I have a question about dual agency disclosure form.?

Question

I went to look at a condo that was being showed by a real estate agent. I made an offer and a few days later I was told they accepted the offer. The RE guy told me to get working on my mortgage and finding an attorney. A week and a half later after Ive got the ball rolling and paid money for my mortgage app he tells me someone made a higher offer on the apt. I was upset and shoked as I thought they were not showing the apt anymore since they accepted my offer. A few days later he calls to tell me the second offer fell through and Im next in line again. At the same time he mentions needing to fax me a dual agency disclousure form he wants me to sign.The way it looks to me is he should have given me this form the day I looked at the apt or atleast the day I made my offer. He is totally stressing this form now as I have not signed and sent back. He said he will get in trouble if the state asks for it. I still just dont understand why I need to sign this form now. Can anyone help?

Answer 1

Hunter gave you some fair advice but failed to mention who becomes who's agent. With dual agency the Broker will take the sellers side in a dispute as the brokerage owns the listing agreement. that means the POS agent will have to take your side should a conflict arise. Get either a new agent and report the current listing agent, or have an attorney represent you through this transaction. The fee you paid your lender was likely for a credit report, as a rule I never charge for that and give the client a copy of it. You also might have had 7 days to show loan approval and expired that condition giving the seller the right to entertain a new offer. If you have a seller signed acceptance of your offer and they took another one you might have a case. If they took a backup offer you might have not been properly explained. Best of luck in your purchase, you can e mail me for free advice as your deal progresses if you wish.

Answer 2

Call the office where your agent works and ask for the Broker of record or managing broker. Tell them the short version of your story and ask why you didn't get the house secured when you were told they'd accepted your offer.

The form is a techicality, what is most important is you getting the house that you want. So definitely take this up with the Broker, no one else, the broker.

Then if they satisfy you that all is well assure them that you will sign and return the form. Otherwise no dice!

Best of luck, let us know how this works out.

My impression is that your Agent got his own butt handed to him and now he's trying hard to recover. Agents get pretty tricky with each other and sometimes the client gets caught up in a situation thru no fault of your agent just that he's missed one form, and may have gotten your offer bounced out on the account of it. Not usually the way it works, but it's something like that.

Answer 3

The only good advice your RE guy gave you was to get an attorney. If you have a valid contract, signed by both parties, they cannot just CHOOSE another buyer, that is not how it works. Also, dual agency, at least from my limited understanding, is a very slippery slope. Again - refer to your RE guys advice. Go talk to an attorney.

Also, you shouldn't be paying for a mortgage app. Maybe you should pay them what it costs to pull your credit. We never charge for apps or approvals. Most mortgage brokers I know do not either.

Again - if you didn't see it the first two times - contact an attorney. Something just doesn't sit right with what is happening.

Best of luck.

Joe...

Answer 4

Yes! You should have signed the dual agency form which basically means that he represents both Seller and buyer in the transaction. Law requires that when the Seller is represented by an agent, that agent must also act in dual capacity for the buyer to protect buyer.

If you still want the place, sign the dual agency form and get an exceuted purchase contract. I would give nominal fee as earnest money to make sure the property is taken off the market.

Answer 5

Dual agencies can get a little sticky because the RE agent represents both the seller and the buyer. The best thing to do would be to get your own RE agent, and tell him the condo you want to buy. This way the Seller's agent can deal with your agent (representative), and you don't get screwed! Good luck!

Answer 6

Well initially a twin company kind is a file that shall we the vendor and purchaser realize that the agent doesnt exclusivley constitute both occasion however is extra like a Tranactional Broker Guide the transaction alongside. Here in massachusetts you'll decline to signal the kind if you happen to wish. which isnt a predicament, becuase correct at the backside is says.. Party Refused To Sign....