Until recently almost all real estate agents and brokers were either agents or subagents of the seller. In other words, even if you were working with an agent to find a house for you, their legal responsibility was to the seller. As a buyer, you had no representation in the real estate purchase. With greater consumer protection in mind, laws have been changed which have resulted in a revolution in buyers and sale agent relationships. You now have the right to have an agent represent your best interest. This is called Buyer's Agency.
What does a Buyer's Agent do?
Buyer's Agents are advocates for the buyer to assist them in buying the best property for the best terms.
As your Buyer's Agent, I will:
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Help and show properties that meet your needs.
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Point out both the strengths and weaknesses of properties.
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Perform a market analysis to assist you in determining Fair Market Value for the property.
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Advise you with offers on properties.
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Consult with you regarding counteroffers and contingencies and negotiate on your behalf.
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Assist with financing resources.
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Review home inspections with you.
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Do everything possible to get you to settlement smoothly.
Selecting a Buyer's Agent
Potential buyers should select their buyer's agent with care, and insure that they are someone with whom they can work well, and in who they can place their trust, reliance and loyalty. Interview agents to be certain this is someone who will be your advocate, confidant and partner throughout the entire transaction.
What is Disclosure:
Maryland law requires that all real estate sales agents disclose in writing who they represent. Prior to writing a contract, it is presumed the agent that shows you a property is acting as your buyer's agent. However, before the contract is written, you must enter into a written Buyer's Agency in order for your agent to represent you as a Buyer's Agent. By requiring agency disclosure, potential buyers and sellers will always know whom the real estate agent represents.
You will be asked to sign an agency disclosure for acknowledging that the person you choose is representing you as a Buyer's Agent. If you choose not to hire that agent as a Buyer's Agent that is okay. You need to understand that the agent is legally a subagent to the seller and has a legal responsibility to the seller, not YOU!
E-Mail Laura at: laura@lauragilley.com today!