katjoeuk

Hi,

We'll soon be first-time buyers - we'll be looking to buy a house in Maryland - and would appreciate any advice / info from people who've already been through the whole process.
Would you say it's best to go through a realtor / agent? Does anyone know of any good /reliable ones?

Thanks very much for your help

RayM

I used a Realtor as a Buyer's Exclusive Agent. Not sure how this works in other states but in MO I just paid him a flat fee ($495). He was extremely helpful and gave me some great advice. He explained the whole process to me in detail and all the potential costs. He was also very knowledgeable about building techniques and what homes to avoid.
I went through an reference agency to find him and spoke to 3 realtors before I selected him.

katjoeuk

Great advice - thanks!!

God this is all so new to us...bit overwhelming!!

tonrob

Might be a couple of "fixer-uppers" going cheap as of this morning...

Apfelkuchen

Too soon?

tonrob

Hurricane humour from one whose own house may become a "fixer upper" later this afternoon....

katjoeuk

Hope not! Fingers crossed...

I don't know what it is with the East Coast at the moment - first the earthquake, now the hurricane!!! Doesn't exactly make it very appealing....

tonrob

We had record snow in January too where I live - 6 feet in 3 weeks - and then a tornado in June!

md95065

It's retribution for New York legalizing gay marriage ...

Apfelkuchen

Right enough, maybe the Westboro Baptists were right after all.....

lansbury

If the US process is new to both of you, get your own buyers agent (realtor). You will need to see how that works where you are buying. In Oregon or at least when we did it, the sellers agent split their fee with the buyers agent, and it cost us nothing.

It could stop you from making mistakes not knowing how things are done. For example here you put your offer in, in writing and get a written acceptance back. Depending how you worded the offer it could be a done deal at that point, or subject to inspection and other clauses. Then there is earnest money (deposit) paid to the seller, escrow, title insurance and a few other things different to what it is in the UK. A bit of knowledgeable help could save you a lot of money, especially as a good buyers agent will research and suggest what is a reasonable offer on the property, and negotiate for you.

Sally Redux

The buyer's agent won't be totally on your side as they'll be trying to get a sale as quickly as possible to get their commission BUT better than nothing because without them you'll be totally at the mercy of the selling agent who will keep the whole commission from the sellers.

To find one, you could try going to open houses and try to get a feel for the way they work.

Take your time and really get to know the area.

Tarkak9

A Realtor is a licensed broker who belongs to the National Association of Realtors. In theory they should be subscribing to an industry standard of a code of ethics - code of conduct amongst themselves. In essence its a fraternity.

All states have their own laws and forms of agency relationships.

For relevance to Maryland....
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Agents Who Represent the Seller
Seller's Agent: A seller's agent works for the real estate company that lists and markets the property for the sellers and exclusively represents the sellers. That means that the Seller's agent may assist the buyer in purchasing the property, but his or her duty of loyalty is only to the sellers.

Cooperating Agent: A cooperating agent works for a real estate company different from the company for which the seller's agent works. The cooperating agent can assist a buyer in purchasing a property, but his or her duty of loyalty is only to the sellers.

If you are viewing a property listed by the company with whom the agent accompanying you is affiliated, and you have not signed a "Consent for Dual Agency" form, that agent is representing the seller.

Agents Who Represent the Buyer
Presumed Buyer's Agent (no written agreement): When a person goes to a real estate agent for assistance in finding a home to purchase, the agent is presumed to be representing the buyer and can show the buyer properties that are NOT listed by the agent's real estate company. A presumed buyer's agent may not make or prepare an offer or negotiate a sale for the buyer. The buyer does not have an obligation to pay anything to the presumed agent.

If for any reason the buyer does not want the agent to represent him or her as a presumed agent, either initially or at any time, the buyer can decline or terminate a presumed agency relationship simply by saying so.

Buyer's Agent (by written agreement): A buyer may enter into a written contract with a real estate agent which provides that the agent will represent the buyer in locating a property to buy. The agent is then known as the buyer's agent. That agent assists the buyer in evaluating properties and preparing offers, and negotiates in the best interests of the buyer. The agent's fee is paid according to the written agreement between the agent and the buyer. If you as a buyer wish to have an agent represent you, you must enter into a written buyer agency agreement before a contract offer can be prepared.

Dual Agents N.B. Not all states have Dual Agents anymore, some now have Transaction Brokers instead
The possibility of dual agency arises when the buyer's agent and the seller's agent both work for the same real estate company, and the buyer is interested in property listed by that company. The real estate broker or the broker's designee, is called the "dual agent." Dual agents do not act exclusively in the interests of either the seller or buyer, and therefore cannot give undivided loyalty to either party. There may be a conflict of interest because the interests of the seller and buyer may be different or adverse.

If both seller and buyer agree to dual agency by signing a Consent For Dual Agency form, then the "dual agent" (the broker or the broker's designee) will assign one agent to represent the seller (the seller's "intra-company agent") and another agent to represent the buyer (the buyer's "intra-company agent"). Intra-company agents may provide the same services to their clients as exclusive seller's or buyer's agents, including advising their clients as to price and negotiation strategy, provided the clients have both consented to be represented by dual agency.

If either party does not agree to dual agency, the real estate company must withdraw the agency agreement for that particular property with either the buyer or seller, or both. If the seller's agreement is terminated, the seller must then either represent him or herself or arrange to be represented by an agent from another real estate company. If the buyer's agreement is terminated, the buyer may choose to enter into a written buyer agency agreement with an agent from a different company. Alternatively, the buyer may choose not to be represented by an agent of his or her own but simply to receive assistance from the seller's agent, from another agent in that company, or from a cooperating agent from another company.
---
It boils down to vicarious liability and representation and who does what in what sort of scenario. Basically, you want clarification of what happens if A) you express interest to buy a property listed by the company where the agent works. B) A property actually listed by the agent. Again, Dual Agency... subsequently what are the rights of a buyer under such scenarios...

katjoeuk

Oh, gosh, thanks guys!! That last bit I"ll have to read thoroughly at some point...my mom is visiting at the moment, so prob not the best time to try and concentrate on this

We'll also be looking into new houses - might as well since it seems to be a good time to buy, and at least with a new property, there'd be fewer hidden flaws etc. (or at least one would hope!!)

I'm not keen on renting first as it seems like a waste of money PLUS I don't want to be moving again, so hopefully, we'll manage to find something within the 6 weeks we get temp accommodation paid for!! Do you think that's realistic??

AddyLaddy

http://www.nytimes.com/interactive/b...ulator.html?hp

I don't know anything about the market out there, but over here we are still deflating the last real estate bubble and prices could fall by another 10-14%

Plus we would have to pay approx 10% in fees and commissions to sell the property when we finally return to the UK, and that will probably wipe out any house price inflation. Anyway that calculator is very thorough and includes all these extra costs of home ownership.

Personally I wouldn't rush into home ownership immediately until you know where and if you want to stay and more about each area.