Preview
FILED: WESTCHESTER COUNTY CLERK 07/14/2018 08:37 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 25 RECEIVED NYSCEF: 07/14/2018
FILED: WESTCHESTER COUNTY CLERK 07/14/2018 08:37 PM INDEX NO. 60767/2018
7/3/2018 Working Witha Dual Agency: What You Need to Know | Fox Business
NYSCEF DOC. NO. 25 RECEIVED NYSCEF: 07/14/2018
FGDNBUSINE55
Working With a DualAgency: What You Need to Know
By Donna Fuscaldo | PublishedJune 12, 2013|Home Mortgage | FOXBusiness
With a market sellers, buyers are to different tactics to get their
housing favoring resorting
accepted.
Home sales and prices have been on a steady increase over the last few months as the ma
remains on a stable path of recovery, but low inventory in some markets have created stiff
competition-with some areas reporting bidding wars.
To help compete, some buyers are incentivizing agents by offering
them the opportunity t
represent them as well as the seller. Under these circumstances, dual agents get the full
commission as both buyer and seller.
"One of the best ways to convince the agent to take a
somewhat- less qualified offer
listing
well,"
let them represent you and give them the commission as says Eric Tan, a RedFin listi
this."
agent in Los Angeles. "A lot of buyers are catching
on to
In certain real estate markets around the country, inventory is tight and houses are selling
above market price. On top of that, foreign investors are jumping into the market and mak
all-cash offers. If buyers can lure the real estate agent into their corner, experts say the
commission potential could them win a home-even— if don't have the best offer
help they
While it could work in
winning a home, working
with a dual agent or agency may not alwa
in the best interest of both the buyer and the seller. After all, ifthe real estate broker is
representing
both the buyer and the seller, each party will never fully know whose corner t
agent is actually in.
https://www.foxbusiness.com/features/working-with-a-dual-agency-what-you-need-to-know 1/3
FILED: WESTCHESTER COUNTY CLERK 07/14/2018 08:37 PM INDEX NO. 60767/2018
7/3/2018 Working Witha Dual Agency: What You Need to Know | Fox Business
NYSCEF DOC. NO. 25 RECEIVED NYSCEF: 07/14/2018
sense," "We'
"In very rare circumstance the dual agency makes says Tan. "We've done a lot of m
research and according to the data, on average you lose about $5,000 in the sale of a horn
agency."
when you use a dual Even though buyers are losing money, RedFin's survey, whit
was conducted last year, found that one in 10 homes in the U.S. are sold by a dual real est;
agency.
Although real estate agents are required by law to disclose ifthey represent both the buye
the seller, but often that disclosure isn't so black and white. Every state has its own laws
regarding dual agencies according to John Murphy, a realtor in Plymouth, Minn., and that
buyers and sellers will often run into dual agencies when dealing with big brokerage firms.
"Real estate is a very entrepreneurial environment and is perfect for small brokers. There a
many that are out there, but there also continues to be consolidation like we see in many
bigger,"
industries where the big brokers continue to get bigger and says Murphy. "It's in tF
situations."
broker environment where you run in to dual agency
Even in situations where the dual agent is disclosed, home buyers aren't necessarily inforr
on what this means. Murphy says he sees a lot of dual listings with new construction sales
most buyers are so focused on purchasing a home and will make sacrifices.
In Minnesota, Murphy says dual agents would go from fully representing one party to havir
limits placed on the representation of both. For example, agents aren't allowed to argue tc
benefit one party over the other. "It is like a boxing match where we would move from beir
coach in the corner giving explicit guidance, direction and coaching to our boxing client tc
"
becoming the referee where we have to remain impartial, says Murphy. I don't think real
estate."
consumers fully understand this aspect of real
Going with a dual agent arrangement makes a lot of sense for buyers looking for an edge,
a normal real estate market, critics advise homebuyers to avoid that situation if at all poss
https://www.foxbusiness.com/features/working-with-a-dual-agency-what-you-need-to-know 2/3
FILED: WESTCHESTER COUNTY CLERK 07/14/2018 08:37 PM INDEX NO. 60767/2018
7/3/2018 Working Witha Dual Agency: What You Need to Know | Fox Business
NYSCEF DOC. NO. 25 RECEIVED NYSCEF: 07/14/2018
"In today's market, where the dual agency method can get the property it's tough to avoid
system,"
dual agency but itreally does harm the says Tan. "You jeopardize the rights of the
You' deal."
buyer and the seller. You'll never know ifyou really got a good
Check out mortgage rates in your area.
URL
https://www.foxbusiness.com/features/working-with-a-dual-agency-what-you-need-to-know
Quotes delayed at least15 minutes. Real-time quotes provided by BATS BZX Real-Time Price. Market Data provided by Interactiv
/ ~~
(Terms 8 Conditions). Powered and Implemented by Interactive Data Managed Solutions. Company fundamental data provic
Morningstar. Earnings estimates data provided by Zacks. Mutual fund and ETF data provided by Lipper. Economic data provic
Econoday. Dow Jones 8 Company Terms 8 Conditions.
This material may not be published, broadcast, rewritten, or redistributed. ©2018 FOX News Network, LLC. All rightsreserved.
Privacy Policy
https://www.foxbusiness.com/features/working-with-a-dual-agency-what-you-need-to-know 3/3
FILED: WESTCHESTER COUNTY CLERK 07/14/2018 08:37 PM INDEX NO. 60767/2018
7/3/2018 Working Witha Dual Agency: What You Need to Know | Fox Business
NYSCEF DOC. NO. 25 RECEIVED NYSCEF: 07/14/2018
FGDNBUSINEEE
Working With a DualAgency: What You Need to Know
By Donna Fuscaldo | PublishedJune 12, 2013|Home Mortgage | FOXBusiness
With a market sellers, buyers are to different tactics to get their
housing favoring resorting
accepted.
Home sales and prices have been on a steady increase over the last few months as the ma
remains on a stable path of recovery, but low inventory in some markets have created stiff
competition-with some areas reporting bidding wars.
To help compete, some buyers are incentivizing agents by offering
them the opportunity t
represent them as well as the seller. Under these circumstances, dual agents get the full
commission as both buyer and seller.
"One of the best ways to convince the agent to take a
somewhat- less qualified offer
listing
well,"
let them represent you and give them the commission as says Eric Tan, a RedFin listi
this."
agent in Los Angeles. "A lot of buyers are catching
on to
In certain real estate markets around the country, inventory is tight and houses are selling
above market price. On top of that, foreign investors are jumping into the market and mak
all-cash offers. If buyers can lure the real estate agent into their corner, experts say the
commission potential could them win a home-even— if don't have the best offer
help they
While it could work in
winning a home, working
with a dual agent or agency may not alwa
in the best interest of both the buyer and the seller. After all, ifthe real estate broker is
representing
both the buyer and the seller, each party will never fully know whose corner t
agent is actually in.
https://www.foxbusiness.com/features/working-with-a-dual-agency-what-you-need-to-know 1/3
Preview
FILED: WESTCHESTER COUNTY CLERK 07/14/2018 08:37 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 25 RECEIVED NYSCEF: 07/14/2018 FILED: WESTCHESTER COUNTY CLERK 07/14/2018 08:37 PM INDEX NO. 60767/2018 7/3/2018 Working Witha Dual Agency: What You Need to Know | Fox Business NYSCEF DOC. NO. 25 RECEIVED NYSCEF: 07/14/2018 FGDNBUSINE55 Working With a DualAgency: What You Need to Know By Donna Fuscaldo | PublishedJune 12, 2013|Home Mortgage | FOXBusiness With a market sellers, buyers are to different tactics to get their housing favoring resorting accepted. Home sales and prices have been on a steady increase over the last few months as the ma remains on a stable path of recovery, but low inventory in some markets have created stiff competition-with some areas reporting bidding wars. To help compete, some buyers are incentivizing agents by offering them the opportunity t represent them as well as the seller. Under these circumstances, dual agents get the full commission as both buyer and seller. "One of the best ways to convince the agent to take a somewhat- less qualified offer listing well," let them represent you and give them the commission as says Eric Tan, a RedFin listi this." agent in Los Angeles. "A lot of buyers are catching on to In certain real estate markets around the country, inventory is tight and houses are selling above market price. On top of that, foreign investors are jumping into the market and mak all-cash offers. If buyers can lure the real estate agent into their corner, experts say the commission potential could them win a home-even— if don't have the best offer help they While it could work in winning a home, working with a dual agent or agency may not alwa in the best interest of both the buyer and the seller. After all, ifthe real estate broker is representing both the buyer and the seller, each party will never fully know whose corner t agent is actually in. https://www.foxbusiness.com/features/working-with-a-dual-agency-what-you-need-to-know 1/3 FILED: WESTCHESTER COUNTY CLERK 07/14/2018 08:37 PM INDEX NO. 60767/2018 7/3/2018 Working Witha Dual Agency: What You Need to Know | Fox Business NYSCEF DOC. NO. 25 RECEIVED NYSCEF: 07/14/2018 sense," "We' "In very rare circumstance the dual agency makes says Tan. "We've done a lot of m research and according to the data, on average you lose about $5,000 in the sale of a horn agency." when you use a dual Even though buyers are losing money, RedFin's survey, whit was conducted last year, found that one in 10 homes in the U.S. are sold by a dual real est; agency. Although real estate agents are required by law to disclose ifthey represent both the buye the seller, but often that disclosure isn't so black and white. Every state has its own laws regarding dual agencies according to John Murphy, a realtor in Plymouth, Minn., and that buyers and sellers will often run into dual agencies when dealing with big brokerage firms. "Real estate is a very entrepreneurial environment and is perfect for small brokers. There a many that are out there, but there also continues to be consolidation like we see in many bigger," industries where the big brokers continue to get bigger and says Murphy. "It's in tF situations." broker environment where you run in to dual agency Even in situations where the dual agent is disclosed, home buyers aren't necessarily inforr on what this means. Murphy says he sees a lot of dual listings with new construction sales most buyers are so focused on purchasing a home and will make sacrifices. In Minnesota, Murphy says dual agents would go from fully representing one party to havir limits placed on the representation of both. For example, agents aren't allowed to argue tc benefit one party over the other. "It is like a boxing match where we would move from beir coach in the corner giving explicit guidance, direction and coaching to our boxing client tc " becoming the referee where we have to remain impartial, says Murphy. I don't think real estate." consumers fully understand this aspect of real Going with a dual agent arrangement makes a lot of sense for buyers looking for an edge, a normal real estate market, critics advise homebuyers to avoid that situation if at all poss https://www.foxbusiness.com/features/working-with-a-dual-agency-what-you-need-to-know 2/3 FILED: WESTCHESTER COUNTY CLERK 07/14/2018 08:37 PM INDEX NO. 60767/2018 7/3/2018 Working Witha Dual Agency: What You Need to Know | Fox Business NYSCEF DOC. NO. 25 RECEIVED NYSCEF: 07/14/2018 "In today's market, where the dual agency method can get the property it's tough to avoid system," dual agency but itreally does harm the says Tan. "You jeopardize the rights of the You' deal." buyer and the seller. You'll never know ifyou really got a good Check out mortgage rates in your area. URL https://www.foxbusiness.com/features/working-with-a-dual-agency-what-you-need-to-know Quotes delayed at least15 minutes. Real-time quotes provided by BATS BZX Real-Time Price. Market Data provided by Interactiv / ~~ (Terms 8 Conditions). Powered and Implemented by Interactive Data Managed Solutions. Company fundamental data provic Morningstar. Earnings estimates data provided by Zacks. Mutual fund and ETF data provided by Lipper. Economic data provic Econoday. Dow Jones 8 Company Terms 8 Conditions. This material may not be published, broadcast, rewritten, or redistributed. ©2018 FOX News Network, LLC. All rightsreserved. Privacy Policy https://www.foxbusiness.com/features/working-with-a-dual-agency-what-you-need-to-know 3/3 FILED: WESTCHESTER COUNTY CLERK 07/14/2018 08:37 PM INDEX NO. 60767/2018 7/3/2018 Working Witha Dual Agency: What You Need to Know | Fox Business NYSCEF DOC. NO. 25 RECEIVED NYSCEF: 07/14/2018 FGDNBUSINEEE Working With a DualAgency: What You Need to Know By Donna Fuscaldo | PublishedJune 12, 2013|Home Mortgage | FOXBusiness With a market sellers, buyers are to different tactics to get their housing favoring resorting accepted. Home sales and prices have been on a steady increase over the last few months as the ma remains on a stable path of recovery, but low inventory in some markets have created stiff competition-with some areas reporting bidding wars. To help compete, some buyers are incentivizing agents by offering them the opportunity t represent them as well as the seller. Under these circumstances, dual agents get the full commission as both buyer and seller. "One of the best ways to convince the agent to take a somewhat- less qualified offer listing well," let them represent you and give them the commission as says Eric Tan, a RedFin listi this." agent in Los Angeles. "A lot of buyers are catching on to In certain real estate markets around the country, inventory is tight and houses are selling above market price. On top of that, foreign investors are jumping into the market and mak all-cash offers. If buyers can lure the real estate agent into their corner, experts say the commission potential could them win a home-even— if don't have the best offer help they While it could work in winning a home, working with a dual agent or agency may not alwa in the best interest of both the buyer and the seller. After all, ifthe real estate broker is representing both the buyer and the seller, each party will never fully know whose corner t agent is actually in. https://www.foxbusiness.com/features/working-with-a-dual-agency-what-you-need-to-know 1/3