if you're buying and selling a home, is it customary to have one agent represent you for both transactions?

Question

how common is it to have two separate agents? What kinds of problems might this cause?

Answer 1

assuming you're buying and selling different houses, this is a reasonable precaution

the agent who supports you buying the new home is, in most states, a subagent of the seller and works for the seller. Her/his job is to get you to buy and for the highest price.

the one who sells your existing house works for you. His/her job is to sell your house for the maximum amount in the time available.

it is easy to see that the agent who has two masters might have a conflict of interest while trying to get two commissions. She/he might suggest assecting a lower offer on your existing house to enable your purchase of the new one -- which assumes her/him of getting those two commissions even if that isn't in your best interest.


GL

Answer 2

Customary is a tough word. More often than not, the person buying/selling would want to work with the same agent, however the agent will only work with sellers or only work with buyers. Or, the person is buying in a market they don't know very well. Therefore, it is fairly common to work with 2 difference agents and shouldn't cause you any problems except having to talk to 2 different forms of representation to keep them apprised of the status of your transaction.

Answer 3

I am a real estate paralegal and we see it happen both ways. Neither is more common than the other. As a purchaser, however, I think I would rather have separate agents so that I can be sure my specific interests are being taken into account. For instance, if there was a small, minor repair that the seller wanted to "overlook," a realtor that represented both of you could choose not to disclose that in order to be sure the sale goes through. If you had your own realtor, they would definitely let you know and see that the seller corrects whatever is wrong. Of course, that's just my personal opinion, nothing professional. As I said, it's done both ways and I'm sure there are pros and cons either way.

Answer 4

If I am doing a complex transaction that involves thousands of dollars and a potential for trouble, I always use an attorney. They would represent me on both the buying and selling end. I would never sign my name to a real estate contract without running it past an attorney. Only a fool would trust a real estate agent when they have to legal standing in the transaction.

Answer 5

If you are purchasing through the listing agent, the listing agent's primary fiduciary responsibility is with the seller of the home. In English, this means his or her loyalty is with the seller. Does this mean he or she cannot represent you? No. But just bear in mind that the seller's priorities will be the listing agent's priorities.

It happens, but I wouldn't say it is common. Most buyers and sellers use their own agent to protect everyone's interests.