You've chosen the best Maryland real estate agent. Can you rely on their loyalty?
You might be surprised by the answer!
You may not be aware that your Maryland real estate agent, unless they specifically disclose
otherwise, represent the seller in any transaction for the sale
of a home. It is that Maryland real estate Agent's fiduciary duty (where their loyalty
lies) to protect the seller's position at all times.
Choosing a Maryland Buyer's Agent, however allows that Agent with whom
you are working to be your representative and to put your interests
above all others.
Work with the Best Maryland Real Estate Agent
Here are a couple of examples:
- You see a house advertised in the newspaper, a home magazine,
or the Internet. You contact the Maryland Listing Agent (this is who will
be advertising the home) and make an appointment to see the house.
The Agent is friendly, informative, and tells you what you believe
to be everything about the house. The Maryland real estate Agent represents the seller,
- You are working with an Agent, who shows you 25 different
homes over 3 weekends. The Agent buys you lunch twice, knows all
4 of your children by name as well as all of your personal likes
and dislikes, but does not offer Buyer Agency. You feel comfortable
with the Maryland real estate Agent, revealing important personal information. Without
Buyer Agency, "your" Agent represents, and owes loyalty
to, each and every one of those 25 sellers-not you. Any information
you reveal to the Maryland real estate Agent must be relayed to the sellers.
Perhaps having an agent who represents the seller isn't a
big issues for you, but it is important to understand that if the
Agent represents the seller, they cannot reveal certain things to
you, as the buyer:
- The reason for selling (unless the seller specifically authorizes
- Any concessions, in price or otherwise, that the seller
may be willing to give up.
- Any conversations that the seller and the Maryland real estate Agent may have
- Any information that could be detrimental to the seller,
or give you, the buyer, an advantage. This would include a CMA (Comparable
Market Analysis) that could put the seller at a disadvantage.
Why Work With the Best Maryland Real Estate Agency?
Buyer Agency gives you much more power. If a Buyer's Agency agreement
is struck between you and the Agent, it is you, rather than the
seller, who has the representation from the Maryland real estate Agent with whom you
are working. If you are represented by a Buyer's Agent, some of
the potential benefits include:
- The Agent can develop a CMA (Comparable Market Analysis),
revealing at what price similar properties in the area have been
listed and sold for.
- The Agent can reveal to you any information about the
seller that the Maryland real estate Agent has been able to ascertain. This may include
reasons for selling, potential concessions, or other information
that may be to your advantage.
- Information about property value trends that may influence
your decision about a certain neighborhood can be relayed to you.
Is it necessary to have a Buyer's Agent? No. Thousands of home buyer's
have been well served dealing with the seller's Agent. The important
thing is to understand your options, so that you don't unintentionally
accept less representation than you want.