If you follow the thought process of some journalists (I use this term loosely here) and keyboard warriors, then buying a house is super easy. After all, all the information is online (they claim). You can just log on to your Real Estate website of choice, plug in your criteria, look through the smorgasbord of offerings, marvel at beautifully presented properties (or dismiss the ones that showcase the open toilet and cluttered counters), maybe chat with a bot, head to an open house, ask the listing agent to write up the offer docs and buy the house. It's so simple! But is it?
After 20 years as a full-time REALTOR® in Silver Spring, MD, and beyond, I can confidently and knowingly say that this is just not how it works in real life.
Reality is:
Buying a home is a process that can take months and many home tours. It can involve fierce competition, multiple offers, disappointment, intense negotiations, sellers who ignore the repairs they previously agreed to, or problems with the house/the appraisal/the title/the HOA or condo/the neighbor's fence... until you finally arrive at the closing table.
As gorgeous as many homes look virtually, they don't often look quite like it in person. The pictures don't show the broken seal on a window, the caulking that is growing mold, the cracked tile, the scuff marks all over the walls, the ancient HVAC, the clogged gutter, or the unkempt yard next door. As I always say, floors don't creak in pictures. You have to tour the house to get a true picture, and you should tour it with your buyer's agent.
The listing agent has a fiduciary duty to their client, the seller. It is their job to get the highest and best offer for their home. They may tell you all about what makes this home so special, but they are not likely to point out its flaws. While they do have a legal obligation to disclose any latent defects (anything that is not readily observable), they won't draw your attention to any deficiencies or red flags as a buyer's agent would.
Once you've found the house that looks as good in person as it does virtually and/or you can work with its flaws, you may still need to beat any competition while achieving a balance between being competitive and not overextending yourself. A good buyer's agent will guide you doing just that, and then facilitate the transaction, watch out for your best interests, and navigate any contract hurdles that - more often than not - may pop up.
A listing agent can assist you with filling out offer documents and facilitating the transaction but that's where it ends. A listing agent cannot advise what price to offer or which contingencies to include, nor can they negotiate on your behalf. It's up to you to figure it out. Or, you pore over the comps with your buyer's agent, review the seller disclosures together, discuss offer strategies, decide on your best and final, dealbreakers, and compromises, and submit your best offer knowing that your buyer's agent made sure to cross all the Ts and present not only your best but a well written one.
A buyer's agent works for you and their next paychecks. Yes, I said that because that is how we make a living and pay our bills. But, contrary to opinion pieces that flood the news and social media, we don't stir you towards the homes that offer the highest buyer agent commission, but zone in on the ones that meet your criteria and budget. A good buyer's agent will point out all the red flags to you and do their research so you can make an informed decision. They may even talk you out of a house or assist you with declaring a contract null and void if it's in your best interest to do so... and start the process all over.
You see, only a happy buyer will write stellar reviews, refer us to others, and become a repeat client. We have nothing to gain from persuading you to buy a house that doesn't work for you, but we have everything to lose. Real Estate is a relationship business. We can't thrive in this industry when we do not represent our clients well.
The value of a buyer's agent? We make buying a house look easy and/or make it easier for you!
We make sure you are well prepared before beginning the hunt for your new home, we research available options and comps, schedule home tours (with varying availability on the appointment books this can be a difficult task in itself), highlight the good and point out deficiencies, review disclosures, public records, additional addenda, and closing statements, discuss offer strategies, compile all required documents, negotiate, facilitate, navigate contract hurdles, get creative and exhaust all options to save a transaction (provided that is what you want), track all deadlines, communicate and update, collaborate with your loan officer, inspectors, and the title company, and we always watch out for your best interests... until you finally arrive at the closing table.
This post details how I operate as a buyer's agent, but not all have the same work ethic, knowledge, experience, broker support, patience, and tenacity to see you succeed. Before you sign a representation agreement, you should ask your potential agent qualifying questions.
Although a signed buyer agency agreement has been a requirement in the State of Maryland since 2016, the recent NAR settlement makes it against the law to show any home without one in place (come August 2024). Settlement or not, it's been my business practice to define needs and wants, educate you about the process, set expectations, and establish an agency relationship before we set out on your house hunt.
The value of a buyer's agent..
more than opening a few doors.
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