Real Estate agent selling property. What should I watch out for?
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Posted on: 18-02-09 23:22:45
Hello all,
I recently saw a house which is being sold by a real estate agent.
Just wondering if there are any implications either in the agent selling the house or in buying from a real estate agent.
Rgds
Newboyo
I thought the very job of a real estate agent was to sell houses/real property. Is my understanding flawed?
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Chandresh
Advice is free – lessons I charge for!!
the house is owned by a real estate agent. the listing asks the agent to disclose that the seller is a real estate agent.
Hence the question - any thing(s) that I need watch out for?
Rgds
Newboyo
If the seller is the owner of that house, well .. someone has to be the seller, right? In this case the seller happens to be a real estate agent. I don't see any problems.
Make sure that the same seller, the real estate agent, is NOT your agent (the buyer's agent) 
A Real estate salesperson follows a strict code of Ethics controlled by RECO (Real Estate Council of Ontario) and he is bound to inform you about his occupation.
Reason? So that he is not taking advantage of you (they have more access than you to CMA's( Comparative Market Analysis) etc etc.
He owes you honesty and due diligence in this transaction.
It is advisable for you to hire a different Real Estate Salesperson as your representative, so that things can proceed smoothly like investigation of title deed, condition of the house etc etc.
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When the going gets tough, the tough gets going!!!
Quote:
Originally posted by newboyo
Hello all,
I recently saw a house which is being sold by a real estate agent.
Just wondering if there are any implications either in the agent selling the house or in buying from a real estate agent.
Rgds
Newboyo
A real estate agent helps you make a more informed decision in many ways.
Some salespeople will prefer not to double end when it comes to selling their own properties. It may pose conflict of interest when representing both the parties at the same time, especially when the salesperson is also a buyer/seller.
Currently, I have one of my own properties listed for rent. When I receive direct calls from unrepresented tenants, I am referring them to my colleagues.
Good luck!
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
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100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
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