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Dual Agency - Is Someone Watching Your Back?

In case you hadn’t noticed, properties have been “flying off the shelf” here in Middle Tennessee!  Spring has always been a busy time for buyers and sellers as we shake off winter, however, a pace like no other has developed this year!  Many people want to sell their current home and buy a new one.  This may be easier said than done right now because many are unable to list their current home until they know they have a place to go!  This delay causes a shortage of properties for other buyers.  There are also a lot of people moving into our area from other states who have nothing to sell and can buy without contingencies.

With these new selling and buying challenges, it is often tempting for people to seek out available properties through word-of-mouth from colleagues, friends or neighbors.  It seems we all know someone who may know someone who might want to sell!  It’s like that gossip game you played back in elementary school!  Now more than ever you should be careful when it comes to your representation in a real estate transaction.  Beware of situations where you may be asked to use the same agent that the other side in the transaction is using especially when you are already working with an agent and the request is being made to save time or money. 

There are a few different scenarios for what is referred to as dual agency, but the most common one is when a real estate transaction is handled by one agent representing both the buyer and the seller.  This type of arrangement is legal in Tennessee but may not be in other states.  Generally you will see dual agency in action when a Realtor® is already representing the seller and a buyer comes along with no representation.  Sometimes the transaction is simple and the buyer and seller can come to a good agreement using one agent and the deal works out well for everyone involved.  Sometimes this type of deal offers the buyer access to more information about the property than if they were working with their own agent or it does save time or money for both parties.  However, before you enter into a dual agency transaction because you many feel increased pressure by the market to find a new home, carefully consider all details of such a situation.  Thoroughly question how your interests will be represented and NEVER sign any document if you are unsure about any aspect of the transaction!  If you don’t have a Realtor® and have questions regarding this type of situation where you are unsure of how you will be represented, please call me and I will help you sort through the details so you can make the best possible decision for you and your family....

.... "You've Got A Friend in Real Estate"

 

Jarod Tanksley 615.403.8265

www.BrentwoodandBeyond.com

Brentview Realty 615.373.2814