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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?

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Come see the latest and great opportunity to own a little piece of Tampa! This quaint and charming 1926 home is nestled in an up and coming, centrally located neighborhood Tampa Heights and is convenient to I275, I4, downtown Tampa, Ybor City, Armature Works, Tampa Riverwalk and so much more. This home has 3 bedrooms, 1 bathroom, a lovely yard for summer activities. Neutral updates throughout this home are waiting for you to come in and make your own mark. Add this home to your portfolio or buy and live near all the activities in the Tampa Bay area. Don't miss out, come check this home out today! $325,000 Active

4906 N Highland Avenue Tampa, Florida

3 Beds 1 Baths 900 SqFt 0.110 Acres

Income producer duplex this is a must to see if you are looking for the right deal. There are two spacious  units each one with three bedrooms and one bath. Currently lease month to month with a monthly income producer of $2000 as tenants been in the units for years. If you do good CMA you can lease for more base on size and location. Property can be deliver vacant at closing time or buyer can present a new lease term to existing tenants if he likes to continue earning with out interrupcions.  Schedule your showing for this well located property. PLEASE DO NOT DISTURB TENANTS. $440,000 Active

4206 W Kentucky Avenue 1 Tampa, Florida

6 Beds 2 Baths 1,612 SqFt 0.200 Acres

VIEW, VIEW, VIEW, LOCATION, LOCATION, LOCATION... The rest is up to you! This unit has a million dollar view and conveniently located within a few miles of I-275, I-4 & the Crosstown. It is only 8mins from the airport & walking distance to Westshore Plaza with plenty of shopping and restaurants. The amenities are abundant & scream elegance. Including boat slips for rent, fish station, BBQ area, pool, 2 saunas, gym and MANY MORE! The unit is a 1/1.5 bath with its own washer/dryer in unit. Sliding glass doors give you a fabulous view from both the main living, kitchen & master bedroom! Two closets, with one being a walk-in gives you plenty of storage space. The master bath has plenty of space & opportunity to make it all your own!
Wall to wall mirrors through out the unit make this space feel spacious and reflect tons of natural light! With a large balcony that stretches the entire unit , you will never miss a sunset! Don't miss this opportunity to make this place your own, it wont last long! $449,900 Active

Tampa, Florida

1 Beds 2 Baths 989 SqFt

One or more photo(s) has been virtually staged. ***Incredible location with an excellent and large sized lot!!!***  Come see this charming and beautifully remodeled 3 bedroom + Bonus Room home with 1.5 baths. Enjoy entertaining guest in the beautiful kitchen that is sure to wow your family and friends.  There is also a huge covered carport and lots of space to entertain outside. This property has a large lot of 0.43 acres, great for bonfires and parking all of your toys.  RV's, Side by Sides, ATV's and even boats!  You will also find two storage shed ski the back with plenty of space for any equipment needed for your home and they also have power and lights in them. The Septic Tank was recently pumped so less to worry about for you and your family. Just 4 miles from Channelside and Tampa Bayside Harbor, Florida Aquarium, Water Street, Greenwise Publix, Amalie Arena (Tampa Bay Lightning Games and many concerts), Riverwalk, Straz Center, and museums, public library, Tampa General Hospital, USF Health, and much more! Easy access to major highways and Selmon Expressway. Everything you want and need is close by! Schedule your appointment today as this property will move quickly. $410,000 Active

753 S 51St Street Tampa, Florida

3 Beds 2 Baths 1,612 SqFt 0.430 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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