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The Commonwealth of Virginia requires that each real estate agent sign a representation agreement with buyer clients. The representation agreement outlines the duties of both the agent and the buyer. Here is a summary of the commitments made by both the buyer and Nesbitt Realty.
This is not legal advice and should not be construed as such. All buyers are encourage to have an attorney review any document before signing.
- We use our resources and experience to help you
- inspect and
- contract to purchase real estate.
- We put your needs first.
If we can’t add value we won’t accept your business.
- You agree to use our services exclusively during a fixed period time.
- Buyers and renters pay no fees to use our services.
Additionally, we rebate fees to buyers to save our clients money.
There are many pitfalls and only a slim chance at an upside with self-representation. Firstly, if you are your own agent you would need to know where to look for homes and then you would need to coordinate all showings with listing agents. Then, if you find a home you want to purchase you would then need to write your own contract. You would need to set-up your own inspections, appraisals, manage disclosures, order title. You'd also have to negotiate with the listing agent for a discount. Few listing agents will give such a discount because they know they will end up doing more work for less money.
Obviously for most people this risky option is not a good choice. Although not having a professional might cost you, it won't save you. The buyer does not pay the Realtor.