Sorry, misunderstood the question. Yes, the answer to your question is that you want your own buyer agent representation. If you work directly with the seller who is also an licsened agent, there may be some conflict of interest. A buyers agent is free to you and will soley represent you and your interest. The seller should not care you sells his home but that he sells period. I specialize in the Warrenville area, I have been selling in many neighborhood there for 16 years.

I currently have a townhome listed for a owner that holds a valid Illinois Real Estate license. He is not current in the market place and holds his liscense with a holding company. He hired me because he is not active and is not current with marketing in home in today's marketplace. As long as you disclose upfront on all listing and marketing materials that you hold a Illinois Real Estate License, if a buyer contacts you to purchase your home, you may want to have your broker or another agent from you office work with that buyer.

The homeowner/real estate agent cannot represent you, they would be in violation of the license law. You can continue with the transaction and represent yourself, or you can employ a real estate agent to represent you, to be your Buyer's Broker, normally the seller would be willing to pay the cooperating agent that is representing you their commisssion.

I'm curious as to why you WOULDN'T want some one to be working for you, representing your best interests, while you house hunt in general.

Norm,

I highly recommend that you get your own agent to represent you.

You can deal direct with the owner if you choose.

Caveat emptor

Norm:
Sorry for all of the confusion. Here is a copy of the license law which states that we are not to act as "dual agent" when selling our own property. I hope this information helps!

TITLE 68: PROFESSIONS AND OCCUPATIONS
CHAPTER VIII: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 1450 REAL ESTATE LICENSE ACT OF 2000
SECTION 1450.215 LICENSEE SERVING AS A DUAL AGENT IN A TRANSACTION WHERE A LICENSEE IS A PARTY TO THE TRANSACTION


--------------------------------------------------------------------------------



Section 1450.215 Licensee Serving as a Dual Agent in a Transaction Where a Licensee is a Party to the Transaction



A licensee shall not serve as a dual agent in any transaction to which he or she, or an entity in which he or she, has an ownership interest is a party to the transaction.



(Source: Amended at 30 Ill. Reg. 11075, effective June 8, 2006)

There is no Illinois law that requires you to use an agent to represent you in negotiating against an agent/owner. The only applicable Illinois law that I can think of, is the one that requires that agent to disclose the fact that the owner of the home is a licensed real estate agent.

If you feel your negotiating skills are adequate, then you are certainly allowed to. I wouldn't recommend it, though.

A licensed Illinois Realtor can sell and purchase their own properties with full disclosure made to all parties. However, when selling our own properties we are unable to work as a "dual agent". It is against our license law. You definitely need to get your own agent to represent you.

Yes!!! You need someone on YOUR side. Furthermore the listing agent would be representing him/her self in the transaction and representing you/buyer, this constitutes a "Dual Agency" which is not permitted on broker owned properties in the Illinois License Act.

No, you can deal direct with him, he has to disclose by law he/she is a Realtor. However he does have an advantage over you unless your know real estate. Ask him for SOLD comps in the past 3 months to support his price. Then decide on your offer. The higher the price the more you need a agent on your side.

A good question. If this was in LA, I would get a real estate agent/broker to represent you and have the listing agents manager supervise the other end. Good luck.

HI Norm:

I would definitely get a buyers agent. You will be dealing with an agent who is selling his/her own house and his loyalty will, by far, to hmself and I won't blame him for wanting that.

If you feel you need to negotiate, how are you going to do that through the agent/seller? He will not be watching out for your best interest when he is trying to negotiate for best terms and conditions for his own house.

Get a Reator will help you- the seller pays commission to the buyers agent, not you. This will be a win, win situation.

Sylvia

A real estate agent must always disclose the fact that they are licensed when they buy or sell a house. Even if this were a FSBO, not listed with their agency, they must disclose they are an agent. Why do you think that is? Because they have an unfair advantage. By all means you most certainly DO need someone to represent you, you'd be foolish not to.

Speaking as an agent who is selling their own home. I would not entertain a dual agency strickly because of liability. I am representing myself, if a buyer contacts me to see the home, I will refer them to another agent.

Deborah is correct. If it is listed, the owner is already planning on paying a commission for you to have a buyer's agent. Ask a friend for a referral to one!

Hi Norm,

The best case scenario is that you would have a Buyers Agent negotiating for you and your best interest. I am unfamiliar with IL law, so I can not speak to that. But generally, especially in a unique situation like this one, you would want a real estate professional representing your needs and wants.

GOOD LUCK TO YOU!!!

-Emily

Hi Norm:

Deborah is correct, in Illinois an agent is not prohibited from representing himself in a real estate transaction, but the disclosure must be made, which apparently has been done in your case.

Hire a buyer's agent. I can't imagine that the seller would not expect for you to, since he is a licensed agent himself. He will only be representing himself and looking out for his own best interest -- not yours. If he were to represent you and himself, he would be in a 'dual agency' situation, meaning he must equally represent your and his own interest. It's hard enough to do that as a 3rd party; as an actual intimate party to a transaction that may have a hard time detaching from personal sentiment, it can only be harder.

Hire an agent. You'll be glad you did.

It all depends on your level of experience and time to dedicate to negotiating the best deal. If unsure about pricing, the neighbourhood and other risk elements, get a buyers agent.

Hi Norm,

By all means, hire a buyers agent. I cannot speak to IL law, as I am neither an attny or broker in IL. I know of no state that would prohibit a licensee from representing themselves in a transaction. However, many companies have policies restricting or prohibiting a Realtor representing themselves. Our company has that policy. In every state of which I am aware, a licensee must disclose that status. I shall let an IL RE Pro confirm this to be so in IL. It seems the disclosure has been made.

The agent has a goal to sell for highest price and best terms. The agent has knowledge and resources beyond what you have to help guide the decisions he/she makes. While the agent may have high ethics and standards, you are still best serviced by having your own buyer agent. Your buyer agent will have one agenda, representing you and your best interests.

I assume, since the property is "Listed" that there is a compensation offer made for a buyers agent. In the event a licensee sells on their own, and the property is not "Listed" or there is no buyer agent co-op, it would still be worth it for you to hire your own agent, even if you pay the fee directly.

While it is possible to strike a good deal with this seller/real estate licesee, the fee paid to a buyer agent is worth the representation, if even for validation and peace of mind.