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1st time hom…, Home Buyer in 07202

I'm interested in purchasing this home whose listing agent is also the my agent. Should I avoid this house?

Asked by 1st time homebuyer, 07202 Thu Nov 27, 2008

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This question is about this property: http://www.trulia.com/property/1068591316-1122-Magie-Ave-Eli…

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I must agree with Tipc78. Just keep in mind that the listing agent will be much more motivated and that in its self is advantages. You don't need to make things difficult for your agent, rather think createvely and find a plan of action together.

In situations such as in dual agency it is sometimes better a round table dialogue with all parties involved. You will be surpriced how much you can get done.
0 votes Thank Flag Link Wed Jan 7, 2009
I had a similar situation earlier this year, and was not at all happy about the situation - at first. Keep in mind, your agent now has two commissions in play when it comes to selling you the house in question. If you want the house, use the agent's "conflict" to your advantage - make him/her work their butt off to reach a deal you are comfortable with. When I dug in my heels over post-inspection concessions on price, the agent found a way to reach a deal with the seller that would have been more difficult with our own agent IMHO.

Good Luck!
0 votes Thank Flag Link Wed Dec 10, 2008
Hi

That is a great question. You should take a look at my blog. I wrote about the importance of using a buyer agent. In this situation, the agent would be "dual" agent and therefore would not be able to negotiate for you. A dual agent can only be a mediator. If you are looking for a great deal than perhaps you should have your agent find you another home where he/she can be aggressive and negotiate a much better deal for you.

However, if you feel that you love this home, then your agent will just write up your offer and present it their other client. Remember that the agent MUST get written permission from both you and their other client to be a dual agent.

As a Realtor, I have been a dual agent twice in my career and I can't say that I enjoyed it which is why I have tried extremely hard to NOT be a dual agent. For me, I like to make sure that I negotiate the best possible deal for my client.

I hope this helps you make your decision if you haven't already. It's great to see someone out there buying in this great market!

Good luck!!! : )

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
http://www.reneeporsia.com
Web Reference: http://www.reneeporsia.com
0 votes Thank Flag Link Sat Nov 29, 2008
There is no reason you should avoid this house. As long as you understand what your agent will and will not be able to do. Follow this link for the full NJ Consumer Information Statement (CIS) on Real Estate relationships http://www.jerseyshoreviews.com/nj-agency-law.asp

Good luck!
Laura Giannotta
Keller Williams Atlantic Shore
0 votes Thank Flag Link Fri Nov 28, 2008
Hi 1st Time Buyer - If you have an estabilshed relationship with the agent who has listed this home and are interested in this or any other of his/her listings, then working with them falls into the category of disclosed dual agency. That is described in the Consumer Information Statement which by NJ law you should receive from any agent you interact with. Disclosed dual agency describes the relationship when the same broker (ie, firm) represents both seller and buyer in a transaction. Your situation would seem to suggest that it would be the broker (ie Weichert) and the agent (listing agent) will be representing both sides. It is a situation that is permitted in NJ and occurs quite often. If you feel uncomfortable, you can ask the Listing Agent to involve another agent from her office. I've done this before in similar situation.

If you do not have an established relationship with the listing agent on the home, then you can establish a relationship with another agent. But if you do, I see no reason to walk away from a property you like. Simply voice your questions/possible concerns to the agent and allow them to answer/address.

Good luck - it looks like a great house.

Best,
Jeannie Feenick
Search and connect at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Fri Nov 28, 2008
1st time: If it suits your needs and it is a good deal-Buy It! Realtors are bound by a code of ethics and state law. The listing-buyers agent should have started with the NJ Consumer Information statement with you. It delineates the services that you are entitled to receive under NJ State Law.

Don’t let someone talk you into Buyer’s Agency unless they outline what they will do, what their charges are, who is going to pay for those charges (and if it’s the seller, be sure that the seller agrees) and what happens down the road if this deal falls through.

Dual agency, if offered, is not a terrible thing. The listing agent may be bound by his/her contract to act only as seller’s agent. This is relatively infrequent but may be the case. The seller can still deny responsibility for payment to a buyer’s agent but this makes his selling effort that much weaker and you might have a better motivation to move on. (Unreasonable people do not usually get magically more reasonable when the contract is signed.

Best of luck
0 votes Thank Flag Link Thu Nov 27, 2008
I am confused... the listing agent is your agent? No, I don't think you necessarily avoid the home. But, there are some risks, since your agent already has confidential information about both you and the seller client. Not knowing how sensitive it is, you may want to approach your agent about your concerns. Ask if she would be willing to have a couple of other agents step in and negotiate the contract. My proposal (and I would do this if I were the listing agent) would be that she step out through the negotiation period entirely, and appoint 2 other agents in her office to negotiate the offer - Personally, I would split the commission as follows: Listing agent = 50%, 2 negotiating agents each get 25%. Your agent can show you the home (discuss this proposal first), and coordinate everything from contract to close once the major issues are negotiated. This way, you know both clients are getting what they deserve - competent representation and and even playing field. Hope this answers your question. Good luck.
0 votes Thank Flag Link Thu Nov 27, 2008
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