Will you represent both sides of a short sale? Why or why not?
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I have not and will not double-end a real estate transaction. I believe neither side is appropriately represented when the agent represents both sides. I mean, really, how do you give fair and equal representation? You can't. When a hot issue comes up you'd have to step aside because you can't represent one side differently from the other. And then nobody is receiving full and fair representation. I'm sure it's nice for all when no hot issues arise, but I don't plan on testing the waters.
And on short sales, I've seen too many agents double-end and then get paid 1/2 commission. Why do all the work for 1/2 the pay? And I've even seen one where the lien holder/investor wouldn't pay two individual agents a full commission because they both worked for the same bokerage! How is that fair? NOT. Both agents did their share of the work but only 1/2 the total commission was paid.
Obviously this is a love or leave it topic. :-) I'll leave it.
Absolutely....and closed one recently. The short sale lender was IndyMac and they did reduce my commission from 6 to 5 which was fine and I expected it. I had an all cash buyer (that came from a sign call) and we did go back and forth on the price a bit with the bank. In the end everyone was extremely happy and i just received a referral from the seller.
I was a great transaction....I didn't have to worry about someone dropping the ball, because I was the one juggling them all.
Mr. Colby,
I work for a wonderful lawyer which I've been lucky to find, I'm also a student, studying legal studies. The reason I'm writing is because I was highly impressed by your answer! I would love a chance to learn from you!!
Wow! Thanks for all the great answers. I have finally come to a decision to refer out one side and feel very VERY good about my decision. It's helpful to get all the feedback & makes it easier to justify my decision. Thanks to ALL of you for taking the time to respond!!!
I have another agent on my team do it just to keep squeeky clean. However, there are definate benefits to buyers to be working with the listing agent in a short sale. To avoid buyers not feeling represented and to avoid possible loss of commission, we have a different team member formally representing the buyer.
I used to feel the same way, until I realized that I could not properly represent either client.
When working with a client I have the duty to get the best price at the best terms for that client. When I work a dual agent I cannot do that. While two sides may both be happy at the outcome, if I were only working for one client I may have been able to negotiate a better deal for my client.
Marsha Umansky said:
Yes it is the best for BOTH the Seller and the Buyer, because they both got exactly what they are prepared to give and to receive. It is safe to say, that with 2 different agent representing the Buyer and the Seller the outcome would have been the same, and if not, then one of the parties you are concerned about could have been on a short end at the expense of the other. So how can you say, dual agency is not a good case scenario?
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