
Thanks for new answers to my old question. I might not be very clear what happened. This Spring, I was interested in a property in short sale and contacted a local agent to put an offer in. She was not familiar with short sale procedure and suggested not to bid due to LONG wait time to get approval. Then, she suggested that I give her some addresses, so she could send letters to solicit the owner. We never met or sign any agreement letter. I did research and sent her a list of people just started missing mortgage payments. This specific property owner, who just retired, responded but was not sure what to do next. The property value was estimated around $400K at all web sites. I wanted this agent to put in $350 as my offer. She said that she estimated the value should be higher and proposed to the owner be their seller’s agent. She turned around told me that she would continue helping me on other purchases if I could not offer higher price on this property.
Flag Wed Dec 11, 2013
Yes it is possible that your buyer's agent may have the listing for one of the properties you came across on line. Do you see the name of the listing agent displayed? Why don't you ask your agent if this is her listing? In Pennsylvania we call this dual agency and it must be fully disclosed to all parties in the transaction. Hope this helps.
0 votes Thank Flag Link Wed Dec 4, 2013
I do hope you got the chance to discuss this whole scenario with your agent. Sounds like some serious miscommunication occurred here!
0 votes Thank Flag Link Wed Dec 4, 2013
Did you sign a Buyer's Agency Agreement with this agent? Traditionally speaking, your agent is working for you and his/her job is to advise you in order to make educated decisions. An agents job is not to tell you what to buy or what not to buy. A professional mortgage broker will determine what your purchase potential is. During your initial meeting, a good agent would have explained the Buyer's Agency Agreement in detail and the fiduciary duties an agent gives you when a duel agency is negated. Prioritizing my clients as my number one priority is something that I consistently practice as an agent. In the future expect nothing less from the agent that you decide to hire! Best of luck!
0 votes Thank Flag Link Wed Dec 4, 2013
Thanks for new answers to my old question. I might not be very clear what happened. This Spring, I was interested in a property in short sale and contacted a local agent to put an offer in. She was not familiar with short sale procedure and suggested not to bid due to LONG wait time to get approval. Then, she suggested that I give her some addresses, so she could send letters to solicit the owner. We never met or sign any agreement letter. I did research and sent her a list of people just started missing mortgage payments. This specific property owner, who just retired, responded but was not sure what to do next. The property value was estimated around $400K at all web sites. I wanted this agent to put in $350 as my offer. She said that she estimated the value should be higher and proposed to the owner be their seller’s agent. She turned around told me that she would continue helping me on other purchases if I could not offer higher price on this property.
Flag Wed Dec 11, 2013
That was not a very nice way to be treated. But you do not state there was any kind of contract or agreement on how whe was representing you. If you and she had an agreement (a Buyer's Agency Agreement would be typical), I think that might have dictated she could not take advantage of an opportunity that you would have liked to have. I know the proeprty you were looking into, though, and I am not sure it was such a good deal. The better way to do this going forward would be to find yourself a good buyer's agent and sign an agreement where you agree to work only with that agent for a set period (or until you are no longer satisfied) and that agent agrees to have a fiduciary duty to you.
I am an exclusive buyer's agent. That means I never have any listings and I only represent buyers. It is my belief that this type of representation is most helpful for a home buyer. I wish you the best of luck.
0 votes Thank Flag Link Tue Apr 30, 2013
I am not sure I understand what you mean by "she kicked me out!" No, this is not common in answer to your question. If there is a potential transaction in which there is a buyer and a seller and one agent there are two ways this can work. The agent would represent only one party, either the buyer or the seller or the agent would represent both sides to the transaction in what we call dual agency. As a Realtor I always make it my practice to do unto others as I would have them do unto me. It sounds like you do not feel well treated and this is unfortunate. Good representation feels good!
0 votes Thank Flag Link Mon Apr 29, 2013
I am confused, who kicked you out?
0 votes Thank Flag Link Sun Apr 28, 2013
The agent said that the property was worth more than what I would pay, so she didn't think it would work out for me. But, she would be happy to be their seller's agent.
Flag Sun Apr 28, 2013
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