Who Represents Who?

Not quite sure who represents who in a real estate transaction? It's understandable. Just know this: in the commonwealth of Virginia, if you are not under a (signed) agreement with an agent, you are not being represented by anyone. This is known as "customer" status. Any agent can represent you (and look out for your best interests) once you have entered in to a {written} "buyer broker agreement" (if buying) or a "listing agreement" when selling. Then you become a "client". Fiduciary responsibilities kick in and that agent is now responsible to you. (Confidentiality is one of those responsibilities.) So that means the new construction site agent that is so nice to you, well he/she represents her seller (likely the builder) not you. Their job is to get the best deal they can for their seller. The agent at that open house may very well be the sellers listing agent and it is their duty to get the best deal they can for their seller, again, not you. "For sale by owner" homes, you know they are out to get the best deal they can for themselves, and it is quite possible they have little to no experience in selling real estate, so they certainly are not looking out for you! You get the idea yet? It is really in your best interest to have an agent on your side. Someone to assist you with unbiased information, someone who is looking out for you and someone who can protect you from all those other agents, who are not. Someone who can help you interpret all the market information to help you make good decisions when buying or selling real estate. Sounds scary, but without all the rules, who represents who would be chaos! Be wise ... select an agent, commit to working with them and let them work for you.