I’m curious how dual agency works in regard to real estate sales.
I was in the process of purchasing a vacation rental property and my buying agent happened to also be the selling agent for the property. Since it’s a bank foreclosure, and the bank has rules against using dual agency, my normal agent had to find someone else to be my buying agent in this particular deal. So this is a hypothetic question for me.
If my agent had acted as both the buying and selling agent how could she have negotiated on my behalf against the seller’s interest? How could she give me untainted advice on what to offer since she likely knew what the seller would and wouldn’t be willing to accept?
I realize the seller is the one who decides what offer to accept, but sellers are heavily influenced by their agent’s recommendations.
Does this really work in practice? Has anyone ever used dual agency and had a positive or negative experience as a result?