Buying your first home? Don't go it alone!

By
Real Estate Agent with Thompson Company, REALTORS® MD594797
https://activerain.com/droplet/JnW


Are you thinking about buying your first Silver Spring, MD area home? Don't go it alone!

I just met a lovely couple for a buyer consultation yesterday. They are great buyers. Not only are they going to be a pleasure to work with, they know what they want, where in the Silver Spring, MD area they want to buy, they have already talked to a couple lenders and know what they can afford. Awesome!

But, they have already toured quite a few homes on their own, no buyer agency relationship in place. They thought they could just go it alone and perhaps be in a better position to negotiate if they work with the listing agent. That is not so!

Maryland is an either/or State. A listing agent cannot legally represent both, the seller and the buyer. He/she may assist by providing the paperwork needed but not with filling it in, advising on terms or what type of contingencies you should include.

The listing agent's loyalty is to the seller. He/she will not represent your interests nor negotiate on your behalf. It is his/her job to work in the best interest of the seller and get the seller the best possible deal, not you.
Maryland Buyer's Agent
Luckily my new buyers and I were introduced by a mutual friend and former client of mine who recommended me. (Thank you!) They now understand Whom Real Estate Agents Represent In The State of Maryland, that it is in their best interest to hire a buyer's agent and that they do not owe any commission for my services.

Traditionally, the commission for both, listing agent and buyer's agent, is paid by the seller. This dates back to the times when all agents represented the seller and buyer's agency did not exist. 

So, if you are thinking about buying a home in the Silver Spring, MD area, don't go it alone! Receiving assistance from the listing agent will not put you in a better position to negotiate and hiring a buyer's agent does not cost you a dime.

*please note that most brokerages do charge buyers an "admin fee", between $200 - $400, but Thompson Company Realtors and myself do not*

Posted by

ANDREA BEDARD, M.A. ~ THOMPSON COMPANY, REALTORS ~

 

 

   

                                                                                                              

 

Thompson Company, REALTORS
16910 Oak Hill Rd, Silver Spring, MD 20905
o: (301) 384-9177 c: (240)593-2860

andreabedard.re@gmail.com

Andrea is a REALTOR® based in Silver Spring, MD. She has enjoyed assisting buyers and sellers since 2004 and focuses on residential Real Estate in  Montgomery and Howard County, MD. Andrea is a proud mom and hobby decorator with a vintage soul. She always answers the phone with a smile, enjoys running and treasure hunting and is addicted to coffee.

 

 All photographs are my own and I'd like to keep it that way. All information is deemed reliable but not guaranteed.

 

 

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Topic:
Home Buying
Groups:
1st Time Buyers
Buyer Information - What Buyers Need to Know in Today's Market
Advice for Buyers
Tags:
md buyers agent
understanding whom real estate agents represent in maryland
why hire a silver spring

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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Andrea, This is some great advice for any Home Buyers, especially those First Time Home Buyers. Many do not understand Agency Relationships, and are mislead, thinking they can get a better deal with the listing agents. 

Sep 29, 2012 11:12 AM #1
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I can't imagine a 1st time home buyer not using a buyer's agent.  I only know of one local company here charging anything to the buyers.  Can't figure why anyone uses them.

Sep 29, 2012 12:26 PM #2
Rainmaker
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Andrea Bedard
Thompson Company, REALTORS® - Silver Spring, MD
M.A.; REALTOR® Silver Spring, MD and beyond

Hi Jerry, thank you! There's still need for clarification .. agency relationships can get very confusing, especially because they are different in different areas of the country.

Hi Tammy, I can't either. The only explanation I have .. they don't know any better.

Sep 29, 2012 02:22 PM #3
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Rainmaker
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Andrea Bedard

M.A.; REALTOR® Silver Spring, MD and beyond
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