Home Buying in 46220>Question Details

micki Mc, Both Buyer and Seller in Indianapolis, IN

I am in the process of getting ready to list my home and buy another. I found a home i want- but its complicated- considering hiring the sellers agent

Asked by micki Mc, Indianapolis, IN Wed Aug 28, 2013

I corresponded with the listing agent for the home and actually went to an informal viewing. home has been on the market since Feb 2013. It is still under contract- but the contract fell apart before closing and is going to the lawyers since seller wants damages. Seller of the Green home is willing to sign a mutual release if he gets a decent back up offer. The Green home's front lawn is about to get torn up, somewhat, by the city to expand the street in 2014- which wasnt disclosed, and now the deal is falling out. The realtor for the Green home is eager to be the agent to list my current home. i know that dual agency usually means conflict of interest by common sense, but in this situation, i feel the seller to the Green home may be really ready to dump this house for cheap, and the agent may encourage the Green home owner to get a quick cheap deal with me, so he can make a quick commission on both homes.

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Answers

17
Hi Micki,

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,

Marita
Marita Topmiller
Assoc Broker
Prudential Indiana Realty Group
317.513.4652
0 votes Thank Flag Link Sun Sep 1, 2013
The sellers agent of the home you're interested could list you home and there's no dual agency involved. I would not use them to purchase the home however. Dual Agency regardless of being permitted in every state is regardless of anything anyone says, creates a clear conflict of interest and put the agent in an impossible situation. There is no way to honor the fiduciary responsibility to both buyer and seller in one transaction. Buyers and Sellers have diametrically opposed positions if on no other issue than the price, (though frequently there are other areas of disagreement as well). Get an experienced buyer broker to represent you on the purchase. List your home with whomever you feel will do the best job of marketing it and getting it sold and who wouldn't be pushing you to allow them to practice dual agency.
0 votes Thank Flag Link Thu Aug 29, 2013
Dual agency is legal in Indiana. Both the seller and the buyer have to agree to it in writing.

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.
0 votes Thank Flag Link Thu Aug 29, 2013
The dual agency doesn't bother me, but the disclosure issue sure does.
0 votes Thank Flag Link Wed Aug 28, 2013
Can you send me a private message so we can chat further?
0 votes Thank Flag Link Wed Aug 28, 2013
I'm considering it but my use an agent ultimately
0 votes Thank Flag Link Wed Aug 28, 2013
Contact me to see how I can list your home for as low as 4%, and still get all the services you expect from a Realtor!
Flag Thu Aug 29, 2013
And are you planning to sell your home on your own?
0 votes Thank Flag Link Wed Aug 28, 2013
P.s. i havent signed with the green home agent- not sure if i will benefit at all from that. I am in the process of getting ready to list my home, and then buy another upgraded home this fall. My neighborhood is going fast recently, so I am trying to upgrade while the iron is hot. I am confident my home will sell quickly once i list it, so I contacted the agent about the house. But now that I know the city is about to tear up the front lawn, I'm not willing to pay what the asking price is
0 votes Thank Flag Link Wed Aug 28, 2013
Micki,

Please call or email me and I'll walk you through this... Too much to type!

Micki Sheridan
Realtor, F.C. Tucker
MickiS@talktotucker.com
3173723994
0 votes Thank Flag Link Wed Aug 28, 2013
Micki,

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!

Glenn Lewzader
Carpenter Realtors
317-730-6433
glewzader@callcarpenter.com
0 votes Thank Flag Link Wed Aug 28, 2013
Not Clear... do you need to sell your home before you can purchase the next home. If so then your offer may not be as attractive to the seller as you expect. Also what do you know about why the deal fell apart? That would be the first question a buyer's agent would be asking. If there was a valid reason the deal died and the seller is being unrealistic then what makes you believe the Seller will all of a sudden see reality and/or sell cheap?

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?

Good luck!
0 votes Thank Flag Link Wed Aug 28, 2013
Limited agency (same agent representing both buyer and seller) is legal in Indiana, but is not allowed in many states. It has to be disclosed and both the buyer and seller must agree to it.

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.
0 votes Thank Flag Link Wed Aug 28, 2013
Micki,

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.

Thanks

Joe Mann
Associate Broker
Century 21 Rasmussen
jmann@century21ras.com
317-61-6590
0 votes Thank Flag Link Wed Aug 28, 2013
I have represented people in dual agency before, and honestly there is really no difference, other than I can't tell you what other party is saying, or what I think they would accept.
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.

Thank you.

Avery Garrett
317-721-2274
soldbyavery@gmail.com
0 votes Thank Flag Link Wed Aug 28, 2013
I think it's very important you have your own agent to represent you in YOUR best interest.
0 votes Thank Flag Link Wed Aug 28, 2013
You have a really odd situation! Think about it if the agent would talk them down to get a quick commission what do you think they"ll do when they list your house!
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.

Thanks,

Keith Buckley
Horizon real estate
Kbuckleyhomes@gmail.com
0 votes Thank Flag Link Wed Aug 28, 2013
Are you working with an agent? Please contact me so we can talk.

Tori Myers
Realtor - Century 21 Scheetz
(765) 434-2838
0 votes Thank Flag Link Wed Aug 28, 2013
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