Home Buying in Calabash>Question Details

Suzanne Fred…, Real Estate Pro in Calabash, NC

We currently do not have a real estate agent. We toured a house with the listing agent and are thinking of

Asked by Suzanne Frederick, Calabash, NC Sun Aug 9, 2009

buying it. Should we have our own buyers agent represent us or is it ok to use the listing agent only?

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There is nothing wrong with Dual Agency.

The seller of the home has a number.. regardless of dual agency.
There is absolutely nothing that will change by you having a so called "buyers agent". Nothing.

Go to the agent and ask for comps of closed recent sales, these are not going to change regardless of agency, ask the agent to do a cma of the area just like he/she did for the listing.. that should reveal all that is necessary to make a realistic offer.

Due diligence is key to any transaction, be it with the listing agent or another agent.. you need to be smart and gain as much information about the area sales and other listings as possible to make a smart decision.

Here is what happens in Dual Agency : As a disclosed dual agent of both the seller and the buyer, sellers agent will be working equally for both parties to the real estate transaction and will provide all services to complete the transaction without the full range of fiduciary duties ordinarily owed by an agent who represents seller alone, or the buyer alone. In preparation of offers and counteroffers between seller and buyer, seller’s agent will act as an intermediary to facilitate the transaction rather than as an active negotiator representing either the seller or buyer in a fiduciary capacity. By consenting to this dual agency, seller is giving up the right to undivided loyalty and will be owed limited duties of disclosure, obedience and confidentiality by the seller’s agent..

So, note, the house sale number will be the same regardless of who your agent is.. this statement: " Due diligence is key to any transaction, be it with the listing agent or another agent.. you need to be smart and gain as much information about the area sales and other listings as possible to make a smart decision"

If your Realtor is only capable of handling one side of a transaction.(buyers agent) . Why would you work with them? would't you want to work with a professional that can handle any and all aspects of a Real Estate transaction?
0 votes Thank Flag Link Thu Aug 13, 2009
Hi Suzanne,

I agree with some of what my colleagues have previously said. I'm located here in South Jersey and we are bound by the NJAR and REC. We are at times a buyer agent, sellers agent and sometimes a dual agent where we handle both sides of the transaction. This always has to be disclosed to you which capacity they are working. It sounds like you went to an open house which an agent will have to get exposure for a home and so they may gain - a ready and willing buyers for their clients home. It is perfectly ok to have this agent act in a dual capacity and help you purchase the home, but it is your choice. A matter of fact here in South Jersey most clients don't use any attorney but in north jersey they always do. I have worked as a dual agent and my clients have been just as satisfied as when I've acted as a buyers or sellers agent. If the agent is an experienced agent and you feel comfortable with them why not . I hope this has been helpful. If you or anyone else on this board has any questions for NJ please feel free to contact me at: 856-776-3264 ask for Eileen
Look me up at maturorealty.com & have a great day
Web Reference: http://www.maturorealty.com
0 votes Thank Flag Link Thu Aug 13, 2009
Suzanne, I would be happy to assist you.What community are you looking at?
Linda
910-489-8464
0 votes Thank Flag Link Thu Aug 13, 2009
This is an often asked question and one that can be a bit controversial. Many agent feel they can serve the interests of both parties and be both impartial and fair to both. We on the other hand, feel it is impossible to maintain the fairness to both parties that they deserve.

With this said......our vote is for you to seek an agent that meets your exclusive needs and remove the doubt of unfairness.

Best wishes
The Eckler Team
0 votes Thank Flag Link Mon Aug 10, 2009
Suzanne,

At least here in NJ, if a listing agent is engaged by a prospect for the sale of a home which they have listed for sale, they are bound the rules and ethics of NJAR and the REc to provide you with the applicable data to enable you to make an educated decision as to the proper offer price on a particular home. If the listing agent is ot willing to do so, then I would, of course, recommend an alternative sources. However, I must add that I have completed multiple deal wherein I represented by both and seller wherein both buyer and seller were happy with the outcome.

You appear to be a very intelligent and diligent individual . . . go with your gut!

Love and Peace,
Francesca, Realtor, ePro
Francesca@PatrizioRE.com
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Sun Aug 9, 2009
The issue would be whether a Buyer's representation form has been sign. If it has, my suggestion is that you still talk to the agent. You do have other options.If you didn't sign anything, then you are free to do as you wish.
Web Reference: http://www.LindaHinson.com
0 votes Thank Flag Link Sun Aug 9, 2009
Yes and up here in Philly, I can be a dual agent as well. I have done it but mostly on investment deals where the investor just makes the offer and doesnt need pricing or any other help. So I facilitate the transaction on the buyers side.

I would recommend getting another agent to help with negioations though.
0 votes Thank Flag Link Sun Aug 9, 2009
In NC we have dual agency, I would think that the listing agent explained your rights as we are required to explain the black pamphlet that fully explains your options. Talk to the agent about your concern and reread the "Working with a Real Estate Agent" pamphlet.
Web Reference: http://www.LindaHinson.com
0 votes Thank Flag Link Sun Aug 9, 2009
Suzanne,

The homeowner will end up paying the commission anyway. I would find an agent to represent you on this transaction so you are paying the correct price.
0 votes Thank Flag Link Sun Aug 9, 2009
If you have a buyers agent then he/she would be the best person to represent you. The listing agent should have the sellers interests. This is the best way for you to get the best deal.
0 votes Thank Flag Link Sun Aug 9, 2009
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