http://www.dos.ny.gov/forms/licensing/1736-a.pdf To consider, would you be more comfortable working with an agent that you have an established relationship with, or working with an agent with no established relationship...
As a Certified Buyer Representative I understand how to work with buyers to find the right home at the right price. And I help you every step of the way.
You can find out more at my website: http://www.LongIslandHomeSolutions.com or email me at KCrail@KW.com, or of course, feel free to call my mobile at 516-426-9459.
Send me your criteria, and where you want to live, and then we will make an appointment to review the available inventory and the home-buying process.
I can legally represent myself since I am an agent, but even I hired agents to represent me when I bought or sold.
Tom Brady SFR, e-PRO, SRES GREEN BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
Reasonable Care - Because your agent is an expert in real estate transactions they must exercise reasonable care to ensure your transaction goes as smoothly as possible under the circumstances.
In a dual agency situation the second duty, undivided loyalty, becomes an issue because, obviously I cannot have undivided loyalty to two parties, right? All the other duties still apply however. What changes is the realtorsâ€™ role. They become more of a mediator and less of a fierce negotiator. They still owe both parties confidentiality, though disclosure gets a little tricky. I explain it to my clients like this, let's say I represent both the buyer and the seller. The seller says, "Suzanne, we are listing our home for sale at $225,000 but we would be happy with an offer of $200,000". I must keep that information confidential. Then the buyer comes along and says, "We are going to initially offer $175,000, but we would be willing to pay $200,000" I have to keep that confidential as well. I am the only one who knows the '-magic number' but I can't tell anyone! So, without disclosing anything to anybody my job becomes getting everyone to $200,000 or very close to that number so that everyone is happy.
By the way, both the seller and the buyer have to consent to my acting as a dual agent, and either one can refuse but since the listing actually belongs to my broker, and not to me, that too can cause problems if you are dealing with a very large brokerage because no agent in their entire organization would be able to represent you. I have had situations where my clients absolutely wanted someone representing them and them alone and contacted me for that purpose. Most of the time, though, clients don't have a problem with dual agency once it is explained to them, as long as they know their agent is trustworthy and understands what they can and cannot do in that capacity. But I do also understand the pitfalls.
In my office, when faced with these situations, we have another agent step in for the purpose of negotiating the price. If home inspection issues arise, we ask that same agent to step in temporarily to negotiate those as well. It's a good compromise.
Realtorsâ€™ adhere to a code of ethics that requires us to put the best interests of our clients ahead of anything else, including our own interests. And, with only a few exceptions, I think we are a pretty honest and ethical group. If you feel your best interests can be represented by the sellersâ€™ agent, then by all means feel free to use them as your agent as well. If not, then find yourself a good buyersâ€™ agent. Itâ€™s really up to you.
North Carolina permits "Dual Agency" One agent in the middle working both sides of the transaction. The only person well represented under dual agency is the agent and you the buyer and their original client the seller have nothing but a greedy agent in the middle whose only thought is, "What can I do to get these two knuckleheads to agree so I can keep all the money" Dual agency should be abolished, it's a conflict of interest and any one who says otherwise is not being truthful.
However it is legal and actually standard operating procedure here in the Triangle and North Carolina. I haven't yet met an agent (unless they work at my office) who doesn't do dual agency. Our office prohibits one agent working both sides and if the situation arises where an agents buyer wants to pursue one of their listings that agent is pulled out of the transaction and another Broker is assigned to the Buyer and a second to the Seller each of whom know nothing about the other party. This is referred to as â€œdesignated agencyâ€ and we believe it's in the best interest of the company's clients.
I've attached a link below to one of my more popular blogs here on Trulia on how to find a great agent.