Dual agency might seem like a good idea to homebuyers who want to save a few bucks. It’s not, and here are a few reasons why.
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Have you ever found a house you wanted to buy and decided to contact the listing agent for more information? You may have surmised that this agent understands the property better than anyone else and you might be able to save a bit on commission in the process.
Dual agency is the term for when an agent brings both the buyer and the seller to the same transaction. In Texas, dual agency is against the law. Texas law states that an agent must represent one party or neither party in a transaction. They can not act as a fiduciary to both a buyer and a seller in the same transaction.
If an agent has a listing agreement that is signed by the seller, they are locked into working for that party only. They can not provide any advice to a buyer about the transaction.
Buyers who represent themselves are open to a lot of risks.
For buyers who are interested in representing themselves, the listing agent is still only going to be able to represent the seller. They are only acting as a facilitator for the buyer.
There are plenty of risks for buyers who represent themselves. They might be able to get a bit of a price reduction, but they could get taken advantage of in many other ways.
Having an agent on your side who can represent you and your best interests not only gives you expert advice, but it also gives you someone on your side who can help you come up with the right strategy to achieve your goals. One advantage of working with our team is that whether you’re a buyer or a seller, you’ll get great representation every single time.
If you have any questions for me about dual agency or about real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.