Silver Spring, MD Buyer FAQ: Why should I not ask the listing agent?

By
Real Estate Agent with Thompson Company, REALTORS® MD594797
https://activerain.com/droplet/4gPF

One of the the biggest (and most persistent) myths in Real Estate is that home buyers will get a better deal when buying the house directly through the listing agent. Try as I might, I just cannot figure out the reasoning behind it!

Silver Spring, MD Buyer FAQ: Why should I not just ask the listing agent to help me?

The listing agent is the seller's agent and as such he/she has a fiduciary duty to the seller. Any information that you, the buyer, disclose to the listing agent can and will be used against you in negotiations. Buying a home through the listing agent will not put you in a better negotiation position and will not save you money.

It is the listing agent's job to get the highest and best price for the property. Why would they assist you in getting the most bang for your buck? They won't and they can't.

In Maryland a REALTOR® can only represent one side, either the seller or the buyer but never both. The broker of a company can act as a dual agent and designate agents for either side. The listing agent can also assist a buyer with submitting an offer but said assistance is very limited.

Which contingencies should you include? The listing agent can't answer that question. Can you prepare a Comparative Market Analysis for me so I know how well (or not) the house is priced? Negative! Is the seller willing to pay my closing costs? No!

When buying a Silver Spring, MD home it is in your best interest to hire a buyer's agent to represent you. You shouldn't ask the listing agent for help because his or her loyalty lies with the seller. Anything you say that could somehow help the seller in negotiations has to be reported to him.

Buying your new Silver Spring, MD home with the help of the listing agent will not get you a better deal and will not save you money. 

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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Ambassador
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

It's difficult for me to believe anyone would purchase a home without a buyer's agent these days.  

May 17, 2014 11:55 AM #1
Rainmaker
1,278,827
Donna Foerster
HomeSmart Realty Group - Parker, CO
Metro Denver Real Estate Assistant

This seems to be a popular topic all across the country. Buyers in Colorado often call the listing agent to see a home. It's really in their best interest to hire their OWN buyer's agent!

May 17, 2014 01:16 PM #2
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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I see this situation all the time, too. I don't get it, either. The consumer just doesn't understand, and it's posts like this one that help get the word out. Great work. I suggested this. 

May 17, 2014 01:16 PM #3
Rainmaker
484,123
Cindy Westfall
Premiere Property Group,LLC Portland Metro & Suburbs Oregon - Tualatin, OR
ABR,GRI Your Tualatin & Portland Metro Real Estate

Hi Andrea, we certainly were on the same page! totally agree! It's legal to practice dual agency here in Oregon and many still do, but I think many agents are starting to shy away from this more and more.

May 18, 2014 03:28 AM #4
Rainmaker
706,556
Andrea Bedard
Thompson Company, REALTORS® - Silver Spring, MD
M.A.; REALTOR® Silver Spring, MD and beyond

I see them Tammy when I look through the recently solds. I don't understand why that myth is so persistent still.

Yes, it is! We need to shout it from the rooftops Donna!

I hope so Debbie! I just can't figure out the reasoning behind the myth.

We were Cindy, it made me smile. It's only legal to assist a buyer with filling out the paperwork when representing the seller .. but even that is too fine a line to walk on for me and I refer to another agent.

May 18, 2014 11:54 AM #5
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Andrea Bedard

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