nys our agent who also represented the buyer brought a bid to us and negotiated a price which we accepted

Asked by C, nys Tue Mar 18, 2008

we found out that this is the same client that llow balled us a month ago but only after we received thefax of a purchase agreement our agent who was workibg in the dual capacity never said it was the same couple that bid before i had at one point asked if it was also her client she said yes but never said this was a returning couple which would have changed things quite a bit in our response as if some one is going to bid again they obviously wanted it is it ethical for her not to tell us ,as she is our seller and also their rep

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Deborah Madey, Agent, Brick, NJ
Tue Mar 18, 2008
Hi C,

Am I understanding this correctly? You knew that your agent was acting as a dual agent and that was not your issue. What troubled you was the fact that your agent did not disclose the fact that the buyers were the same returning buyers from a month ago and the fact that your agent withheld that info has made you question her ethics. Do I have that right?

My first question is.....what would you have done differently if you would have known? You indicate that would have changed quite a bit your response. Are you saying you would have held out for a higher # or different terms because you believe they would have met your terms or $$?

We can't replay the offers and counters now, so you probably won't ever know.

Do you think your agent withheld this because she considered it irrelevant? Do you think she withheld the info because she thought she was helping you be objective about the offer? Do you think she withheld the identity to help the buyer? I am not speculating on the motivation of the agent, only generating inquiry into the variety of potential reasons.

Nonetheless, right now, you the seller client have lost some faith in your agent.; You should pick up the phone and discuss this candidly with her, or her broker.

What do you want right now? Do you want an alternate agent to repersent your interets through the rest of the transaction?

I am not sure why the agent withheld the info. It may have not have been ill motivated.

You, as a seller, need to feel confident from now through the completion of your transaction. Your agent and her broker owe that to you. It would not be unreasonable for you to ask the broker to take over for her, or assign another agent to represent you. Maybe a candid discussion with the agent and her broker can reinstate confidence. Maybe not. But, you are entitled to that, so don't bury it. Make that call to either the agent or the broker.
1 vote
Joan Small,…, Agent, Atlantic Beach, FL
Thu Feb 19, 2009
Your agent seems to be functioning as a dual agent. How would it have made a difference .?The price and the mortgage qualifications is what you accepted.I hear from you that you are uncomfortable with the way it was handle(it was handle poorly) but try to go past that.I tried to give you a short answer.Any further questions please email me --jsmall@pugatch.com
0 votes
Emily Erekuff, Home Owner, Menifee, CA
Thu Mar 20, 2008
Hi Everyone,

I just wanted to let you know that C posted a thank you with some additional information about this situation at the link below.

Best Wishes,

Emily Gibson
Customer Service Representative
0 votes
Keith Sorem, Agent, Glendale, CA
Tue Mar 18, 2008
C
I do not work in NYS (whereever that is)...so that is a big disclaimer!

The key to successful neotiating (look at Barack Obama) is full disclosure. Nobody wants to feel that they were deceived after a transaction concludes.

This means that (in my area anyway) if a dual agency offer comes in...meaning that it may be an agent within my own brokerage...we are one of the largest brokerages...it would not surprise me...So at the outset we discuss agency and what that means. Did you and your Realtor have that conversation?

I have posted this part in previous posts....it is common in a buyer's market for the first offer you receive to be a "low offer". However, given the shifting markets that offer may be "fair market value". The problem is that you will not know until later. So, it may be a good sign that these buyers made a second offer. Do not taint the offer based on the Realtor.

OTOH, the agency disclosure issue IS important. Again, I do not know your area's laws and customs. This is not legal advice. Whether or not the offer is from the same buyers is important...it means they are interested. But do not let your emotions rule the day. Watch for something called "assignability".

That is when an offer is made, but in the offer there is a line that allows the buyer to "assign" the purchase to another party. That is important to you because the party to which they "assign" it must be able to perform the same as the original buyer.

You need to have FRANK discussions with your Realtor. If you for any reason have further concerns. discuss with their BROKER and ask for another Realtor from the at office to represent YOUR side in this transaction. These buyers may be good people who want to buy your home.

Please post what happened.
0 votes
Melinda J. R…, Agent, Grand Rapids, MI
Tue Mar 18, 2008
C, did you sign a dual agency agreement? Not sure maybe it is different in your state? However, the way I know it is if an agent is representing both sides in a transaction a new agency disclosure has to be signed. Both the buyer would sign this and the seller would sign this (separate forms.) Another form has to be filled out stating the names of both the sellers and buyers as well as which the agent had the relationship with first and what commission is to be paid to the dual agent. This is also signed by both buyers and sellers on the same piece of paper. Did you sign something like that?

If so it would seems that if this would have been done you probably would have known that it was the same buyers based on their names on the purchase agreement. Or at least you would have been more likely to have known.

I would suggest that you have a conversation with the agent and/or broker to further discuss this situation since they know all of the details.

I hope this information helps! Best Wishes!
Web Reference:  http://www.gomelinda.com/
0 votes
J R, , New York, NY
Tue Mar 18, 2008
She can't be both your agents without both of your written permission.
0 votes
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