Home buyers disadvantaged by dual agent

DEAR BOB: We are in the process of trying to buy our first home. Actually, it is a condominium. When we visited a Sunday open house, my wife and I had instant rapport with the listing agent. We got along great. That afternoon we made a written purchase offer, which the seller accepted that evening. However, when we got back to our apartment and read over the paperwork we signed, we realized the listing agent was acting as a "dual agent" for both buyer and seller. We then realized we probably offered too much for the condo because we didn't have our own agent advising us. How can we get out of this deal? --Ruben R.

DEAR RUBEN: If there were no misrepresentations and all the required paperwork including the agency disclosure form was presented to you and you signed each paper, you probably have a binding sales contract.

Purchase Bob Bruss reports online.

Just because one agent represents both the home seller and the buyer, as a disclosed dual agent, doesn't mean there was anything illegal or improper.

You knew the open house host was the listing agent. But you proceeded to make a purchase offer through that agent, and the seller accepted your offer. At the same time, you were presented with an agency disclosure form, which showed the listing agent was also acting as a "dual agent" representing you.

Perhaps you could have done better if you had your own buyer's agent representing your best interests. But because everything was properly disclosed to you, there is no valid reason to back out of your condo purchase. For more details, please consult a local real estate attorney.

(For more information on Bob Bruss publications, visit his
Real Estate Center).

Copyright 2006 Inman News