Home
Buyer's Agents, Trend or Need?
Nicholas
Johnson Sr.
Long
and Foster Realtors, Frederick,
Md.
In
today's market the current trend for
buyers is obtaining the services of
a Buyers Agent. This in part is due
to the information found on the web
revealing the true complex nature of
a real estate transaction. In the
past, presence of the Internet in
real estate was thought to harm the
industry, when in fact a more
informed consumer has arisen lending
to buyers knowing exactly what they
want before contacting an agent.
My wife, Pam
Johnson and I are associated with
Long and Foster Realtors in the
Frederick, Maryland Sales Office.
Industry
leaders in our profession suggest
that we track market conditions and
trends. Pam and I have standardized
our tracking methods as a
self-imposed business standard. Such
will allow us to offer better client
representation by enacting changes
that follow the market conditions.
"Smart
home shoppers are willing to pay for
a professional to oversee and
negotiate the purchase of their new
home" says Pam. "Shopping
for a home is a task that anyone can
do alone, but is it a safe thing to
do?" Today's complex issues
involving a real estate transaction
can sometimes be irreversible.
Numerous
questions start to arise; buyer's
anxiety sets in, should I ask the
seller? You can, but if the seller
has an agent, the agent's devotion,
loyalty and privacy are solely in
the seller's best interests. Sure
the agent must make available some
disclosures when asked for and must
present pertinent information
disclosures by law, either requested
or not.
Before you
know it, you find yourself
wondering, even though the sellers
agent and/or seller has assured you
that the property is a great
purchase and you received the proper
disclosures as mandated by law, are
you still getting a fair deal? More
questions arise. Have I asked all
the right questions? If its a For
Sale By Owner (FSBO) should I offer
less? Is there a problem nobody has
found? What are the current zoning
laws and permitted uses of the area?
Are their encroachments onto the
property and what's mine if I buy?
Is there tell tale signs of damage
cover up? And more...
You can
speak with the seller's agent, but
as a customer only, not a
represented buyer. It must be
disclosed to you in print as to whom
the selling agent represents (only
the seller, by contracted agreement)
and afford you the opportunity to
seek an agent as your buyers agent
and or decline any type of
representation and become a customer
prior to any pertinent issues being
discussed.
Before you
know it, you submit an offer. Now
time, being of the essence, is a
very crucial factor and is working
against you.
Your offer
is accepted, now being a contract of
sale. New issues take hold, Should I
have placed contingencies in the
offer, the seller did? I still need
help with financing. What
inspections are needed? Who pays
this year taxes? Should I require a
home inspection? Who pays for such?
What if the home inspection isn't
favorable? Should I have gotten a
CMA from an Agent or an appraisal by
a licensed professional? And more...
At this point you, the seller and
the seller's agent are walking
amongst the fine line of creating
either an unintentional and or an
intentional dual agency. What's a
dual agency and what effect does it
have on the contract and all parties
involved?
Dual agency
becomes illegal in Maryland under
several circumstances and can be
done legally if all parties are
given sole representation by an
overseeing broker and agree to it in
writing.
Your
questions need answers and the
seller alone may not be the best one
to get the answers from and or
either just doesn't know how. If the
seller has an agent you may ask him
or her these questions, but again
their best interest and loyalty is
to the seller not you. Again I warn
"Buyers Beware"
In future
articles I'll discuss other agency
matters in further detail. In
the meantime, If you wish to
have such information before hand,
Pam and I can help with such
questions. We can be reached by
calling the Long and Foster Realtors
Frederick, MD Sales Office at
301-644-1056. Further contact
information can be found on our
sites.
If your
looking for a house, or have one to
sell, I invite you to visit our
community based realty sites: www.mdrealtygroup.com where you'll find a wealth on
information of how to by or sell a
house, and maybe even the house of
your dream!
Read
other reality related articles
written by Nick Johnson
Nicholas
Johnson is a Sales Consultants,
licensed to practice in Maryland.
Nick, and his wife Pam are
associated with Long and Foster
Realtors at the Frederick, Maryland
Sales Office. 301-644-1056 Nick is
awaiting receipt of his Pennsylvania
Real Estate Sales License and will
become associated with the Long and
Foster Real Estate Incorporated
Gettysburg, Pennsylvania Sales
Office. 717-338-3406
|