I am owner/agent for my property that I just listed. If I get a buyer w/out representation is it wise to represent them. I know by law I have to sign the transition to tranaction broker form (I think that is what we call it). I heard an agent say it is too overwhelming to represent both parties. What has your experience been?
Thanks, boy I am full of questions lately this means I have a listing!

I have listed and sold my own property a couple of times. Make sure it is legal in your state first. Why get another agent involved if you don't have to. I also represent buyers and sellers on the same sale all the time. I have never had a proplem with it. You are doing more work, but you are getting paid more too. Just be carefull to keep everyone informed at all times.

Thanks, I appreciate your info.

I decide on a case by case basis. If I have a "high maintenance" seller who will not take kindly to the fact that I am going from 100% representing them to representing NO ONE and basically sitting on a fence, then I do not go there. Not worth it - yes, the money is more, but so is the risk of a lawsuit.

The majority of my dual agency experiences have been fine, but the key is to assess the seller!! It doesn't sound like you would be dual agency, so things could be different.

If something is going to go bad, it will almost always be when you are about to close.....either side may start wondering exactly who you represent, they may feel slighted in some way. Also, imagine that if you go into transaction status and you no longer represent the seller in any way, which means you can NOT advise or advocate for them any longer - suppose inspections go really bad, for example. Many sellers want advice at that point and you cannot give it. (Well, I'm sure some agents violate agency and do give advice, but not the wisest choice!).

I would thoroughly check out the laws in your state and make sure you abide by them and are protected legally. I personally do not mind paying an agent a referral fee to represent the buyer - you don't even have to do the regular 25% since the buyer already found the house. Considering the commission is so much more, it is a small price to pay to continue your job of representing the seller (which you may have already been doing for literally months).

Be sure to check your E&O guidelines for coverage too.

According to my policy, when I sell my own properties in order to be covered four things must happen:

1. All state and local disclosures must be signed by both parties (duh)

2. A home inspection must be preformed by a CREIIA certified inspector

3. A special disclosure must be signed (provided by my E&O company). It just reiterates the need for various inspections and the buyer must sign off that they don't want the inspections that they choose not to have

4. A home warranty must be issued underwritten by CRES/Land America Buyers home Warranty

I don't mind being a dual agent (which is legal in my state), but I wouldn't do it when selling my own property. If anything goes wrong, I think you'd have a hard time convincing someone that you represented a stranger and yourself equally.

I know, I won't do it either and I would have to really consider the pros & cons on being a dual agent in future transactions. All your information was great. I will keep this for future reference.