What is the difference between a listing agent and a buyers agent? Generally speaking, it is not in the best interests of buyers to use the listing agent to represent them in the purchase—in which capacity, the listing agent would then become a dual agent. A dual agent has a fiduciary responsibility of utmost care, integrity, honesty and loyalty to both buyer and seller, and thus cannot represent the best interests of either party. The dual agent must have the consent of both parties to act in this capacity, and must safeguard the confidentiality of both parties during any negotiations. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that because of a dual agent’s responsibilities to both parties, he or she can play little role in the negotiations besides facilitating communications. This is a significant drawback because a good agent’s negotiating skills can easily make a difference of 3-5% in the sales price, and sometimes more. A dual agent must not provide any information, such as the buyer’s willingness to pay more or the seller’s willingness to accept less, that might be used to the advantage of one party over the other. Check out below to see what sold in Mystic Forest in September 2023:
23298 Mystic Forest Drive, Novi: 4 bedrooms, 2.1 bathrooms, 2,486 sq. feet, 3 car garage, Sold Price: $675,000
Mystic Forest Home Sold
September 2023
If a listing agent tells you, as buyer, that he or she can get you a special deal because of their inside relationship with the seller, it is probable they have already violated their legal responsibilities and the Realtor Code of Ethics. For more information on Mystic Forest, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.