Julie is a Realtor serving Northern Virginia
Real estate agents act as go-betweens for buyers and sellers of real estate property. With certain exceptions, anyone who assists with the sale of real estate in the Commonwealth of Virginia is required to be licensed by the state. Each and every real estate agents must be affiliated with a real estate broker. A broker is a real estate profession who has higher educational requirements and who has a minimum of three years of full-time experience as a real estate agent. A realtor is a real estate agent or broker who is a member of the National Association of Realtors. As a realtor, agents and brokers agree to ascribe to a high standard of ethics and participate in continuing education programs.
In most cases, a real estate agent works for one party, either the buyer or seller, renter or landlord. The agent uses his or her specialized training to best represent the clients' best interests. In some cases, the agent will work in a dual capacity representing both sides of the transaction. In all cases, the agent's first duty is to truth and honesty. But when you choose a real estate agent, don't be afraid to ask about what obligations state law imposes.
Some agencies have up-front fees or retainers. It's okay to shop around and to interview several agents and agencies to find the one that you feel most
comfortable working with, but it's only fair to the agent and to yourself to settle on one agent to sell or buy a home. Although it is your right and duty as a consumer to shop around, it is unethical and unfair to work with more than one agent at a time. An experienced agent will always ask if you already have representation. This way the agent won't waste his time or accidentally interfere with the relationship you already have.
For more information or to set up an appointment call Julie at (703)765-0300.
Stuart Nesbitt, a chip off the old block
A buyer agent is a real estate agent that represents the buyer. A Listing Agent is an agent that represents the Seller. The buyer agent does not get paid to show homes to clients. A buyer agent only gets paid if the buyer contracts for and purchases a home.
Your buyer agent can show you one house or show you dozens of houses. Your buyer agent can work with you one day before writing an offer for you to purchase a home, or your agent can work with you for months. Often, a buyer agent will tour houses with their clients to get better understanding of what the client wants. The buyer's agent also does extensive research of the local real estate market. Once the buyer agent has identified a number of prospective purchases the agent follows up with phone calls to listing agents. The wise buyer's agent calls listing agent to learn details which my exclude some homes and bring other homes to the forefront.
After a buyer finds a home to purchase, the buyer agent works to prepare and present the offer, negotiate the contract. The agent attends to deadlines, inspections, appraisals, loan approval,o ordering title and so on. In order to perform these duties, the Commonwealth of Virginia requires the broker and prospective buyer sign a Buyer Agency Agreement. Some of the points addressed in that Agreement are:
The type of property the buyer seeks
The length of time the agreement will be in effect
The duties and responsibilities of a buyer's agent
A commitment to protect the buyer's privacy
The nature of the legal, ethical and fiduciary responsibilities of the agent
How the agent is paid. (The buyer does not pay any fee for a buyer's agent.)
The buyer acknowledges that they are not the client of another Broker.
The agreement makes clear that we will not unlawfully discriminate against any prospective Seller
The purpose and place of legal and tax counsel
The agency agreement is governed by the laws of the Commonwealth of Virginia
The agreement may contain additional provisions that might be unique to this particular relationship between the buyer and the agent
