Property Q&A in Leesburg>Question Details

Jane Forsythe, Both Buyer and Seller in Alexandria, VA

Interested in learning more about the property at 43017 Falls Overlook Court in Leesburg. Can you put me in touch with the listing agent? Thx!

Asked by Jane Forsythe, Alexandria, VA Thu Sep 17, 2009

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This question is about this property: http://www.trulia.com/property/45105115-43017-Falls-Overlook…

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Jane,

Danilo just gave a concise summary of Dual Agency - dual agency is probably the only form of agency where there is a potential for a diminished representation for both, the Seller and the Buyer, and a great potencial for a conflict of interest.

Not to mention the LEGAL LIABILITY!

Now, imagine another scenario where the Listing Agent does NOT want the legal liability that comes with the Dual Agency and the buyer purchases directly from the Listing Agent without the buyer representation.......because the buyer thinks that he can "save" money that way.

However, in this case, the listing agent does NOT sign the Dual Agency and represents solely the Seller - the buyers are on their own. The listing agent, by law, is obligated to disclose material facts and be honest (cannot lie), however, ALSO BY LAW, the Listing Agent CANNOT give any advice that could harm financial interests of the Seller or offer any information to the Buyer, unless that information supports the Seller.

In addition, the Listing Agent is responsible only for the FOUR CORNERS of the property - the duty to research zoning, common areas, water supply, etc, rests solely on the BUYER, or the Buyer's Agent if the Buyer has one.......

And the Listing Agent is being paid by the SELLER a full commission as specified by the Listing Agreement - the Listing Agreement is solely between the Seller and the Listing Broker - even if the Buyer has NO Buyer Representation and the Listing Broker does NOT have to share the commission with the Selling Broker......

There is nothing wrong with that, this is the nature of the AGENCY and the Listing Agent only does his/her job - and is fully protected by the LAW.

A Buyer deciding to purchase on his/her own is equivalent to a Seller deciding to sell as a FSBO - the Seller attempts to "save" money by saving X on commission only to lose 20%+ on the total sale.

........Attorney who represents himself has a FOOL for a client......applies to Buyers who choose to purchase without representation....

Can it be done?

CERTAINLY!

As long as the Buyer is very knowledgeable about the market and the local laws and savvy enough to take on such a complex transaction.
0 votes Thank Flag Link Thu Sep 17, 2009
Dealing with the listing agent without your own Buyer's Agent equals Dual Agency, which is bad. Dual Agency means...

1) The listing agent can not represent you nor the seller when in Dual Agency

2) No one is looking out for your best interests

3) You could easily overpay, get screwed, etc.

There is a reason why so many states in the US have made Dual Agency illegal. There is also a huge monetary reason why so many big listing agents secretly push to keep it legal...

1) It's better for the agent (they get to keep the full commission rather than split it with a Buyer's Agent/Broker)

2) It's less work for the agent because they don't have to (nor are they allowed to) push for either parties best interests

Hire your own Buyer's Agent and have them be your pit bull when going after this or any other property.

Danilo
http://LoudounScene.com
http://LoudounForeclosures.com
0 votes Thank Flag Link Thu Sep 17, 2009
Hi Jane,

I could surely put you in touch with the listing agent. It is Tino Peabody whose number is 703-862-8686.

However, when you buy you need to consider representation. Who do you want to represent you and your best interests? I would be happy to speak with you and be interviewed by you so that you can determine whether I would be the right REALTOR for you to work with. I lived in Leesburg for 5 years and only recently moved. So I am well versed in all of the neighborhoods and would welcome the opportunity to answer any questions you have about Loudoun County, since I see that you currently live in Alexandria.

Specifically about this house: The current list price is $549,900- original list price in July was $659,900. It is on .28 acres with 3 levels and 3 fireplaces w/ hardwood on the main floor 4 bedrms, 3 full baths and 1 half bath. Beautiful landscaping is there along with a huge master suite with master bath. This home is exquisite! It is listed as a short sale, which means the sellers need to sell it for less than they owe on it. In most cases, this takes slightly longer to close than do other properties, however, it is definitely worth the wait because of the great pricing. With a short sale, you can not submit an offer with a home sale contingency, so if you have a place to sell, it is imperative to get that house listed as soon as possible.

I am very proud of my ratios, in terms of listing to contract timeline, which is better than average. As well as the satisfaction of my clients. I pride myself on being sincere, dedicated and diligent with each of my clients. I would welcome the opportunity to speak with you to see if I can become your REALTOR partner and help you buy and sell with ease.

I welcome you to call me at 540-931-5050 or email me at janice@janicecopeland.com. Check out my website http://www.JaniceCopeland.com for more information about me.

Whatever you decide, I wish you much success!
Warmly,
Janice Copeland, REALTOR
540-931-5050
janice@janicecopeland.com
http://www.JaniceCopeland.com
0 votes Thank Flag Link Thu Sep 17, 2009
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