overlooked. A good buyer’s agent will show you all listings or properties on the market that meet your requirements and not only listings that are handled in-house or listed by their office. Competent buyer’s agents help their buyers to think clearly as the homebuying process unfolds. For example, if a house is a good buy, a buyer’s agent might suggest looking past the dated bathroom and kitchen and look at the space above the garage that will make the perfect art studio or home office you desire. Likewise, a cute house with all the amenities but with knob-and- tube wiring or a 40-year-old roof might not be worth the asking price. If you decide to buy with the intention of building an addition, the agent should advise you to check the local building authorities before making an offer. Once the seller has accepted your offer, you must schedule inspections of the home. They also coordinate attorneys, lenders, and all other professionals involved with the purchase of the home. If negotiations need to be made over the price, you won’t have to negotiate yourself. Your buyer’s agent will do that for you. A good buyer’s agent will be with you from start to finish and beyond.
DUAL AGENCY: THE BASICS
A “dual agency” relationship occurs when a buyer is being represented by a brokerage firm that controls the listing. Once an agent represents both the seller and the buyer within the same transaction, the situation is known as “dual agency.” In multiple states, this is illegal because of the conflicts of interest that can arise regarding the broker. All agents hold the same responsibility, which is to inform their clients of all potential risks that could arise due to conflicts of interest. Legally, agents are not allowed to work on both sides of any transaction without consent from the clients.
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