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real estate question
Posted by: space-time
Date: May 19, 2018 06:08PM
What happens if the seller's real estate agent and the buyer's real estate agent are from the same real estate firm (for example [www.foxroach.com]). Isn't there a conflict of interest, since both parties work for the same company? should I look for an agent from a different company?

We are tying to buy a house, and it turns out the lady we wanted to contact (recommended by friends) as well as a lady we knew since long time ago (not the seller's agent) both work for the same real estate firms.

Thanks
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Re: real estate question
Posted by: btfc
Date: May 19, 2018 06:39PM
Remember that in a normal real estate transaction the agent(s) work for the seller. You can arrange for a "buyer's agent" but that is a special arrangement.

[www.realtor.com]



Edited 1 time(s). Last edit at 05/19/2018 06:40PM by btfc.
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Re: real estate question
Posted by: Golfer
Date: May 19, 2018 06:47PM
It's quite normal, at least in our rural towns in Iowa with few real estate offices. You'll have to sign a paper which says you were notified that the agents work for the same office.
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Re: real estate question
Posted by: 3d
Date: May 19, 2018 08:52PM
Sometimes the seller agent and buyer agent is the same person. Just don't have the same lawyer and you should be fine ;)
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Re: real estate question
Posted by: Yoyodyne ArtWorks
Date: May 19, 2018 09:43PM
Just remember, neither the seller’s agent nor the buyer’s agent make ANY money unless the sale goes through. So the buyer’s agent may not have your interests at heart as much as you might think. I say that based on my personal experience with three buyer’s agents... Caveat emptor!



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Re: real estate question
Posted by: Cary
Date: May 20, 2018 09:39AM
If they are from the same office/broker, I’d negotiate a reduced price by asking for a reduced sellers commission. The broker is getting a cut on both ends.

The fact that they are from the same office has no other bearing on the deal.
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Re: real estate question
Posted by: Janit
Date: May 20, 2018 01:44PM
The commission is usually split between the buyer's and seller's agents. Remember that both agents are doing work here. The seller's agent is project-managing the preparation and presentation of the house for sale, and the buyer's agent is finding prospects and arranging for showings to the buyer.

The seller pays the commission, not the buyer, so it would be the seller that would ask the agents to reduce the commission. This is sometimes done in order to reduce the final total price in negotiations, but the agents would need to agree to it. Otherwise the commission is as stated in the seller's contract with their agent.

Remember that agents work on commission, not salary, so that asking them to accept a reduced commission reduces their income, whether they work for the same company or not.

And remember that your own buyer's agent may over-encourage you to buy because it is in their own interest to do so. You can feel free to ask them for opinions or information, but it is best to take their answers with a grain of salt. You are the one who will be living in the house, not them.
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Re: real estate question
Posted by: Mr645
Date: May 21, 2018 06:55AM
Here in Florida there is also a thing called a transactional agent that represents both parties. I like using a single agent because I can often negotiate a 4% commission instead of 3% + 3% which makes my offer stronger than perhaps another buyer offering more but leaving the seller with a 6% commission to pay
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