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.
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*
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