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Can buyer/seller real estate agent collude?

Hi. Wondering if the buyer real estate agent and seller real estate agent can collude to get a higher price for a home. We're looking to buy a place, and our agent is friends with the seller's agent. Sometimes it feels like our agent is collaborating with the seller's agent to get the place sold at a higher price rather than working in our best interest. We're first time buyers and the agents are similar ages to us. I hope that our agent is advocating for us, but sometimes I wonder.
Asked By Milly | Hartford, CT | 432 views | Buying | 1 year ago
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Pro
123 Answers
Chris Yochum

Dickson Realty

(19)

Its always a possibility that they are doing something fishy, though unlikely. I would certainly ask your agent or at least let your agent know your concerns. In the past, I have had clients feel the same way and really what I was discussing with the other agent was what is important to the other party so we have all the info on the table and can come to terms where both parties are happy. Sometimes you cant make both happy, though often you can come up with solutions that accomplish both parties goal and everyone feels good about the deal.
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Mike Lynch

Property Services Network Inc

(16)

Legally and ethically the agents are supposed to be a fiduciary to their clients. I am not sure that always happens, but that is the intent. In the northeast (right now) we are still seeing major supply shortages, and it is very rare to get a home under asking (if asking is in line with the market), so maybe what you perceive as collaboration is actually working in your favor??? I would suggest doing some investigation on your own. What are houses of the same size, condition etc selling for in your area? Is your deal significantly higher? If you ask your agent direct questions about how things have been handled, do you feel that the answers being provided are truthful? If not check with another agent in your area, to see if they would handle the situation similarly. If you still feel uncomfortable, there are ways to back out of the agreement. You may lose some deposit money (maybe not) but it might be worth that loss in the long run.

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