Wednesday, February 1, 2012
As outlined in this Chicago Tribune article, 'dual agency' is what you call it when one agent represents both the buyer and the seller.
Wait! Isn't that a conflict of interest?
Why, yes, it is. Which is why many states require agents to 'splain themselves if they are trying to persuade a client to accept dual agency. But many agents don't explain it well or at all. Why bother? The fines for violating dual agency are way less than the double commission they collect, one from each side.
The Tribune column clearly outlines the types of pretzel-like relationships that agents can try to get you to agree to. The most important point: know exactly what you are getting into. And who's making money from your home equity.