Blog
0

This weekend the National Association of Realtor’s is sponsoring a National Open House. If you are planning to participate as either a Realtor with any of your listings or as a potential buyer here are some things you should remember.

The agent at the open house represents the SELLER (homeowner). His fiduciary duties are to his SELLER.

If you, as the buyer. like the house and would like to make an offer make sure you understand what DUAL AGENCY is before you make the decision to use the SELLER’s agent to present your offer.

DUAL AGENCY is allowed in IL and other states so it is legal but there are certain disclosures that must be given to you before you agree to use the same listing agent to submit your offer.

So what can the listing agent do under a Dual Agency situation:

* Treat all clients honestly

* Provide information about the property

* Disclose any latent material defects of the property

* Disclose financial qualifications of the buyer or tenant

* Explain Real Estate terms

* Explain closing costs and protocol/procedures

* Provide information on comparable homes to provide guidance on potential offer price

* Help buyer find and compare mortgage financing

* Explain the various inspections and recommend possible vendors and coordinate inspections

What Agents CANNOT do under DUAL AGENCY!!!

* Disclose any confidential information you gave them without your permission

* Disclose the price the seller or landlord will take besides the listing price

* Disclose the price the buyer will be willing to offer on the property

* Give a recommended price the Seller should accept or counter

* Give a recommended price the Buyer should offer

Remember that if you are not comfortable doing a Dual Agency transaction let the Agent know and get your own Buyer’s Representative. You are NOT required to do a Dual Agency.

Realtors please make sure that you DISCLOSE, DISCLOSE DISCLOSE! Make it clear to any prospective clients who YOU represent before they show interest. Don’t become involved in an undisclosed Dual Agency transaction. In the long run it is not worth the extra commission if there are any problems.

Buyers please make sure that you understand this type of transaction and are totally comfortable doing your own due diligence, coming up with the offer price,and understanding all your rights. Buying a home is a complex transaction not to be entered into lightly. The services of a Buyer’s Agent is usually free – the commission in most cases is paid by the Seller, so take advantage of this and hire and enter into an Exclusive Buyer’s Agreement.

Enjoy the National Open House weekend!

Quick Property Search

City:
Type:
Max Price:
Min Price:
Min Rooms:
Min Baths:

Random Testimonial

  • ~ A Dream Come True

    A Dream Come True"In today's economic environment, home buyers (especially first timers like us) need an experienced professional to help them locate the right house, understand financing and legal concerns, and to simply be a reassuring friends when obstacles arise.  We could not have been happier with the guidance provided by Evelyn Santiago in our home buying adventure.  From our first showings in 18 inches of fresh snow, to finally getting keys to our new home, Evelyn was right there with us.  She was immediately available at any time, kept us informed of any information available, and made us feel like the most important clients she had ever worked with. As first time homebuyers, we weren't even sure why type of property we really wanted.  Evelyn was patient is showing us townhomes and single family homes, discussed various advantages and disadvantages of each, and helped us to determine exactly what we were looking for.  As we modified our list of desired traits in a new home, Evelyn was quick to respond by searching the MLS, suggesting properties, and setting up showings.  After seeing twenty-six different properties, we finally found the house that we knew we could call 'Home'.   Her experience and in-depth knowledge of the fluctuating home values enabled her to not only suggest an offer on the house, but she also accurately predicated the price we would pay for the home after final counter-offer negotiations completed!

  • Read more testimonials »