Abbott and Costello on Real Estate

^{Nothing about real estate confuses the public more than agency law, which is the relationships between agents, buyers, and sellers.}

^{Abbot and Costello recently had a conversation about Abbot’s decision to sell his home … it went like this …}

^{Costello – So I hear you’re selling your house.}

^{Abbott – That’s correct.}

^{Costello – Did you engage a real estate agent?}

^{Abbott – Yes, a well recommended agent named Mr. Hu.}

^{Costello – So Hu is the selling agent?}

^{Abbott – No, Hu is the listing agent. When you sell a home you use a listing agent, and he has already presented me with an offer from a buyer agent named Mr. Watt.}

^{Costello - If Watt is working for a buyer, he would be a buying agent, right?}

^{Abbott – No, Watt is the selling agent.}

^{Costello – Wait a minute. Watt is buying the house and presents an offer to the listing agent, who?}

^{Abbott – Exactly.}

^{Costello – But you hired Hu to sell the house.}

^{Abbott – You got it.}

^{Costello – Hold it, you just told me Watt is selling the house because he is the buyer agent.}

^{Abbott – That’s right.}

^{Costello – And Hu is the listing agent who is selling the house.}

^{Abbott – That’s right.}

^{Costello – I don’t get it. Who engaged Watt to sell the house for him.}

^{Abbott – No the buyer engaged Watt, someone ... I don’t know.}

^{Costello – So if Someone wants Watt to buy his new house, why is he working for Hu?}

^{Abbott – He’s not working for Hu, he’s working for someone.}

^{Costello – Hu’s working for Someone?}

^{Abbott – No Watt is working for Someone.}

^{Costello – If Hu is listing the house, what is his job?}

^{Abbott – He finds someone to buy it.}

^{Costello – You just told me Watt found Someone to buy it!}

^{Abbott – Now you understand!}

Costello - I don't even know what I just said!!!

^{If you still don’t understand, give me a call. It’s really very simple.}