LLBYRD wrote:
My agent and the seller's agent are from the same real estate company. Should I be concerned or is this normal? I remember reading something about dual agents.
Note: Agency is a legal status determined by state law; what follows applies in TN but may vary in other states. More than likely it will at least be similar though. Agency can be a tricky thing to understand, even most real estate licensees have a dim idea, at best, of what it means.
The fact that they are from the same company should not overly concern you. If you get into a "dual agency" situation you should run like the wind. Most RE companies practice what is called "designated agency" meaning that even if the buyer and seller are represented by agents from the same company, one is "designated" as an agent for the seller and one for the buyer.
Dual agency refers to the practice that one person acts as the agent for both buyer and seller. Theoretically this is possible, but as a practical matter I don't see how one person can advocate on the behalf of two parties with opposing interests. Most brokers don't allow this because of the potential conflicts (read: lawsuits).
In terms of getting information from the lender, as long as it's just a simple update on the status of the loan/underwriting I wouldn't worry about that. From the lender's perspective, they were talking to an agent and didn't bother to clarify whose agent it was. As long as you have a binding contract at that point, there shouldn't be much that the lender could disclose to the seller's agent that would make any difference. If you were still in negotiations, I wouldn't want the seller's agent talking to my lender. Keep in mind though, that even in that situation, the seller would have every right to ask about the status of your loan application in considering your offer; it should be up to you to decide what to disclose.
