Market Conditions in Pomona>Question Details

Jneaston, Home Buyer in Pomona, CA

How often do sales close with the listing agent representing both sides (in this market)?

Asked by Jneaston, Pomona, CA Wed May 19, 2010

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Great question.....I just took a quick look at one of the cities in my area and out of the 251 homes that have sold YTD....28 (11%) showed that the listing agent represented both sides. It is interesting to note that there also seems to be a pattern of certain agents who more often than not represent both sides.

Most Buyers realize how important it is to have an agent who is looking out for their best interests & not having to be concerned about working with an agent who has a fudiciary responsibility to a client on each side of the transaction.
0 votes Thank Flag Link Thu May 20, 2010
Hello Jneaston,

When the listing agent represents both sides it doesn't change the chance of the deal closing. It depends on the property but about 1 out 10 properties close with an agent representing both sides.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
mcarrabba@kw.com
(323) 899-2900
0 votes Thank Flag Link Thu May 20, 2010
It really depends on what type of property it is, although a listing agent works for the seller they have to be honest and fair when dealing with a buyer who inquires on a property. The listing agent must disclose any known defects to that buyer.

The most common details they can not answer is what will the seller take for the property. They can answer you if you ask if there are any other offers but they cant tell you what price they are at. Even if you had an agent you still would not get these answers.

If you do not have any experience with purchasing or real estate you would want someone representing you to guide you through the buying process.

Good luck with your purchase
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu May 20, 2010
Jneaston,
The listing agent has a pre-existing contract to represent the seller. For them to then forget everything the seller has told them in confidence and become a "neutral" party to the negotiations is difficult or downright impossible. As a listing agent I have assisted buyers in the purchase of my listings, but I always maintained and disclosed that I only represented the sellers. If a buyer is comfortable with this, can keep their own secrets it can work. If they can't, I'm obligated in my state to use whatever I can to benefit my client.
How often does this happen? I don't have any statistics, but my best guess is its rare. I generally recommend having your own agent as representation.
0 votes Thank Flag Link Thu May 20, 2010
Hardly ever, but unfortunately it does happen. Buyers should never use the listing agent to represent them in a transaction. You are going to get different sides of this argument in answers to your question, but this is my opinion.
0 votes Thank Flag Link Wed May 19, 2010
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