Imagine Jane, a real estate agent, lists Mr. Smith's house for sale. Jane also has a client, Mrs. Brown, who's interested in buying a house. Mrs. Brown takes a liking to Mr. Smith's listed property. In this scenario, if Jane represents both Mr. Smith (the seller) and Mrs. Brown (the buyer), a dual agency is formed. Example Transaction:
In Summary:
While dual agency might appear to offer a way to save on commission fees, it comes with significant risks and challenges, primarily around the agent's ability to fully represent your interests as a buyer. You might not receive the full range of benefits and protections that come with having an agent solely dedicated to advocating for you. It's crucial to weigh these factors carefully before deciding if dual agency is the right approach for your home-buying journey. My recommendation is to consider having an agent who can fully commit to your interests, ensuring you get the best possible outcome in your home purchase.
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