Should we use a buyers agent if we are buying the house we're renting?
We have been renting a house for 3 years, and house hunting for 1.5 years. We've been working with a great agent but we just aren't finding a house that works for us. Our landlords have offered to sell us the house we're in for a fair price. If we choose to buy this house, should we still use our buying agent? If we don't use her, is that rude? I'd feel horrible if we wasted so much of her time!
In the state Maryland if you have signed a buyer's agency agreement with the agent that has been working with you for the last year and a half then you would be legally required to pay her a commission on the purchase of the house you are renting regardless of whether or not she helps you with the purchase. That being said, unless you are in the business of buying and selling real estate both you and the seller should use a Realtor when buying and selling any real estate. The reason being we live in a very litigious society and even though you come to an agreement, everything in real estate has to be done in writing in order to be legally binding, you would want to have either a Realtor or an attorney go over the forms and contract with you to make sure that it is all legal and on the up and up and that you are both protected in the transaction. There are disclosures and lead based paint, inspections, appraisals and all kinds of other things involved in a real estate transaction and you really need someone in your corner to help you through the whole process. You may be able to negotiate a reduced commission because of the situation but I wouldn't buy or sell a house without representation.
If you are thinking of buying or selling an home in Maryland give us a call at 410-292-0100 or start your search here and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone is worth the plunge into todays market. Remax New Beginnings and I are connected with some of the brightest and best real estate agents in the world and can assist with your move here in Maryland or anywhere in the United States or abroad. Ask me how.
June Piper-Brandon ~ Associate Broker ~ CDPE, CIAS, ePro, MRP
Remax New Beginnings