Dual agency disclosure fail homebuyers
"A look at some of the worst-offending states"
By Steve Bergsman
Inman News™
Although some states ban the practice, called dual agency, in which the same real estate broker represents the buyer and seller in a real estate transaction, most states have settled for a kind of disclosure Band-Aid that doesn't work well for consumers.
It's a little like the warnings on cigarette packets about the dangers of tobacco that really don't make much difference to those who really want to smoke.
I'm told that more states used to ban dual agency, but real estate associations lobbied hard for the passage of regulations that permit this 'double-ending' as it is also referred to, in some form. So what we have ended up with is a kind of cigarette packet of regulations: 'Yes, you can have dual agency (or some variation of it), but here's your warning' -- which is most often ignored." READ MORE
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