If You Like One Of Mitch's Listing You Have 4 Options.
However, Mitch will NOT Act As A Dual/Limited Agent Trying To Represent Both You and The Seller At The Same Time… This Concept, That Is Illegal In Many States Of One Agent Representing Both You And The Seller At The Same Time, Happens Everyday In Indiana With Other 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 Buyers Can Still Make Their Offers More Attractive To the Sellers .
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 Seller might accept for a property OR Advise you, regarding what comparable sales suggest a property is worth
Writing a Purchase Agreement or Inspection Response that favor’s your interests as the Buyer.
Share any information with you about the Seller that might interest you or reflect the Seller is willing to sell their place for less or share information about the Seller that might make you want to withdraw or change your offer.
Suggest how you should respond to a Seller’s counteroffer
Share with you that Inspection items, requested by you as the Buyer, that the Seller has said they are unwilling or unable to address, would otherwise be usual and customary repairs for a Seller.
Advise you which items within an Inspection Response you should ask a Seller 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.
If You Want To Submit An Offer On One Mitch's Listings….
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. 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 $600,000)
When Mitch is the Listing Agent, and a you as a buyer 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 Sellers understand that in a balanced market the Buyers expect to share in the savings Seller’s receive from these lower fees. This usually creates a “win-win” situation where buyers can purchase the property for a lower amount than usual and the sellers still actually net more at closing than they typically would net when two agents are usually involved even after “sharing” some of these savings with you the Buyer. In Seller's Markets Even though the Buyers may not share in the 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 The Sellers.