Recently I was near the completion of one of my rehab projects. This is a hobby I really enjoy in addition to residential Real Estate Sales. I was almost ready to put it on the market when I was approached by a lady from the neighborhood. She said she had always admired the home and wanted to look through it. Of course, she loved it and wanted to buy it and said she could pay cash.
I'm a Realtor, and of course I was going to list the home in the MLS, and pay a co-op fee. Also, in the state of Maryland, I must disclose in the contract of sale that I am a Realtor and the owner.
We set up a meeting to do a contract. The Buyer says she thinks my price is very fair and she knows the prices in the neighborhood. She comes to our meeting with a deposit check and bank statements to prove she can pay cash.
I'm excited and nervous at the same time. I'm excited because this looks like it's going to be a quick sale. I'm nervous because I want her to feel like she's being treated fairly and honestly. I told her she had the right to choose a Realtor to represent her, and if she chose to do so that I would pay for that Realtor's commission. I made it clear that I would not be able to represent her as the Buyer in this transaction. She said she would prefer to just deal with me directly and continue without representation.
Here is where some Realtors might just go about signing the contract and getting the absolute best deal they could get for themselves. It is the perfect scenario - a cash Buyer who is willing to pay full price and not wanting representation of their own. Being thorough, I still opted to go over all of the comps in the neighborhood with her. Even though she already knew about the recent sales, I felt it was important that we review them together. I agreed to her requests to get a Home Inspection and a Termite Inspection, and I offered to pay for half of her closing costs. I also went over what representation means, and made sure she understood that she was entering this transaction without representation.
This is always a balancing act as a Realtor. Most consumers are unaware of the laws in the state of Maryland regarding Real Estate representation, and all of the ramifications. Here in Maryland, the laws are very clear.
If you're a Homeowner looking to sell your home and you hire a Realtor - lucky you! These are the steps and risks your Realtor takes on your behalf, using all of their experience and knowledge of the laws and statutes to save you time, money and potential negative consequences down the road.
Tim McIntyre, GRI
tmcintyre@cbmove.com
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Visit my website at www.timsellshomes.com.
Ellicott City Realtor, Catonsville Realtor serving Howard County, Carroll County and Baltimore County for more than 25 years.
