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BUYERS BEWARE of Dual Agency When Buying a Home

BUYERS BEWARE of Dual Agency When Buying a Home
BUYERS BEWARE of Dual Agency When Buying a Home

Depending on the state where you’re buying a home, laws related to agency and real estate representation can be different.  The real estate agent you’re working with will probably not be your agent in the legal sense of the term in most states.  They will be called something like a representative or some other term that does not require the full duties of a legal agent.

This article isn’t about full agency, so the legal details aren’t necessary.  Whatever your real estate professional’s level of responsibility, you should expect to have them working with your best interests at the top of their list of duties.  Whether the listing agent who is working for the seller is a full legal agent or not isn’t important to this discussion either.  Whether your contract or other paperwork in buying a home calls your agent a “dual agent,” or a dual representative, or some other term it means they’re working for both you and the seller.

The financial motivations of the real estate professional help to explain why you want to avoid dual representation if possible.  They’re humans, and human beings can with the best of intentions still be influenced by the financial aspects of a deal.  Real estate people love to sell their own listings or those of their brokerage.  It makes the company look good, but the big thing is that the brokerage and the agent will double their commission by representing both sides.

If you were working with an agent from another brokerage, the two companies and agents would be splitting the commission.  So, think about working with the listing agent as a buyer.  It can be very difficult for that agent to play hardball or even take a strong negotiation position on your behalf.  Doing so could kill the entire deal and leave them with no compensation at all.  There is a lot of pressure to get the deal done.

Dual Agency
We love this little comic by Remax Agent Bill Gasset in Massachusetts

This is not intended to criticize the agents involved, nor to assume any intentional wrong-doing.  This is a discussion of human nature and how to avoid putting yourself in an inferior negotiating position.  In dual representation situations, there is usually a disclosure provided to both sides explaining it and your choices.  You may be able to elect to have another agent work on your behalf, and they would not share information with the listing agent.

At any rate, agents love to show their brokerage’s listings first, so always know if you’re looking at a home that is listed by the same brokerage as the agent working with you.  If it turns out to be one you want, start asking about dual representation and your options.  Another approach guaranteed to protect your interests would be to work with a dedicated buyer agency brokerage that doesn’t take listings.

Are You thinking of buying a Home in Tampa Bay?

Use our site to search homes for sale in Tampa Bay and all of our surrounding areas. Unlike the “big name” sites out there, our site is directly connected to our local MLS and is updated EVERY HOUR. By creating a Property Manager account you can stay on top of the newest homes for sale and get Price Change alerts so you can stay ahead of other buyers and beat them to the BEST deals!

In the meantime, check out these 1 click searches:

  • Tampa Bay Homes for Sale
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  • Houses for sale in Tampa Florida with Pool
  • Luxury Homes in Tampa Bay
Come one, come all! To the greatest condo on market! This is your opportunity to buy into the most in-demand condominium building in Tampa, FL, Thee Skypoint Condo Tower. This FULLY FURNISHED 786 sqft condo is one of the largest 1 bedroom, 1 bathroom floorplans in the building and sports designer style furnishings that fit the Tampa aesthetic perfectly. Gorgeous wood floors are laid throughout the unit and are a flawless compliment the contemporary paint scheme. This is the epitome of Downtown Tampa living. This impeccably maintained unit is perfectly finished with granite counter tops, and stainless steel appliances. But that is nothing compared to the breathtaking views you get  through your floor to ceiling windows. You'll love spending your evenings relaxing on your balcony in the sky as you watch the sunset on the horizon. Your future home is centrally located near Harbour Island, Channelside, Davis Island, Hyde Park, and just seconds away from Armature Works, the Cultural Arts District, Tampa Art Museum and Glazer Children's Museum, Amalie Arena, the Convention Center, the Riverwalk, and Bayshore. Community amenities include 24-hour concierge, controlled building access, 2 state-of-the-art gyms, a recently updated lap pool with Restoration Hardware pool furniture, hot tub, outdoor terrace with new fire pits, gas grills, and massive pergola, movie theatre, lounge area that over looks Curtis Hixon, pool table, clubroom with catering area, and secured fob access. HOA fees include internet, one reserved parking space, trash, and tons of services from your on-site concierge and property management teams. Call to schedule your private showing today! $450,000 Active

777 N Ashley Drive 1811 Tampa, Florida

1 Beds 1 Baths 786 SqFt

Full remodeling construction with new Building Plans and Permits to this stripped to the bone bright and Spacious Home. Enjoy The Open Floor Plan with brand new Windows throughout that provide plenty of natural lighting. Features include new Shaker cabinets, Granite counter tops, Full Granite Backsplash, Stainless Steel Appliances, Vinyl water resistant flooring, fully remodeled bathrooms, all new plumbing system, fully rewired and new electric panel; freshly painted interior and exterior, Brand new AC system, New Roof, all new Drywall, New Insulation in Walls and Blown insulation in attic, brand new Exterior and Interior Doors. Updated Modern and Recessed Lighting Throughout The Entire Home. Your family and loved ones will enjoy the fresh sod in the spacious backyard, perfect for family gatherings! Minutes from Old Seminole Heights, Rowlett Park and I-275. $299,900 Active

1715 E Idell Street Tampa, Florida

4 Beds 2 Baths 1,488 SqFt 0.120 Acres

The Alagon is a luxury building of 50 units, this unit has 3 bedrooms and 3 ½ baths, open floor plan with a living room, dining room, and family room open to the kitchen. The entrance art feature can be used a chalk board. The views from all these rooms are mind-blowing open bay and downtown. From the oversized terrace, one can entertain into the family room, dining room and living room at the same time, while having a magnificent outdoor living room. The master bedroom dressing and master bath areas of marble are very large. The master plus the other two bedrooms and bath have balconies off them making this unit light and airy throughout. The cabinets have coordinating granite. The large utility room has  a storage AC closet. There  is  a  private  climate-controlled storage  room just  outside of the unit for your use. 
The Alagon has marvelous minute access to the Crosstown from the interstate at Gandy, Euclid and Bay to Bay. It is located about 20 minutes from Downtown St. Pete and about 25-30 minutes from St. Pete Beach. The Alagon is located just 1 ½  hours from Disney World and many other famous theme parks in Orlando, Florida. The building is minutes from our schools, church's and shops of the Tampa Bay Area. It is sitting right on Bayshore Boulevard, the longest sidewalk in the world with a 7 mile stretch from MacDill Air Force Base to Downtown Tampa with many areas for walking and exercising. This incredibly long bay-walk has access from South to North Downtown and the Tampa Riverwalk. Parking Spaces #30 & #219 and a 5' x 7' storage outside of the unit. $1,499,000 Active

3507 Bayshore Boulevard 701 Tampa, Florida

3 Beds 4 Baths 3,012 SqFt

You are going to fall in love with this beautiful house. This 3/2 hope is freshly remodelrd home. New 2022 roof. Gorgeous kitchen with stainless steel appliances. Great layout, large sized bedrooms. Laundry room with a side exit door will take you to the beautiful fenced back yard. The house is Located in the charming Sulphur Springs neighborhood. This is a very good house and will not last long. Call today to schedule your appointment. $265,000 Active

8014 N 14Th Street Tampa, Florida

3 Beds 2 Baths 1,258 SqFt 0.110 Acres

Posted in: Buyers, First Time Home Buyers, First-Time Buyers, Home Buying Tips, Tampa Tagged: dual agency, First Time Home Buyers, first time homebuyers, first-time home buyer, Home Loan Qualification, Home Purchase Tips

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