In a Dual Agency - The listing agent is
working for the seller - NOT You The Buyer.
The listing agent does not care about you
they are working for the seller and how much
they can get for that seller. The listing
agent has NO loyalty to you the buyer. Have
a
Buyer's Agent work for
you.
Thomasville Georgia Realtors! Dual Agency is
legal - Buyer Beware
What is a
Dual Real
Estate
Agency?
The term
"agency"
refers
to the
relationship
that
you, as
a buyer
or
seller,
have
with
your
real
estate
agent. A
dual
real
estate
agency's
agent or
broker
represents
both the
buyer
and the
seller.
When
potential
buyers
who
don't
have a
buying
agent
contact
a
seller's
real
estate
agent,
they can
ask the
selling
agent to
submit
an offer
on their
behalf.
In this
case,
the
agent is
acting
as a
dual
agent.
Dual
agency
can also
occur
when
both the
buyer's
and the
seller's
real
estate
agent
work for
the same
real
estate
broker.
Dual
Real
Estate
Agency
Disclosure
The law requires that
a dual real estate agent must inform
both the buyer and seller of the
dual real estate agency. These
two parties must also sign consent
forms indicating that they
understand the concept of dual
agency, as well as the restrictions
imposed on the real estate agent by
this type of agreement. If either
the buyer or seller refuse to sign
the dual agency agreement, the
transaction cannot continue.
Once the dual agency agreement is
executed, the real estate agent
becomes known as the disclosed dual
agent.
Restrictions to Dual
Agency
Dual agency imposes
some restrictions on a real estate
agent. The agent is required to
treat both buyer and seller with
fairness and honesty. To do so,
neither party should expect the
undivided loyalty that could be
expected from a dedicated buyer's or
seller's agent. The agent is required to provide
full disclosure concerning the
property to the buyer but cannot
reveal confidential information
about the seller. When the time
comes to make an offer, a dual real
estate agent cannot advise the buyer
on how much to offer nor can the
agent advise the seller to accept or
reject an offer.
Be alert
of
Builders
&
Realtors
clamming
to be
developers
and
building
quality
homes.
Drawbacks of Dual Agency
A dual agency always
involves a conflict of interest. In
essence, you, as a buyer or seller,
are giving up the opportunity to
have an experienced, knowledgeable
agent work exclusively for your best
interests. As a result, you have an
agent working to finalize the
transaction without having to give
any advice to either party because
of the restrictions placed on the
agent.
Furthermore, since the agent is
representing both the buyer and
seller, he will get "both sides of
the deal" in terms of commission,
while doing only half the work. Many
brokerage firms try to encourage
dual agency because of the
commissions, so be aware of what you
are getting yourself into before you
sign an agreement of this nature.
ReneePorsia
Re/Max Real Estate Broker (Philadelphia)
Must read: Buying
a Home in Thomasville:Choosing the right
location for your custom home not only affects
your lifestyle, it affects the future value of your
home. That's why you should take your time, look at more
than one area, ask questions, be cautious and consider
the advantages and disadvantages of the location you
select. Get more then one opinion call Capital Home
Builders. DO NOT BUY A HOME IN AN OVER PRICED
SUBDIVISION.
True Energy efficient Homes are
qualified by an independent company.
Avoid Using Dual Agent
and Dual Agency!
In Georgia, the law
allows for agents to represent both
buyers and sellers of the same property.
But if you’re buying a home in the
Thomasville area, you deserve to employ
a buyer’s agent who has no fiduciary
interest in the sellers. A dual agent
cannot, by the nature of their contract
with the seller, effectively negotiate
the lowest possible price for you, and
so you may end up paying more than you
should, and making concessions to the seller that
you don’t want to make. Although use of
a dual agent must be agreed to by all
parties in writing for it to
be legal, or not.
and although the agent is legally
obligated to be fair to all
parties, invariably the
dual agent will favor the seller.
If you’re
looking at homes in Thomasville without
the assistance of a buyer’s agent, you
may find yourself involved with a dual
agent whether you mean to do so
It is through implied
agency that many buyers find themselves
involved with a dual agent. It’s very
important when considering the purchase
of Thomasville Real Estate to ensure
that the agents you work with are up
front about their business and listing
affiliations, and that you are at all
times adequately represented. Working
with a buyer’s agent costs you nothing,
and will certainly benefit you in the
long run.Caution:
Some Real estate professionals
and Real State Brokers like to
use the word total square
footage when listing a home. The
word (Total Square Footage) is
used when the listed properties
square footage under heated &
cooled is to small for the
listed price. The total square
footage of heated, cooled,
garage, porches and decks are
sometimes used to justify the
price per square footage of that
property. So you need to ask for
the total heated & cooled square
footage and divide by total
price = price per sq. ft. The
City and County Requires any
addition or unfinished bonus
rooms done after the home was
built to have a permit. Example
of misrepresented property by an
agent in Thomasville, GA. Listed
at 3,800 Sq. Ft. but public
records has it for 3,200 Sq. Ft.
Definitely something wrong with
this picture.
Ignorance is bliss:
The new scoop for marketing a property
listing to appear as a good buy is deviating
from public records information as to the
square footage. Many agents justify their
square footage source as “Per Owner”. We are
not sure what that implies? In a normal
world as a professional you're required to
pull tax records to get the homes square
footage and other pertinent information
about the property and if public records do
not match with the owner’s information than
as a professional you know something was
either done without a permit or a mistake
has been made. In this situation, it is up
to the property owner to get this corrected
either by appraisal or updating public
records or by having city appraisers
re-visit the property to verify property
information but most owners do not do so
because ultimately it may pose a financial
burden.
A number of agents are
adding hundreds of square footage to their
listing and then claiming "as per owner". I
am assuming as a real estate agent, a
professional, would address this discrepancy
and not pass the buck as to they would not
be responsible for the listing they
represent. Here we go again with assuming,
you know what they say about assumptions!
Always ask your agent (a real estate
professional) were did the added square
footage come from. If she/him claims it came
from the owner, I would ask them for
documentation justifying the added square
footage. Because once you buy the property
it is your problem to resolve and for future
resale.
Remember that the listing agent of any
property is working for the SELLER NOT YOU
THE BUYER…..
And if they are working for the buyers as
well they are acting in a dual agency. Ask
yourself this Question: Would you go to the
same attorney performing a divorce for both
husband & wife? Well this is the same thing.
Equal Housing Opportunity