Home Buying in Eden Prairie>Question Details

Connie, Home Buyer in Winona, MN

Is it bad to hire 2 real estate agents when buying house?

Asked by Connie, Winona, MN Sun Oct 19, 2008

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yes very bad you can hire 1 Real Estate agentwhen buying
1 vote Thank Flag Link Sun Oct 19, 2008
Hi Connie:

Write down the reasons why your friend is not the best agent for you - does he live too far from where you are looking? Is he too busy to show you homes you are interested in? Whatever your reason - if he is a good friend he will understand and want the best for you. If you did sign an exclusive right to represent, you should cancel it in writing in order to avoid problems.

Buying a home is a huge deal and one of our biggest investments. You should partner with someone who is going to give you the time and attention needed to make it a great experience and help you with all that it entails, finding a lender, searching and deciding what type of home you want, location, putting the deal together, etc.

To avoid this from happening again, take your time interviewing 2-3 more agents based on recommendations. Patience is key - partner with someone you can work with. Best of luck and congratulations on making the decision to buy - NOW is the time to do so!
Web Reference: http://JackieFunk.com
0 votes Thank Flag Link Mon Oct 20, 2008
Hi, Connie!
Thing is you CAN hire more than one agent. You would utilize a Non-Exclusive Contract to Represent Buyer. That way, both agents would be authorized to act on your behalf. Thing is, that creates a situation where one of your agents is NOT going to get paid. So, reality shows us that those agents may not work very hard for you because of the possibility that they may not get paid for all of their efforts.

I will only sign exclusive contracts with my buyers. As the first commenter here suggested, nobody wants to work for free. It's in your best interests to be honest with both of the agents. That way, the agents won't be caught up in doing something against our rules of ethics and they will have the choice about whether or not they will work for you on a Non-Exclusive contract. Good luck!
0 votes Thank Flag Link Mon Oct 20, 2008
I agree with Scott. Be honest and be quick about telling them. There is nothing worse than an agent expending effort on a propsect that has no intent to buy with them.

Honesty is the best policy!
0 votes Thank Flag Link Mon Oct 20, 2008
Connie,
You are better off being honest with your friend and telling him/her that it is not a good fit. This approach should salvage the friendship; however, buying a house behind his/her back, would obviously escalate the situation.

Good Luck!
0 votes Thank Flag Link Mon Oct 20, 2008
Connie
Legally you can only hire one agent. Once you sign the buyer agreement and sign a second one, there would be a conflict
Sort of like selling the same home to two parties.
0 votes Thank Flag Link Sun Oct 19, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Connie,
I think more people end up in a situation like yours. If you are unhappy with the current agent you have then talk to them about resolving the issue (however you would like to do that is up to you). Working with friends and family can be complex at times because of the prior friendships that exist. Hopefully they will understand that you only want what's best for you and will agree with your decision.

Good luck.
Web Reference: http://www.thegoheens.com
0 votes Thank Flag Link Sun Oct 19, 2008
Hi Ed,

Thanks for your quick answer! I initially asked help from my friend who is in real estate for buying a house. However, I feel like he is not the right agent whom I am looking for. I feel like I want to go out to find a better buyer agent now but I don't know how to tell him about this without hurting his feeling.

Any idea? I guess maybe this is something I need to figure out.

Connie
0 votes Thank Flag Link Sun Oct 19, 2008
There are ethical issues that come into play ... if the second agent is aware of an existing agency relationship between you and another agent then they would violate rules of ethics to represent you. There are some caveats, (if you have created an agency relationship etc) but this essentially prevents another agent from assisting you. Why would you want to hire two agents anyway? Find a good agent and stick with him/her.
0 votes Thank Flag Link Sun Oct 19, 2008
Connie,
Think about yourself, do you work for free? How are they get paid?
0 votes Thank Flag Link Sun Oct 19, 2008
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