Limited Agency
Which Real Estate Agent Do You Use?
When a buyer uses the realtor off the sign in the yard (the Listing Agent) to represent him/her, then that realtor, who has been representing the Seller, is now representing both the Seller and Buyer. That agent becomes what is commonly called a "Limited Agent". This is illegal in some states, but not in Utah. Our purpose here is to help you see what the disadvantages may be.
Disadvantages of Using the Listing Agent (Limited Agent)
What then, are the some of the disadvantages for the Buyer, of being in a Limited Agency situation (using the realtor off the sign in the yard, the listing agent)?
The listing or LIMITED realtor may not be inclined to:
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Share with you any reasons why not to buy "this" property.
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Negotiate the best price and terms for you, because that would hurt the interests of his Seller.
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Include contingencies in the contract that protect YOU rather than the seller, including standard clauses.
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Keep confidential any information that could hurt your bargaining position. This is where your bottom-line or something else that is confidential, un-be-knownst to you, may have been shared with the Seller.
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Remain neutral, when taking sides is an option. For example; a parent would never confess to admitting to having a favorite child, even if his/her siblings know who the favorite is.
Having another person on your team, that actually specializes and makes money when you win, is a definite reason to hook up with a good realtor such as myself right away. Feel free to use this site to shop the MLS with All the Listings, because EVERYTHING from all the realtor companies is found here. Then be sure to contact Brian for showing and lining up properties.
Related Multiple Listing Service (MLS) Information
Representation & Commissions Arrangements- For technical information and a MLS sheet example of those arrangements with clear explanations.
