I've read through these answers and see that many agents have the same
reservations I do.
This is not a dual agency question.
Your real question, however, is whether or not to use the listing agent of
the home you want to buy as the listing agent on your current home.
REALITY CHECK: This is a listing agent who didn't know or disclose that
the street in front of the green home is going to be widened; who significantly
over priced the green home. And if the listing agent of the green home led
you to believe he might encourage the green home owner to accept a lower
price if you list with him ........ HOW WILL YOU KNOW if he makes the
same promise to a would be buyer of your home after he has you under
contract? Oh, that would quicken transactions all the way down the line.
Sellers typically accept offers they deem fair. If the home's value takes
a tumble, as it has here, sellers' expectations often fall with it. You don't
need someone working on the inside for you. Any listing agent is working
to get the home sold - that's what he was hired to do.
Good Luck with That,
Prudential Indiana Realty Group
In a dual agency the agent has to treat both the buyer and the seller equally and honest, and there are certain things the agent cannot disclose to either side.
To be able to comment on the disclosure issue some would needed to know when the seller knew about the street widening and when did they notify the agent.
You are in a very uncomfortable situation. The Realtor you choose to hire as your representative has a fiduciary responsibility to YOU especially where confidential matters are concerned. When a Realtor represents both buyer and seller, the situation may become cloudy to one or more of the parties involved. When dealing with Dual-Agency the loyalty to both buyer and seller must be equal. Generally a dual-agent can never fully represent either parties interests.
If you would care to speak with me further, please do not hesitate to call me! I would be more than happy to help you with your Real Estate needs!
If you do not need to sell your place first and If the listing agent is ONLY motivated by money as you seem to think then i would suggest that you work with him to buy the 1st house and dangle the carrot of your listing AFTER you close on the the new place. What happens if he/she can't get the deal closed for a 2nd time and your place is already sold?
I have to also disclose that i personally don't do limited or dual agency. If you are interested in the reasons why many states have made limited or dual agency illegal and why i and other agents refuse to do it feel free to check out http://www.agentsthatwork4U.com for the top 10 reasons you should always have a buyer's agent.
Beyond that ask yourself if this is the agent you want selling your home. A listing agent has an obligation to get the best fair price and terms for a property. If this agent is willing to "encourage the Green home owner to get a quick cheap deal with" you then what makes you think this agent won't throw you under the bus and encourage you to sell your place below value so that they can possibly get the listing for the buyer of your place. Is it reasonable to expect one behavior or ability when it comes to how the agent has dealt with the "Green" house vs. yours?
There seem to be many red flags with the transaction based on what you have said. My first question would be why wasn't the fact that the street was going to be expanded disclosed? Was the list agent aware of this or did the sellers not disclose it to the list agent? Not asking for these answers for myself - just things you should consider when making your decision about what home to buy and what agent to work with.
I would be happy to answer specific questions for you to help you feel more comfortable with your decision.
If you feel like the listing agent is someone you can trust then go for it; I've seen brokers act in limited agency effectively before. It could be especially helpful to you if the listing agent discounted the commission on the Green home to help facilitate a better deal for you. In any case there is always something to be said for having your own agent representing your interests, as Tori mentioned. Also, it is usually preferable in a sell/buy situation to already have your home listed and priced to sell unless you are able and willing to carry both mortgages/holding costs...
There is a lot to consider...
Feel free to get in touch with me if you want to schedule a consult.
Century 21 Rasmussen
Now, hiring an agent to list your home, and find your new home is an important decision, as your home is one of the biggest investments you will make.
I have helped several homeowners navigate through selling their home, and purchasing a new one. Check out my reviews on here, and on Zillow.
Contact me to see how I can list your home for as low as 4%, and still provide all the services you expect from a full-service Realtor.
Also, if the sellers were willing to take a really low offer they would have signed the mutual release and moved on so that they didn't miss any potentional buyers. Sounds like there content with sitting on the house.
I have dealt with several deals like this in the past and am willing to negotiate on your behalf.
I also would be interested in speaking with you in regards to listing your home! Please email me your contact information and we can connect.
Horizon real estate