Special to The Windham Eagle
While in selling a home, I am sure you have heard of the phrase Dual Disclosed Agency when speaking to your listing agent. This, simply put, is an agent that can represent you as a seller and also can represent a buyer in the same transaction. There is certainly a fine line between both. The details of both sides should be explained thoroughly by your agent. As a sellers agent, I have a fiduciary responsibility to represent the seller to get the highest amount for your home as well as to represent you the best way I can in your best interest. You should also be aware that agreeing to allow your agent to represent both sides, you give up the right of undivided loyalty. After given all the possible drawbacks, you can still choose to enter into a dual- disclosed position. Listen to your agent and make your agent explain in detail all possibilities to you.
On the other hand, as a buyers agent selling this home you can explain to the buyers all you know about the house, go through all the disclosures with the buyers but cannot reveal anything about the sellers or the motivation to sell or any proprietary information about the seller. Being a dual agent- you may get quicker answers and get more buyers see your home but still , it comes with risks. A buyers broker can lead the buyer in the best way to help put them into first position to get their offer accepted over others,
such as, to come in higher than asking price, and buying it with cash it always puts you in a better position because cash is always king in these cases and possibly not asking for inspections to be part of the contract. In today’s market, acceptable offers are coming in 20 to 50 thousand dollars over asking price in order to be in first position.
While it is not unlawful to practice dual- disclosed agency, there are some states that do not allow this, Maine still finds it acceptable. There are real estate offices that do not allow their agents to practice this because they do not want to take the risk that sometimes accompany this way of doing business. There are a lot of pitfalls by accepting dual agency.
If either side believes they weren’t given all the facts about this and something goes awry it could turn ugly, so be aware of all the possible dangers in accepting dual agency.
If you are considering selling your home, make sure your agent explains to you all the benefits and drawbacks of dual disclosed agencies and how it could affect the sale of your home.
Richie Vraux is a Realtor/ Broker and team partner at: Maine’s Premier Team-The Masiello Group, with offices in Windham and Gorham.If you need advice with any aspect of Real Estate, feel free to give Richie a call at 317-1297. <