What are the risks of dual representation with listing broker in a FHA/HUD owned property and sold "AS IS" ?

Asked by Cathy Crayton, Chicago, IL Mon May 28, 2012

Will be having a home inspection,but not allowed prior to signed offer.

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4
Edith Karoli…, Agent, Winnetka, IL
Mon May 28, 2012
BEST ANSWER
There is no reason in the world why as a buyer, no matter what you buy, not to work with a buyers agent. Do you not want to be fully represented and have a Realtor only working in YOUR interest.
The listing broker does have a listing agreement with the sellers and can only do so much for you.

Find a good local agent and have them guide you through the process, hopefully one who has
worked FHA and HUD deals before....

If a property is sold as is, you should have the right to have an inspection done, before committing to
buying the property, you have to pay for it, but as you know, the results of the inspection may not want
you to buy it anymore.... YOU MUST HAVE THE INSPECTION.....

EdithSellsHomes@gmail.com
YourRealtor4Life! Working always in the very BEST interest of her clients, Buyers, Sellers and investors alike. Covering for @Properties the city of Chicago, all N and NW suburbs of N. Illinois, and the fine homes of the North Shore and with my partner agents I cover all states of the US and properties worldwide.

Good Luck to you.....and have a wonderful Day
0 votes
Mark Risting, , Schaumburg, IL
Wed May 30, 2012
Dual agency can be tricky. You have to be able to trust the agent to represent both you and the seller.We are all professionals and many of us have acted in the capacity of a dual agent. If you are not comfortable with having someone represent both you and the seller, then enlisting you own representation may be the way to go.
As far as a home inspection, good for you. It is not uncommon to execute a contract prior to having the inspection preformed. You will have 5 business days to preform the inspection. If you find probems with the home and the seller is not interested in effecting a repair, then you can cancel the contract and get your earnest money refunded. Keep in mind, AS IS usuallly means AS IS. Any repairs that may be needed may be your responsibility if you choose to have the contract remain in force. Your attorney can councel you further on that.
If you have any other questions, I would be happy to assist you
0 votes
Melissa Kamp…, Agent, Greenwood, IL
Mon May 28, 2012
Hi Cathy
You never know what can happen with dual represention. But one thing is clear that the agent would be obviously representing you and the seller. As for the bank owned, it is usual to get As Is. But I would Definately recommend an inspection after the offer is accepted.

Let me know if I can help further.
0 votes
Pat & Steve…, Agent, Westlake, OH
Mon May 28, 2012
I, personally, am not at all comfortable with dual agency. I suggest that you find a Buyer's Agent to represent your interests.
0 votes
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