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Real Estate Agent - help

Posted by on Apr. 25, 2013 at 2:10 AM
  • 36 Replies

Well, we decided we need to buy a house and... we found one that we liked. We met the agent representing the seller and he said that since we didn't have an agent already, he could represent us, too (he said he has the appropriate licence to do so). We did sign the contract with him to represent us, too.

We loved the house and we applied for the mortgage. The bank's reaction has been positive so far even though we didn't get the pre-approval, yet. Anyway, we called him (the agent) yesterday and asked him to help us see the house one more time before making a final decision about it. At 8:30am, he said that he has to check his schedule for Sunday and let us know if he would be able to make it. Well, at 3:30pm his wife (a real estate agent - they are working together) called me and said: "I will be there on Sunday from 2 to 4, we'll have an open house! You can come any time you would like to". He'd also sent an e-mail saying that he gave her all the info about us so she would know why we would be there. After this discussion, I went to see if there was any "open house" sign in the area... but there was none. There is no open house advertising regarding this house on trulia or prudential's (they are prudential's agents) website. So, there was nothing planned before we asked to see the house one more time. 

Now... I wonder... is this ok? I mean, we don't have any pre-contract signed yet, or negotiations started but they are organizing an open house just because the buyer is serious about buying the property??? I understand that he has to be fair in this transaction... to be fair with both seller and buyer. I feel like we need to change the agent. Am I exaggerating?

by on Apr. 25, 2013 at 2:10 AM
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Replies (1-10):
NiCo86
by Platinum Member on Apr. 25, 2013 at 2:15 AM
curious. I wouldn't think an agent could represent both parties. conflict of interest and all that you know?
2m2t
by Bronze Member on Apr. 25, 2013 at 2:19 AM


well, we asked him about it and he said that the only thing he could not do would be to suggest amounts during negotiation. so, we thought he knows what he's doing. I am considering to contact the agency tomorrow... this open house does not seem to protect our interest at all...

Quoting NiCo86:

curious. I wouldn't think an agent could represent both parties. conflict of interest and all that you know?



NiCo86
by Platinum Member on Apr. 25, 2013 at 2:20 AM
I'd get a different agent, personally.

Quoting 2m2t:


well, we asked him about it and he said that the only thing he could not do would be to suggest amounts during negotiation. so, we thought he knows what he's doing. I am considering to contact the agency tomorrow... this open house does not seem to protect our interest at all...


Quoting NiCo86:

curious. I wouldn't think an agent could represent both parties. conflict of interest and all that you know?




2m2t
by Bronze Member on Apr. 25, 2013 at 5:50 AM

Ao... nobody knows if what they did is really ok or not...


cjsix
by Platinum Member on Apr. 25, 2013 at 5:57 AM

 Depending on where you are realtors can act as what is called a dual agent where they represent both the seller and the buyer. It is legal but,they do have to tell you they are doing this and you have to agree. They also have to do for each just as they would if they were representing just the seller or just the buyer. As far as the open house after asking to go see the house again...that I would be none to happy about but,whether it ok and ethical I'm not sure. You could call and ask a another local reator without giving details or the local real estate board.

unspecified42
by Gold Member on Apr. 25, 2013 at 5:59 AM
His commission is a percentage of sale price. Do you really think he's going to be working in your best interest??


Quoting 2m2t:


well, we asked him about it and he said that the only thing he could not do would be to suggest amounts during negotiation. so, we thought he knows what he's doing. I am considering to contact the agency tomorrow... this open house does not seem to protect our interest at all...


Quoting NiCo86:

curious. I wouldn't think an agent could represent both parties. conflict of interest and all that you know?





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Anonymous
by Anonymous on Apr. 25, 2013 at 6:07 AM

 They can.  It's called dual agency.  It's shady (IMO) but done as often as an agent can do it so they get more $$$.  I used to be a REALTOR & I refused to practice dual agency because I didn't feel I could represent both sides fairly.

Quoting NiCo86:

curious. I wouldn't think an agent could represent both parties. conflict of interest and all that you know?

 

Anonymous
by Anonymous on Apr. 25, 2013 at 6:09 AM

With the houses we have purchased we have always seemed to end up with the listing agent as our buying agent - small town and not many listings or agents.  At some point your agent will ask you to sign a contract with them as your agent.  Once you sign the contract, it's difficult to get out of unless you have "just cause" and I am not sure you do.  Having the same agent for buyer and seller has actually given us a little more room for negotiation as the agent doesn't have to share the commission.  It is not unusual for someone else in the firm to show you a house if your agent is busy and often times firms have husband and wife teams.  Finally, open houses are not necessarily widely advertised, especially in subdivisions or neighborhoods and it is not unusal for a seller to have an open house even if there is a potential buyer.  Until you are approved for financing and have a contract, the seller has every right to continue to have their house on the market and aggressively seek another buyer.

2m2t
by Bronze Member on Apr. 25, 2013 at 6:16 AM


they did tell us but... they did not ask for permission, they just announced it would happen. My reaction was something like... "are you sure this is ok? especially when we are so close to get the money?" and she said "I will be waiting for you". So... this was it.


 Depending on where you are realtors can act as what is called a dual agent where they represent both the seller and the buyer. It is legal but,they do have to tell you they are doing this and you have to agree. They also have to do for each just as they would if they were representing just the seller or just the buyer. As far as the open house after asking to go see the house again...that I would be none to happy about but,whether it ok and ethical I'm not sure. You could call and ask a another local reator without giving details or the local real estate board.



2m2t
by Bronze Member on Apr. 25, 2013 at 6:18 AM


Well, I know it is always about their commission and it is the same regardless the situation (representing both or just one of the participants in the transaction). But the way they proceed it is kind of strange for me.

Quoting unspecified42:

His commission is a percentage of sale price. Do you really think he's going to be working in your best interest??


Quoting 2m2t:


well, we asked him about it and he said that the only thing he could not do would be to suggest amounts during negotiation. so, we thought he knows what he's doing. I am considering to contact the agency tomorrow... this open house does not seem to protect our interest at all...


Quoting NiCo86:

curious. I wouldn't think an agent could represent both parties. conflict of interest and all that you know?







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