Mitch Is Listing Agent: Share In Lower Seller’s Costs
Dual/Limited Agency… Against the Law in Most States
Mitch Feels it Unethical & Found Ways To Help Buyers Save In Lower Selling Fees!
Dual or Limited Agency is when the same REALTOR tries to represent both the Seller and the Buyer in the same transaction. Indiana is one of a few states that still allows Limited or Dual Agency. The law requires Buyers AND Sellers to sign a document acknowledging that both parties are agreeing to Limited Agency but that document does not typically reflect or explain any negatives associated with being in a limited Agency transaction.
With Keller Williams Realty Indianapolis Buyers and Sellers will be required to sign or acknowledge receiving several documents predominately focused on Limited or Dual Agency. Additionally you will see several other places that limited or dual agency is discussed including in 2014 a “check box” on every Metropolitan Board of REALTORs Purchase Agreement. This CYA is all there in an effort to eliminate law suits. In fact one of the most common reasons for law suits, related to the sale or purchase of a property, is that one party feels that the Limited or Dual Agent inappropriately advocated or represented the other party’s interests.
The conflicts when this happens are numerous. As a buyer your goal is obtain the best price and terms while the Seller’s goals are typically to get the highest price. Usually the only person who “wins” in Dual/Limited agency is the Realtor who receives the commission from both sides of the transaction. Since commission fees are most often paid by the Seller that means Sellers factor these fees in to the the amount they are wanting to get for the property.
Check out Tab 3 ‘Options To Share In Lower Fees’ to learn about ways you can save on fees
Do anything that could be perceived as representing the interests of ONLY the Seller or the Buyer. A few examples of things a Listing Agent can’t legally do as a Dual/Limited Agent include:
- Suggest how you should counter a Seller’s offer or counter offer
- Propose writing a Purchase Agreement or Inspection Response that favor’s your interests as the Buyer
- Share any information with you they have learned about the Seller that might interest you or reflect the Seller is willing to sell their place for less or share information about the Seller that might make you want to change an offer.
- Share with you that Inspection items, requested by you as the Buyer, that the Seller is unwilling or unable to do that would otherwise be usual and customary.
- Advise you which items within an Inspection Response you should agree to address vs reject.
Check out Tab 3 ‘Options That Lower Fees’ to learn about ways you can share In any savings the Sellers have in fees.