Nobody Understands Buyer Agency - Certainly Not Newsweek

RE:Nobody Understands Buyer Agency - Certainly Not Newsweek

Anonymous — Mon, 30 Jul 2007 11:00:00 GMT

Dual agency is just the tip of the iceberg. I live and work in southern CA, where see Realtors that are forced by their broker to use "In house" Title insurance, in house Escrow and "In house" lender. The State presently allows this and it is NOT fudiciary responsibile. Too many Real Estate brokers are abusing and taking advantage of the clients while not allowing specalist in their field, to enter or solicit the Realtors establisment, for title, escrow, or lending.

RE:Nobody Understands Buyer Agency - Certainly Not Newsweek

Joan — Sun, 22 Jul 2007 11:00:00 GMT

I think that Buyer's Agents and Listing Agents should be totally separated. Companies that have Listing Agents should not have Buyer's Agents. In my opinion, that is the only way the potential conflict of interest can truly be eliminated. How can an agent flip flop with their relationships and not have a conflict arise? A agent can have the same person as a customer, then a client, then a customer.

RE:Nobody Understands Buyer Agency - Certainly Not Newsweek

Judith — Fri, 20 Jul 2007 11:00:00 GMT

Dual agency has too many temptations for it to work across the board. I know there are many "good" dual agents, but in order to insure that there are NEVER any "bad" dual agents, there need to be laws governing agency to prevent "bad" dual agents from defrauding buyers.

RE:Nobody Understands Buyer Agency - Certainly Not Newsweek

e. zach lee — Fri, 20 Jul 2007 11:00:00 GMT

I liked the suggestion the Newsweek article had about checking the agent's past savings on transactions. The traditional industry claims buyer agents do not save buyers anything however this came up in a court case in Oklahoma where the OK Real Estate Commission fined The Buyer's Agent for advertising savings. The OK Supreme Court ruled The Buyer's Agent did save their buyers money and proved it. For those of you interested in Agency, the OK case is worth a study.

RE:Nobody Understands Buyer Agency - Certainly Not Newsweek

AJ — Fri, 20 Jul 2007 11:00:00 GMT

Most of the above comments are far to broad generalizations. Dual agency is a very useful practice, I have been involved in dozens of dual agency transactions with no problems. The alternative is ridiculousif a buyer affiliates with a good, high producing local RE agent (which makes sense), then by default all of that agents company listings should not be considered by the buyer??? Just to protect them from what??

RE:Nobody Understands Buyer Agency - Certainly Not Newsweek

John Freudenberg — Thu, 19 Jul 2007 11:00:00 GMT

Greed and political connections have overcome common sense in state real estate commissions allowing dual agency to even exist. It is an abomination and if the public truly understood its nature there would be a huge outcry against it. It is also the prime source of countless lawsuits and the cause of general dislike of agents, professionals that should have much higher standards. Dual agency ensures that clients who are owed fiduciary responsibilities are at best given mediocre treatment.

RE:Nobody Understands Buyer Agency - Certainly Not Newsweek

Michael — Thu, 19 Jul 2007 11:00:00 GMT

I work for a franchise that promotes teamwork within the office - not competition - and in this day and age - you get more with team work and non-competitive atmosphere than you do with being out to win for yourself. It's a dis-service to the Client, the other agent, and both brokerage houses. This is why customers/clients are now selling their homes on their own - they feel we are 'corrupt.

RE:Nobody Understands Buyer Agency - Certainly Not Newsweek

Michael — Thu, 19 Jul 2007 11:00:00 GMT

This is one area where the State Laws, and Federal laws are clear. Anyone who is a licensed agent should know better then to attempt to defraud either the buyer or seller. if they are out for their own commission, then they are seriously lacking in their fudiciary responsibility to their client.

RE:Nobody Understands Buyer Agency - Certainly Not Newsweek

Carol — Wed, 18 Jul 2007 11:00:00 GMT

I am a realtor, and I am also a good dual agent. The satisfaction of my clients with the transaction is more important than the amount of the commission that I receive. I concentrate on houses that meet the needs and wants of the buyer, not those listed by me or by the agency that I work for, although, I myself have dealt with some rather unscrupulous agents. I am sure if you're honest, you'll admit that there are some unscrupulous people in most every professional field.

RE:Nobody Understands Buyer Agency - Certainly Not Newsweek

Mary — Wed, 18 Jul 2007 11:00:00 GMT

I am a buyers' agent as well as a listing agent, but rarely in the same transaction. It is very important to me that buyers know I am representing their best interests and motivated to find them the home that best suits their needs. It is short-sighted to be worried about commissions in a transaction because their satisfaction with my services will likely equal referrals in the future. When people are pleased they may not tell anyone...but when they are not they will surely spread the word!

RE:Nobody Understands Buyer Agency - Certainly Not Newsweek

Linda R.E. Broker — Wed, 18 Jul 2007 11:00:00 GMT

Dual Agency is when the agent represents two principals in their dealings with each other. When a real estate broker acts as an agent of only the seller or the buyer, this is called a Single Agency. The dual agnecy may be utilitized only if the buyer and seller are both AWARE and approve of the arrangement. If the agent represents both without approval. The agent is guilty of a divided agency. Calif. real estate law (Business & Professions Code 10176(d)

RE:Nobody Understands Buyer Agency - Certainly Not Newsweek

Sandy — Wed, 18 Jul 2007 11:00:00 GMT

There are now handfuls of realtors that are also LO's and are double dipping on the loan commissions & getting the full 6% from the sellers too.On a $150,000 sale they could earn up to $16500 if fees are maxed out. They tell the buyer that my rate on the preapproval is too high and that they should let them do the financing to ensure a smooth closing and no lies. Almost everytime I get a call days before close bc things arent what they were supposed to be but then its too late & theyre screwed!

RE:Nobody Understands Buyer Agency - Certainly Not Newsweek

James - RE Agent/Landlord/LO — Wed, 18 Jul 2007 11:00:00 GMT

Never, ever buy from Dual Agents. There's really no such thing as a "arms length" transaction for dual agents. I saw one dual agent reject full-price offers and accept a 3-month contract offer for $20,000 less because the agent found the buyer, so instead of splitting the commission she got it all. I actually called the sellers and told them what happened and they had no clue why this situation was bad. it was a major, nationwide company too.