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Who does the real estate agent represent?

Reblogger
Real Estate Agent with Coldwell Banker Realty CalBRE #01248430

Agency Disclosure is the most misunderstood and most important item in real estate as far as I am concerned. Most consumers have no idea what it means and who represents who...unless of course there is a problem. There should be more education on an ongoing basis in my opinion. Thanks Diane!

Who does the real estate agent represent?

Who does the real estate agent represent?In some industries it’s often made clear by the hat a person is wearing what job they hold. In real estate it’s much less  obvious. We don’t wear a hard hat, police hat or jesters hat. The agreements we make in writing with our clients define the job we hold.

As a buyer or seller of real estate you have the responsibility to protect your own interests. It is important to understand your relationship with real estate agents and what their obligations are to you and other people.

In some situations, for example an open house, the real estate agent has a written agreement with the seller. In a nut shell that means to represent the sellers best interest while actively marketing the property for sale. As a potential buyer it is not in your best interest to visit the open house and share information with the agent holding the open house regarding the details of your ability to purchase, such as, you are qualified for $325,000 but only plan to offer $300,000, and that your significant other said get us that house at any cost. The sellers agent is under no obligation to keep that information to his/herself.

The State of Maryland requires, “at the time of the first scheduled face to face contact with you (the potential buyer/tenant/seller/landlord), the real estate licensee (agent or REALTOR®) who is assisting you is required by law to provide you this notice.” The notice is called “Understanding Whom Real Estate Agents Represent.”  “This notice is NOT a contract or agreement and creates NO obligation on your part.” It explains what agents can and can not do and is a good first step in understanding business relationships in a real estate transaction.

Who does the real estate agent represent?


Buyers, protect your best interest, hire a buyers agent.


Make sure know who the real estate agent represents.

 

___________________________________________________________________________________________

Diane M. Phillips, REALTOR®
Cell/Text: 443-286-4365
Office: 703-827-4066
DianeJustSold@gmail.com
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Comments (2)

Daniel J. Brudnok, REALTOR
Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038 - Downingtown, PA
SRES, e-PRO,ABR,GREEN,CSP

Angelica,

I agree....it is handled the "wrong" way too many time from the stories I here from others.

I stress the No Contract part in order to put a potential at ease to listen....it works most of the time.

Mar 03, 2012 10:27 PM
Diane M. Phillips Realtor 443-286-4365
Frankly Real Estate Inc. - Manchester, MD
Specializing in Carroll Co., MD

Angelica ~ Thanks for the re-blog!

Mar 06, 2012 02:11 AM