UP DATE

It has been awhile.... been blogging over on Activerain and have sort of dropped the ball.

Recently Wenatchee appeared as the leading location for growth in Real estate throughout the nation. Take everything with a grain of salt. The numbers, while accurate, do not reflect Wenatchee. rather Wenatchee, Leavenworth, Chelan and points in between. Since Chelan (and to a lesser extent Leavenworth/Lake Wenatchee) is a very, very hot resort community the numbers are tilted. If we could adjust the number for Wenatchee it would come in around 16%...still great but not as great!

Agency

In Washington Real Estate it is permitted for an agent to be a dual agent (represent both the buyer and seller on a transaction). Naturally, it has to be disclosed and both the buyer and seller need to agree to it .

Many if not most agents will act as a dual agent. However, I don't like it and usually won't. I think the potential for liability is too high and certainly the appearance of conflict or actual conflict of interest makes me uncomfortable!

Honestly, how can you negotiate for one party when you know what the other party will do? How can you advise one party fairly if you know the warts on the other side...no, not just warts but concerns and perhaps weakness. Finally, there is the financial end of things too. Assume a $300K transaction and a 6% commission. If I represent one party the commission on the table is 3% or $9,000 ( later to be split with broker). But, if I "represent" both parties the amount is $18,000. In all honesty, how do you keep the tail from wagging the dog? You cannot convince me that if an agent represents both sides the amount on the table does not creep in, at least briefly...

Lets put it another way. Assume your agent confronts you with representing both sides. Ask your self does he/she have my interest at heart? Or evaluate it this way. Assume you are getting a divorce... do you want the same attorney representing both parties? There MAY be circumstances where it might be ok. But as a general rule I think not.

So, my advice is do not accept a dual agency in a real estate purchase or a real estate sale. For people buying homes in Wenatchee, and if they are my clients, I plan on being sure there is fair representation!