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It’s a rare scenario, but sometimes a single real estate agent might be asked to represent both the home seller and the home buyer in a purchase transaction. Is this ethical? Is it legal? Is it ever a good idea?
When a single agent represents both sides of a real estate transaction, it’s called dual agency. The real estate agents’ duty is to represent the highest interest of their client. But what happens when they have two clients?
The seller typically wants the highest price they can get for their home. The buyer wants the lowest purchase price possible. How can a single agent meet their responsibilities to both parties?
The answer is that most likely, they can’t. And since the seller is the one paying the agent commissions, as a buyer you should be wary of a situation in which the real estate agent you contact ends up being the one representing the seller of the home you fall for.
In some states, it’s outright against the law for one agent to represent both parties. The states in which dual agency is prohibited include:
In all other states, disclosure and written consent for both parties is typically required before the transaction can move forward.
You now know the pitfalls of dual agency. What if you decide to move forward anyway? As long as it’s done legally in accordance with your state law, no-one can really stop you. Just be aware that your interests are potentially going to come second, no matter how much the agent promises they will be completely unbiased.
Good advice? Never use the seller’s agent. It doesn’t cost you anything to have a separate buyer’s agent, and you’re more likely to be protected that way.
We’ve fine-tuned the preapproval process to make it one of the easiest experiences you’ll have in the whole home buying process. Buying a home should be fun and exciting, not stressful. Get preapproved today!
Sammamish Mortgage has been in business since 1992, and has assisted many home buyers in the Pacific Northwest. If you are looking for mortgage financing in Washington State, we can help. Sammamish Mortgage offers mortgage programs in Colorado, Idaho, Oregon and Washington.
Contact us if you have any mortgage-related questions or concerns. If you are ready to move forward, you can view rates, obtain a customized instant rate quote, or apply instantly directly from our website.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.