What Is Different When A Buyer, Who Is Not Working With An Agent Or Is One Of Mitch's Clients, Has Interest In Purchasing One Of Mitch's Own Listings...
Mitch will NOT Act As A Dual/Limited Agent Who Tries To Represent Both You and The Seller At The Same Time… This Concept, That Is Illegal In Many States Of One Agent Representing Both The Buyer And The Seller At The Same Time, Happens Everyday In Indiana With Most Agents!
Mitch Feels Dual/Limited Agency is Unethical. So, Mitch Will NOT Represent Both The Buyer And The Seller In The Same Transaction. Instead, Mitch Created Ways In Balanced Markets and Buyer's Markets To Help Buyers, On His Listings, Share In A Seller's Lower Sales Commissions. And, In Seller's Markets And Multiple Offer Scenarios, Mitch's Options Create A Way That Mitch's Buyers Can Still Make Their Offers More Attractive To You as the Seller.
What is Your Current Greater Indy Place Worth
The first clue as to why Limited/Dual Agents are bad for you is that REALTORS refer to these transactions as "Me & Me" deals!
Dual or Limited Agency is when the same REALTOR tries to represent both Sellers and Buyers in the same transaction. Indiana is one of a few states that still allows Limited/Dual Agency. Indiana law requires Buyers & Sellers to acknowledge in writing that both parties are agreeing to Limited Agency. That document rarely explains any negatives associated with being in a limited Agency transaction.
With Keller Williams Realty Indianapolis Buyers and Sellers will be required to sign or acknowledge receiving several documents predominately focused on Limited or Dual Agency. Additionally you will see several other places that limited or dual agency is discussed including in a “check box” on every Metropolitan Board of REALTORs Purchase Agreement all there in an effort to eliminate lawsuits. In fact one of the most common reasons for lawsuits, related to the sale or purchase of a property, is that one party feels that the Limited or Dual Agent inappropriately advocated or represented the other party’s interests.
The conflicts of Interest with Limited or Dual Agency are numerous. For sellers their goal is obtain the best price and terms while the Buyer’s goals are typically to get the lowest price. Usually the only person who “wins” in Dual/Limited agency is the REALTOR who receives the commission from both sides of the transaction. Since commission fees are most often paid by the Seller that means as a Seller you are paying comparable fees, as you typically would, but NOT getting all of the same representation you should and would usually receive. At the same time since commission fees are built in to the purchase price that means as a Buyer you are paying comparable fees, as you typically would, but NOT getting all of the same representation you should and would usually receive.
Click on the 'How You Lose' to learn why you might NOT want to have a Limited/Dual Agent & explore 'Four Options' to learn about the possible next steps & ways to proceed.
When You Spend Basically The Same Amount Buying A Property, As you Would Of If You Had Buyer's Agent Representing You, Or Worse You Spend More... And You Don't Get The Same Level Of Representation, Then You Lose!
Limited / Dual Agents Can NOT do anything that would or even could be perceived as representing the interests of ONLY you as the Buyer. A few examples of things a Buyer's Agent Can’t Legally Do When They Are Acting as a Dual/Limited Agent include:
Suggest to a You how much the Buyer might pay for a property
Writing a Purchase Agreement or Inspection Response that favor’s your interests as the Seller.
Share any information with you about the Buyer that might interest you or reflect the Buyer is willing to pay more for your place or share information about the Buyer that might make you want to decline their offer.
Suggest how you should respond to a Buyer’s offer or counteroffer
Share with you that Inspection items, requested by the Buyer, that NOT be usual and customary repairs for you as a Seller to address.
Advise you which items within an Inspection Response you as the Seller should decline to address.
Click on 'What Is Dual/Limited Agency' to learn why Many States Won't Allow This Type of Agency & explore 'Four Options' to learn about the possible next steps & ways to proceed.
A Buyer Of Mitch's Wants To Submit An Offer On Your Place That Mitch Has Listed….
Because Mitch will not represent both a Buyer and a Seller, in the same transaction, he is happy to let either the buyer or the seller represent themselves. Plus Mitch gives you additional options.
Usual and customary Listing Brokerage Commission fees are 7% for houses and condos that sell for $300,000 or less and 6% for houses and condos that sell for more than $300,000. (Ask Mitch about commission fees for houses and condos that sell for more than $800,000)
When Mitch is your Listing Agent, and Mitch's Buyers have interest in writing an offer on the property then Mitch provides the seller, and the buyers, options that can lower the Seller’s selling commission fees. Most Buyers understand, in a balanced market the most Sellers will share the savings you receive as the Seller’s from these lower fees. This usually creates a “win-win” situation where buyers can purchase the property for a lower amount than usual and you as the sellers still actually net more at closing than you typically would net when two agents are usually involved even after “sharing” some of your savings with the Buyer. In Seller's Markets Even though the Buyers may not share in your savings, because of the reduced Seller's fees, the buyer's offer is more attractive than equal or perhaps even greater offers. So this still creates a Win-Win for the Buyers and you as the Sellers.