Who Represents Whom at an Open House
The Washington Post reported that saying too much to a real estate agent at an open house can get you into trouble. The state of Maryland has passed a new law that requires listing agents to give a written disclosure at an open house by handing out a form entitled “Understanding Whom Agents Represent.” The form lets open house visitors know that every word they say to the listing agent may be used to benefit the seller should the buyer decide to purchase the home.
Most importantly, prospective home buyers do not want to reveal their strategies to the listing agent (the seller’s agent) who is running the open house. Most buyers use their own buyer’s agent rather than buying through the listing agent because the listing agent already has an existing relationship with the seller and is obligated to immediately provide any information that could help the seller gain advantages. The listing agent cannot ever place the buyer’s interested above the seller’s interests, but a buyer’s agent can place the buyer’s interests above the seller’s interested, possibly outmaneuver and outsmart the seller.
To help the buyer get the best deal, the buyer does not want to tell the listing agent how much they can spend, or even how much they love the home above all other homes they’ve seen. The buyer can help keep the price down by keeping a low profile initially while, and if placing an offer, making sure that the buyer’s agent get’s the buyer’s offer noticed and attended to.
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Copyright © 2016 This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association, seller or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.