You should have been informed up front by your agent that the buyer was also his/her client, or had asked him/her to represent them as well. It is then your choice as to whether you are comfortable with dual agency. All parties must agree in writing, and we have specific dual agency forms for this. If someone is not comfortable, then it is possible for another agent to be assigned to represent one party. This would be called designated agency. If that is not desireable then the buyer can find another agent of their choice to represent them. The fact that you were not made aware until two weeks into the negotiation is a serious legal and ethical issue.
Dual agency has potential for conflict of interest and even moreso with a Hubbard Clause offer. I, as an agent, would not be comfortable as a dual agent and would decline in favor of an alternative.... more
Peg I know that they do not cover this in your state liscencing classes but you need to talk to your broker about compensation and showing properties. As an agent you need to become very familiar with how you will be compensated.
Joan check the rules of your broker to broker exchange if the agent/broker is not a member of the local MLS you as the listing brokerage do not have to provide compensation to the selling broker.... more
I just did a quick scan on Realtor.com at some condo listings. I thought the two below were presented fairly well. You might want to include the two agents who have the listings when you do the interview process. That is, if one doesn't happen to be one you have used already. The third link below might be of some use in doing the interviews, however i would try and find two more agents along with these two. Good luck.
You need to look into recent sales IN YOUR COMPLEX and units with the same number of beds / baths. That will give you an idea of the value (compare condition from there). Also is it impossible for a dual agent to negotiate the best deal for the buyer and get the best price for the seller. It's likely the agent is recommending they accept a hubbard offer b/c your willing to over-pay for the property. If thats the case, if you could potentially owe much more than the unit is worth from day one (a home you will not be able to sell for a looong time). Shoot me an email and ill send you the comps in your complex.... more
You have to speak with an attorney. However, if all sides are still willing to work together, you might be able to work something out. I understand that emotions can run high, but do your best to stay calm and work towards a solution. At the end of the day everyone wants the same thing to sell/buy the home they're after. Situations happen, work with each other rather than against...you might be surprised by the outcome. Good luck and let me know if I can answer any further questions for you.... more