Before you set out to look for a new house you need to understand a little bit about agency relationships in Virginia. In Virginia you have a choice of who you would like representing you in the purchase of your new home. There are still states where a buyer doesn’t have the option. So be thankful you are looking for a home in our area.
Let’s say you are out driving around and you see an open house sign, you wander in and begin chatting with the listing agent. While you are chatting you tell them how much you like the home and you decide to make an offer. No matter what the agent may say to you, they represent the seller, not you.
How can that be? They have signed a listing agreement with the seller that clearly states that they are protecting the seller’s interest in the transaction. They can’t give you unbiased advice on pricing, inspections or contingencies. Most likely the contract that they will encourage you to write will be 100% in favor of the seller. You won’t know if the comparable property information you are looking over is all there is to know and certainly trying to negotiate home inspection repairs will be almost impossible.
<Some have made the comparison has been mad that having a single real estate agent act as a “go-between” for BOTH the buyer and seller is like suggesting that a single lawyer can effectively represent the plaintiff AND defendant in the same case!
I’m not suggesting that any agent would intentionally try and mislead you. I am merely stating that if you are not being represented you are not stacking the cards in your favor! My clients benefit from my buyer agent services at no additional charge when they purchase a listed property!
So what should you look for in a buyer’s agent?
A strong familiarity with the local marketplace, including recent sales, pricing trends and current inventory.
<An enthusiasm towards the negotiation process. If you are going to be represented during the sale make sure the person representing you excels at the role of negotiation.
A willingness to keep you constantly updated as to properties that might suit your needs.
A commitment to show you those properties or preview them for you on your behalf.
So before you head out the door to look for your new home give me a call. I’ll help you understand the home buying process and make sure that your interests are protected from start to finish.
So if you are looking for professional representation then give me a call at 703-346-2213 and we will get to work!