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Real estate agents would say that the more you tell
them, the better they can negotiate on your behalf.
However, the degree of trust you have with an agent
may be dependent upon their legal obligation. An agent
working for a buyer has three possible choices regarding
agency representation. The agent can represent the
buyer exclusively, called single agency, or represent the
seller exclusively, called sub-agency, or represent both
the buyer and seller in a dual agency situation. Some
states require agents to disclose all possible agency
relationships before they enter into a residential real
estate transaction. Here is a summary of the three basic
types:1. In a traditional relationship, real estate agents and brokers have a fiduciary relationship to the seller. Be aware that the seller pays the commission of both brokers, not just the one who lists and shows the property, but also to the sub-broker, who brings the ready, willing and able buyer to the table. 2. Dual agency exists if two agents working for the same broker represent the buyer and seller in a transaction. A potential conflict of interest is created if the listing agent has advance knowledge of another buyer's offer. Therefore, the law states that a dual agent shall not disclose to the buyer that the seller will accept less than the list price, or disclose to the seller that the buyer will pay more than the offer price, without express written permission. 3. A buyer also could hire his or her own agent who  will represent the buyer's interests exclusively. A
buyer's agent usually must be paid out of the
buyer's own pocket but the buyer can trust them
with financial information, knowing it will not be
transmitted to the other broker and ultimately to
the seller. |
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An Independently Owned Member Of The William E. Wood & Associates, Realtors®, Real Estate Network |