Answer: Nothing! Listing agents who
represent the seller of the property and buying agents who represent the buyer, are all paid from the proceeds of the sale.
Therefore you can have a professional real estate agent represent your interests with the seller and the
listing agent...FOR NOTHING! That doesn't mean you will get it automatically. In the state of Washington it is legal for a
listing agent to represent both parties. It's called "dual agency". Although there are some good agents who will gladly attempt to fairly represent both parties, their legal and fiduciary responsibilities
are to the current owner of the property - the
seller. How could this affect your purchase? Allow us to offer you a simple example.
Let's say your lender has pre-approved
you for the purchase of a home up to a value of $450k. You find a home you like for an asking price of $425k but your understanding
of the market convinces you it is over priced. Your lender may provide you an additional pre-approval letter to match
your offer of $410k (perfectly OK because if you're pre-approved for $450k, you're obviously pre-approved for $410k). In a
dual agency situation the Realtor may be forced to inform the seller that you were originally approved to $450k because they
are required to not withhold information from the current owner
of the property.
