Home Buying in Chicago>Question Details

Amy G., Home Buyer in Orland Park, IL

What are the pros and cons of having the same realtor represent us and the seller in a contingent sale?

Asked by Amy G., Orland Park, IL Sun Jan 27, 2013

I just started looking for a new home although I will need to sell mine first. The first home I looked at, I fell in love with. Now, I want to start the process of selling my house and buying the house I love.

We really liked the realtor and thought she could represent us both in the sale and help us sell ours. Is it a bad idea to let one realtor handle it all?

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13
It is tricky because you would expect the same level of service that that agent would give her seller and that is not always the case. You are asking that agent to negotiate against her first allegiance.
0 votes Thank Flag Link Mon Apr 1, 2013
Buyer agency specifically arose out of situations like you are describing. If you are to pursue the home you "fell in love with", I assume that the listing agent of this home would be representing you as a Buyer's agent as well. This is considered "Dual Agency" and the listing agent is required to provide written disclosure of such an arrangement.

My advice to you is to read the disclosure. If you are comfortable with this agent and understand the type of representation you will be receiving, then by all means allow her to be a dual agent on the home you want to purchase and the listing agent of your current home.

The concerns, as the disclosure will point out, is that this type of representation is limited since the agent will not be ale to advise you on a price to offer, although she can provide COMParables. Keep in mind, that her initial relationship is with the Seller and they have already had a thorough conversation about market value. You will not be able to get that same level of breakdown of the market from this Realtor as she will be bound by the Dual Agency disclosure.

Also, I suggest seeing more than one house.

With all of that said, If you are experienced with the market and comfortable with pricing, then it may work out to have the same Realtor involved on multiple sides of your real estate transacting.

Best of luck!
0 votes Thank Flag Link Sun Jan 27, 2013
It's fine. As long as your Realtor knows what they are doing, you should be in good shape. Good Luck!
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0 votes Thank Flag Link Sun Jan 27, 2013
I dont see the problem. If you guys hit it off, and she knows the area, I dont see any downside at all.
0 votes Thank Flag Link Sun Jan 27, 2013
If you know the realtor really well and they come highly recommended, then I would say you are fine. Mostly I would make sure that everything is ok with the house from a 3rd party, like a home inspector, just to have that peace of mind.
0 votes Thank Flag Link Sun Jan 27, 2013
go for it..no problem for me
0 votes Thank Flag Link Sun Jan 27, 2013
This is very common. I think it is great that you found a realtor that you really like. I don't think there are any cons in doing something like this. I see a lot of pros though. For example you have one person who is a professional looking out for you to benefit you in the process.
0 votes Thank Flag Link Sun Jan 27, 2013
It happens all the time. As long as the agent is familiar with both neighborhoods it is not a problem al all.
0 votes Thank Flag Link Sun Jan 27, 2013
As long as everything is disclosed and you are happy, then I would say go for it. Additionally, I would make sure you have an attorney that can review everything.
0 votes Thank Flag Link Sun Jan 27, 2013
Amy,

If you Realtor did an excellent job helping you find the home you fell in love and has done everything great, I would say absolutely use the same Realtor. Your Realtor has a vested interest to make sure everything goes well for you, keeping you happy, and hoping for referrals once they have done an amazing job.

Congrats and good luck!
0 votes Thank Flag Link Sun Jan 27, 2013
I think that you are in a good position. It is important to work with an agent that makes you feel comfortable and it looks like you have found just that
Godd luck and should you have any questons regarding financing please feel free to reach out
Sam Sharp
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0 votes Thank Flag Link Sun Jan 27, 2013
Of course not. Liking an agent is required. What evidence do you have that she is a good negotiator, strategist, marketer? Everyone does not feel the same about money. Some hire their friends or relatives to do their real estate deals, very generous of them. But they often cannot be critical of their friends or relatives over the business aspects. Keep us posted.
0 votes Thank Flag Link Sun Jan 27, 2013
I would ask for referrals from other clients who've used her as a dual agent. That way at least you can verify that she can walk the fine line and give all clients equal and fair representation. Some agents prefer to stay away from this mode of representation, but as long as you trust her and can verify her experience, I wouldn't rule it out.
0 votes Thank Flag Link Sun Jan 27, 2013
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