Ultimately, dual agency sales usually benefit the agent more than the buyer or seller. When entering into a dual agency situation, you are representing yourself, but an agent is on the sidelines and acting as a referee to make sure nothing illegal happens. Your dual agent won’t be available to provide you with advice in negotiation, and in many cases, they are legally bound from providing you with advice at all. When a dual agent is involved, that entire premise goes out the window in favor of simply making the transaction happen rapidly while keeping it above board. We are used to hiring a real estate agent with the understanding that the agent will use their local market knowledge and negotiating experience to do everything in their power to help cut us an amazing deal when buying or selling a home. The dual agent is there to keep things moving toward closing and then close the deal successfully, but they are not there to give advice or help either buyer or seller, individually. One thing that both buyer and seller need to completely understand before moving forward with any dual agency transaction is that the dual agent does not represent either party’s interests. Having one agent handling every part of your home purchase or sale can sound like a dream, but it absolutely comes with some serious downsides. Since the agent is the fulcrum on which the entire transaction depends, they have a major incentive to make sure both buyer and seller keep up to date on any changes during negotiations and are fully prepared for closing. The agent working on your case is the point of contact for anything and everything, and this makes it very easy to stay in the loop. Out of all aspects of a dual agency situation, the biggest plus is how communication is about as simple as it can get. The long and short of this type of transaction is that the agent is there to ensure that the transaction successfully closes with all of the paperwork and legal requirements fulfilled, not to sell anyone on a specific deal. In the case of dual agency, one agent is acting less as a representative of either party and more as a facilitator of the real estate transaction. Traditionally, both the buyer and seller will either represent themselves or hire a qualified and experienced real estate agent to represent them in communication and negotiation with the other party. Let’s open our eyes to other possible routes to closing on our next real estate purchase or sale by seeing what buyers and sellers in Charlotte should know about dual agency. There’s certainly more than one way to complete a real estate transaction, and each party hiring an agent may not always be the ideal situation for everyone.
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