What Every REALTOR® Wants You to Know –
Who’s Agent Am I!
Of all the topics of real estate that I write about, none is as important as understanding the relationship between you as a buyer or seller and the REALTOR®
For the most of us, buying or selling real estate is some of the largest financial transactions we will be involved with. Knowing who is on your side and who is not is critically important. When you list with an agent to sell your house, they will have an agent that will represent their interests in virtually every step of the transaction. It’s the buyers that need to be aware of their risk in going forward.
Buyers’ should always, always, always have a Buyers’ Representative Contract with a REALTOR® to represent their best interests. Not that a sellers’ agent will necessarily do them wrong, but it may not be in their best interest.
The Real Estate Commission for the State of Maryland recently enacted regulation that at first glance looks like just another thing to do. They now require, as of October 1, 2016, that real estate agents who are holding an open house to post a notice in the open house that states, in part, “ATTENTION PROSPECTIVE PURCHASERS PLEASE READ THIS SIGN CAREFULLY.”
The sign goes on to say, “This is to advise you that the agent who is conducting this Open House REPRESENTS THE SELLER(S) AND IS REQUIRED BY LAW TO PROMOTE THE INTERESTS OF THE SELLER(S). ANY INFORMATION YOU GIVE THIS AGENT IS NOT CONDSIDERED CONFIDENTIAL”. (Red lettering is required by the Commission).
I recently worked with a client that had been pre-approved for a mortgage for almost $100,000 more than the amount of the house they were looking at. They were very proud of the fact that they were approved for so much, and should be proud. But they wanted to let the sellers’ agent see the pre-approval letter thinking that it would show how solid of a buyer they were. However, in fact, it would show the sellers agent how little they had to negotiate. Mortgage companies know this and will be happy to provide a pre-approval letter for the amount that you are offering provided it does not go over the amount you are approved for.
This may seem like a simple thing that most people would know, but there are many issues just like this that a REALTOR® can work with you in your best interest.
I have said it many times before and will say it many times again, if you are thinking a buying a home within the next several months or even a year, talk to a REALTOR® now so you can get on the same page going forward.
If you are thinking of buying or selling, talk to a real estate professional – talk to a REALTOR® – who can give you the information you need to make an informed decision.
As always, if I can help with any of your real estate needs, please feel free to text or call me at 301-712-88098 or email me at RolandLow1@gmail.com.