Can a Buyer and a Seller Have the Same Agent?
It all begins with an idea.
Have you ever heard of the buyer of a home and the seller of the same home having the same real estate agent at the same time? This doesn't happen often, and for good reason. In fact, I highly recommend staying away from this situation.
When a real estate agent represents both the buyer and the seller for the same transaction, they’re called a dual agent. In some locations, dual agents are actually illegal, while in other areas, there aren’t any laws against them, but dual agents are frowned upon by the real estate community.
This is because a dual agent cannot truly do their job. A real estate agent is supposed to fight for their client’s best interest and offer the best guidance and advice possible. But a seller and a buyer have opposite interests when it comes to purchase agreements and negotiations. The seller wants to get their house sold for the most money possible while the buyer wants to buy it for the least amount possible.
But if an agent represents both the buyer and the seller for the same transaction, they cannot represent the best interest of the buyer and the seller at the same time. That means that in a dual agent situation, someone loses. A dual agent presents a clear conflict of interest. The agent can’t offer either party advice or guidance without breaking their promise to the other party.
When you hire a real estate agent, you expect to get full access to their knowledge, experience, and advice. But in a dual agent situation, you won’t be getting what you hired the agent for in the first place. My recommendation is to avoid this situation from the start. When you go to get your home ready to sell, find an agent who can guide you through the selling process. When you decide you want to buy or build a home, get an agent who can walk you through each step of the buying process and offer you the advice you need.
Are you looking for an agent to represent you and give you the advice you need to make the best real estate decisions for your future?
5 Tips for Every Homebuyer
It all begins with an idea.
When you know these five things, you’ll be set up for success in your home buying journey! There are some! foundational things you need to know as a homebuyer to make sure you play the real estate game right and get the best house for you. Here are five things every homebuyer needs to know:
1. Find the right neighborhood. The house is important, yes. But the neighborhood and area you live in can have a huge impact on the quality of your life. As a real estate agent, I highly recommend that you find the right neighborhood for your lifestyle and then find a house within that area. Not only will you make it easier to search for homes, but you’re more likely to be happy with your new house!
2. Send the right first offer. First impressions count when it comes to sellers, so make sure that your first offer is a good one! In this market where there are many potential buyers, it’s common for sellers to get multiple offers, and only send a counter offer to a few. Plus, sellers are people, so if you send in a low offer or one with many demands, they may get offended and refuse to consider other offers from you. Your agent will help you craft a first offer that will catch the seller’s attention and get them to engage with you.
3. Get an inspection. If you want to make sure you get a good deal on your property and get the most out of your home, a home inspection is definitely in order. A home inspection will ensure that you know exactly what you’re getting into and give you the upper hand in negotiations if any problems with the property are found.
4. Don’t forget closing costs. You know that you need to put down a down payment when you buy a house, and you probably have a nice little nest egg saved up for that. But did you know that you’ll also need to save up for closing costs? Closing costs are the costs necessary to close the deal–think the inspection, appraisal, title search, and mortgage lender fees. These costs typically range from 3-5% of the purchase price of the home, so it’s wise to save up for them in addition to your down payment.
5. Rely on your agent! Your buyer’s agent will be by your side to guide you through every step of the way. They’re there to give you advice, provide support, and give you all the information you need to make the best choices for your future!
If you follow these tips, you’re sure to have a successful home buying experience.