Letter About Dual Agency

In: Social Issues

Submitted By mrm185
Words 901
Pages 4
February 10, 2010

Ms. Amanda Walton
Longwood University Dept. of EML
201 High St.
Farmville, VA 23909

Dear Ms. Walton

Virginia allows houses to be sold through a dual agent or dual agency, where as it is illegal in certain states. Dual agency is a situation where a real estate agent or agency represents both the buyer and the seller of a home. Dual agents or agencies create a great conflict of interest and should be made illegal in the state of Virginia to ensure that people who depend on real estate agencies to buy or sell homes get a fair price and that their agency does its due diligence to do get that fair price.

When you go to sell your home would you want to have some worries in the back of your mind about if you got low balled by your real estate agent? Or when you buy a home is the agent trying to make you pay a higher price then you really have to? This is a worry most Americans have when selling or buying a home, but this problem is only intensified by the dual agency situation. The definition of a dual agent, according to homebuying.about.com, is

“A real estate agent who has signed a buyer agency agreement with a buyer who wishes to purchase a listing held by the agent or the agent’s firm. A dual agent must be loyal to both the buyer and the seller.”

The part where the agent must be loyal to both customers is where the problem arises. There is a huge conflict of interest as the agent has a responsibility to the seller to get the highest price and the lowest price for the buyer. From an article from www.realtown.com titled “Dual Agency”, Article 7 of the REALTORS® Code of Ethics states

“In a transaction, REALTORS® shall not accept compensation from more than one party, even if permitted by law, without full disclosure to all parties and the informed consent of the REALTORS® client or clients.”

It is the law in the states that…...

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