For those of you that don’t know, dual agency is when an agent “represents” both the seller and the buyer in the same transaction. This practice is illegal in some states, but perfectly fine in others. Virginia is one of those states that allow it, but personally, I don’t do it. That isn’t to say that I haven’t in the past, and from my experience, it causes way too much stress and someone usually feels cheated.
If there is a buyer that wants to buy one of our listings, we refer that person to a team member or another agent to have their own representation. It’s just cleaner with way less risk.
However, there are agents that still use dual agency and in this particular story, an agent represented the seller and buyer in a $4.5 million dollar transaction……now that is a huge commission! But the agent’s mistake? He had another offer that was better by $500,000 and he didn’t tell the seller. Real estate and ethics 101. Present all offers in a timely manner to the sellers.
How did he get caught? The buyer that didn’t get the deal but wrote the better offer ran into the seller in this tight little community in Florida and had a conversation and it all came out in the wash. Now…..there is a lawsuit.
Read: ‘Double-end’ real estate sale in Sarasota nets big commission but provokes lawsuit, questions
Watch this episode of the “Shawn and Matt Show” to learn more about it, along with foreclosures possibly hitting the market and 7 ridiculous requests realtors have received (sometimes we are psychiatrists).
Dual Agency Gone Wrong, Foreclosures Coming in October and 7 Ridiculous Requests Realtors ReceivedIn this episode, Shawn and Matt talk dual agency, upcoming foreclosures and 7 ridiculous requests Realtors have received.
‘Double-end’ real estate sale in Sarasota nets big commission but provokes lawsuit, questions
This chart shows why the housing market may see an end-of-September shock
7 of the most ridiculous requests agents have received from clients
0:59 - Introduction
1:25 - Double-End Real Estate Sale Gone Wrong
3:25 - Shawn's thoughts on dual agency
6:40 - The buyer ended up purchasing from the same listing agent
8:23 - A clean offer vs an offer $500k higher
8:45 - How can we confirm your offer was received?
11:07 - Upcoming September Foreclosures
12:15 - Shawn's thoughts on the upcoming foreclosures
14:30 - 200,000 homes to come on the market
16:01 - How are you describing the fall 2021 real estate market?
17:39 - Does anyone do broker's open anymore?
20:07 - 7 ridiculous requests agents have gotten from clients
Connect with Shawn Battle
Business inquiries: [email protected]
Connect with Matt Leighton
Business inquires: [email protected]
Licensed in VA, MD and D.C.
Century 21 Redwood Realty
1934 Wilson Blvd
Arlington, VA 22201