Dual Agency In Real Estate, Who Does It Benefit The Most?

So you want to buy a house and think you will get a better deal from the listing agent?  This is great advice - for the seller!

Here are some things to consider about Dual Agency.

FACT:   Listing agents are hired by the seller to sell their house at the best possible price with the best possible terms.

Question:  Can a person, or a Real Estate Agent, "Serve Two Masters", effectively?








Example One:  I was representing a buyer who was purchasing a brand new home.  We were scheduled to close in two weeks when I received a frantic call from my buyer.  My buyer called the builder's lender to inquire about her interest rate and the lender told her that there was nothing they could do to get her the current interest rate which was 3/4 of a percent lower.  The builder's lender, which the builder gives the buyer incentives for using, had previously locked my buyer's loan interest rate at a higher rate when the contract was written, without telling her.  Since interest rates were lower, my buyer wanted the current rate.

Since I was a witness and I was there at the beginning of the contract and was witness to the sales agent telling us both that the interest rate would be a "float rate".  (Meaning that my client was guaranteed a lower rate if rates were to drop before the interest Rate Was Locked).  I was able to turn the situation around for my buyer and get here the lower rate by calling the bank and by calling the builder's corporate office.  I also wrote a blog post regarding the situation that the builder asked me to retract when the problem was settled.

Example Two:  During a recent short sale that I closed,  the washer and dryer were included in the Multiple Listing description.  The washer and dryer were in the house when we first saw the house.  When the owners left the washer and dryer were gone and the listing agent took the washer and dryer out of the Multiple Listing description.  As soon as I noticed that the washer and dryer were gone I approached the listing agent with the prior MLS sheet, of which I saved a copy, and wrote an addendum stating that the seller was to credit the buyer for the missing items.

Example Three:  During a home inspection on a short sale, there were holes in the walls where wires had been pulled to install speakers.  The listing agent suggested that we fix the holes ourselves to save the seller money.   In the best interest of my client I also had an electrician check the wiring and make sure it was not defective before closing up the walls.  Oh, and I had the seller pay for it also!!!

These are only three short examples of how having your own agent represent you during a real estate transaction can aid you in negotiating your home purchase. Here in California, Real estate agents can practice, "Dual Agency", however, having your own agent looking out for you and your interests is best and recommended by most real estate advisers.  Click here to see BankRate.com's advice about having a Buyer's agent represent you in your home purchase!

Go to my website: www.soreal.biz to find the most popular areas in Southwest Riverside County.

Contact me for the latest Real Estate information: regarding Temecula Real Estate, Temecula Custom Homes, or Real Estate anywhere in Southwest Riverside County. 

Jane Grant     Southwest Real Estate   Telephone:  866 621-0155
 
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Jane Grant   ~    DRE:  01109492
Southwest Real Estate, Inc. 

Telephone:  866 621-0155