I've got to say that (as a licensed realtor) dual agency is a shaft job for both the buyer and seller when it comes to average homes. The same is not true when talking about investment properties, high end homes or commercial.
With average homes, there is always a mark up that the listing realtor adds on top figuring that it will be negotiated down 1-3%. When you, as a buyer, are represented by your own realtor, he will attempt to achieve that downward negotiation because he wants your future business and your referrals.
As soon as the dual agency document is signed, the seller is forfeiting his right to have his own realtor work for him and basically agrees that the realtor becomes a lawyer that notes the deal.
A dual agent is not allowed to divulge what the lowest price a seller is willing to sell for and is also not allowed to divulge what the highest price a buyer is willing to pay. Not that any good realtor would do that anyway, but there is always insinuations that are bantered between the two realtors.
At the end of the day, the realtor wants to make the deal happen. Two realtors talking on the phone will usually find a price that they both think their clients will go for and then they sell that number to their clients. In a dual agency situation, the realtor is really not allowed to handle that aspect of the deal. And since that's usually the most important part of a residential deal, that's where both the buyer and seller are getting the shaft.
In dual agency, the realtor is suddenly getting paid double to do half the work. It's nonsensical. I personally can't believe that dual agency is allowed on residential deals.
Since you (OP) are the buyer, you have no good reason not to get your own realtor. You don't have to pay him because, as mentioned a few posts back, the seller actually pays him. If you want to be specific, it's the listing realtor that pays him.
PM Nabber. I'd say pm me, but I'm on leave because I'm getting into building.
