Our buyer's agent is selling a house we like. What to do?

May 3, 2009 5:32 PM

We've been working with a real estate agent to buy a house. This agent has just listed a house we like. What do we do if we want to make an offer on the house?

We have been looking at houses with a real estate agent for about a year now, here in Portland, Oregon. This past week, the agent listed a house that we really like and we are considering putting an offer on it.
We have never signed a contract with her as our official buyer's agent and we know that her loyalties (by contract) will lie with the seller.
If we want to put an offer on this house, what should we do?

posted by j to Home & Garden (4 answers total)

We were sort of in this situation when we bought our house. You have a couple different options. First, you could decide to allow the agent to represent both you and the seller. There are people who will caution you against this because it's difficult to represent the best interests of both the buyer and the seller. Also, you'll probably have to sign some kind of waiver stating that you understand the conflict of interest involved and you're OK with that. Obviously, each side has almost the opposite goal. If you or the agent isn't comfortable with this option, I'm sure your current agent would be more than happy to refer you to another realtor within the agency. In this scenario, both agents would split the commission and you'd have someone to represent your own interests exclusively. You can still make it clear that if things don't work out with this house that you're happy to continue looking with your original agent. This is a pretty common scenario, and nobody's feelings are likely to be hurt if you decide to seek your own buyer's agent for this particular home.
posted by theantikitty at 6:05 PM on May 3, 2009

also fwiw this is a totally normal situation. often times the waiver you have to sign is even if someone in your agents office lists a house. essentially at that point the agent has become what is referred to as a dual agent. and remember that make a better commission if they are the only agent, meaning they make MORE even on smaller offer then they would by splitting it so you'll often find them very accommodating. Its not at all a bad situation to be in and of course an agent's primary job 90% of the way is to find you the house. no one but you can truly decide if its right or not. at most they might recommend knocking a few thousand off the offer. as them to be up front with the shortcomings of the house and of course go the extra mile with any all inspections (which you should really do anyway) and you'll be quite all right. good luck with the new place.

-c
posted by chasles at 6:19 PM on May 3, 2009 [1 favorite]

Yes, my husband is in the business and this happens all the time. chasles has it.
posted by St. Alia of the Bunnies at 6:37 PM on May 3, 2009

Response by poster: Thanks everyone. I appreciate the quick answers.
posted by j at 9:33 PM on May 3, 2009