It is well-known that the sale of every home requires a buyer and a seller. It is also known that most homeowners think of a seller's agent the moment they start considering the sale of their homes. Even with the large amount of information available on the internet, they want to speak with an agent regarding the value of their homes and what, if anything, they should do to get it on the market. So, very quickly, most sellers in Arlington enter into exclusive, written agency agreements for the sale of their homes.
A little bit of history
Why is that? Truth be told, until a mere five years ago (July 1, 2012), there was no requirement in Virginia for a written agency agreement between real estate licensees and their clients. Prior to that, and up until 1980 when the discussion of buyer agency commenced, any agent who brought a buyer to the table was, in fact, working as a sub-agent to the seller. Meaning, only sellers were really “recognized” in a transaction.
So what does it really mean to have a Buyer Agent in Arlington, Virginia?
- First and foremost, you are now a CLIENT of that agent
- The agent must pay full attention to your needs
- The agent must pass on information about the seller to you
- The agent must keep your information confidential
- The agent must strive to focus on choices that satisfy your needs
- The agent must not only provide material facts, but also provide professional advice
- The agent must provide guidance on offering price based on comparable properties and their professional insights
- The agent must act as your guide and protector
- The agent must negotiate on your behalf
- The agent must be a problem solver on your behalf
What does it mean when you do NOT have a Buyer Agent in Arlington, Virginia?
If you choose not enter into an agreement with an agent, meaning that you have no agency relationship with said agent, you are deemed a CUSTOMER. This means:
- The agent’s loyalty remains with the seller and the seller's property
- The agent will pass on all information that he or she knows about you to the seller
- The agent will keep his seller’s information confidential
- The agent will provide only material facts to you
- The agent will only provide information that is going to be advantageous in maintaining the seller’s price
- The agent will always protect the seller
- The agent will only negotiate on behalf of the seller
- Any problem solving will be solely on behalf of the seller and to his advantage
For many people, buying a home is their largest purchase. It is crucial that you have proper representation to ensure that your interests are being taken care of throughout the entire buying process.
Think of it this way: If you were in court, wouldn't you want your attorney to be fully engaged with you and in your case from beginning to end?
So, before you sign a representation agreement, ask a few more questions: Will you be personally showing me homes? Will you be attending the home inspection with me? Will you be accompanying me to the closing?
The bottom line is that buying a home is just as important as selling a home. Be very intentional and informed about all aspects, because what you do not know will hurt you. Engage a true Arlington buyers' agent!