Expert: Diann Tonnesen - 12/23/2009

Question
I am entering into a sales contract as the buyer of a property. The sellers have listed it with an agent, and that agent is acting as a dual agent for both of us. I contacted the lender and worked out a deal for a short sale and they have agreeded. I have put down the earnest deposit, and am now in a contract to purchase. My question is... since I have an accepted offer on the real estate, can I negotiate a sale of this property, or can I leave it listed with the agent, and he can accept and present offers to me for a subsequent closing since I now have an interest in the property.. Reason being, obviously with a short sale, I am getting this property about 50K under market. I would like for the realtor to leave it listed and see if I can't re-sell it right away, preferrable the same day. (Meaning I close on the house monday at 2, and the new buyers close on the house from me at 4. I have been told by some real estate attorneys that this is perfectly legal as long as I disclose the terms to all parties, which I have no problem doing. HOWEVER, their are a few local real estate agents that seem to think this is not legal, because the agent(Dual agent that i used to buy) no longer presents offers to the current owner, as they have waived their right to see all future offers and have signed a paper saying so, and also saying they understand I will be entertaining new offers. Sorry to ramble. Just need to know if i have the right to negotiate deals on the house because I have a contract, and also, is it OK for the realtor to leave it listed and direct agents to me to accept future offers. Thanks for your time!

Answer
Hi Lori,

I wish I could answer this for you, but you will have to check your state laws to see if you can legally "double escrow" a property. You might call the state real estate division and ask their expert advice. Here in Las Vegas we cannot list a property for someone who is not the legal owner. And even though the seller has waived their rights to accept any other offers, until the escrow is closed the dual agent does still represent the seller.

Another issue would be whether the real estate agent can leave the property listed once it goes into escrow. Again, here in Las Vegas we are required to place the property into contingent status. You could call the local MLS board to find out the answer to that question.

Good luck with your sale!