Buyers - Frequently Asked Questions
Are the property listings I receive from you listed by your company?
Why are there no photos on some of the listings you send me?
Do I have to get pre-approved? How much home can I afford?
I have a home to sell. How does that affect buying a new home?
You are Buyer Agents. What does that mean?
Can I contact the Seller’s Agent directly?
Can the Seller's Agent represent both the Seller and me?
I want you to represent me exclusively. Do I have to sign any Agreements?
How long is the Buyer Agreement for?
So you work for me, represent me and my best interests, then how do you get paid?
I have already looked at some homes with another Agent. Is there a conflict?
I have already visited some new model homes and registered. Can you still help me buy a new home?
Do you get anything for recommending loan officers, title companies, or any other vendors during the loan process?
Are you full-time Realtors®?
Why should I look for a Realtor® with the Accredited Buyers Representative (ABR) designation?
I have another question that is not answered here.Are the property listings I receive from you listed by your company?
There are many, many different companies (including Classic Realty) that market and list homes for sale throughout our area. Each Listing Agent that represents each Seller enters all pertinent information about each home for sale, including interior and exterior photos, into a central computer database system called MRIS (or also referred to as the MLS). The MRIS then distributes all the information entered in the system to Internet websites such as Homesdatabase.com, Realtor.com, WashingtonPost.com, etc., and company and Realtor websites. No matter what website you go to, the information is coming from the same source. However, each website curtails what and how much of that information you see.
Back to the Top of PageWhy are there no photos on some of the listings you send me?
It is each Listing Agent’s responsibility for the quantity and content of the photos and information in their listing (or the lack thereof). Therefore, if you do not see any photos, this is because the Listing Agent did not submit them into the computer system. Regardless of what website you view, if photos were not submitted by the Listing Agent, unfortunately then there are none to view.
However, as your Exclusive Buyer Agent, we work very hard for you and would, if possible, try to obtain photos for you by other means.
Back to the Top of PageDo I have to get pre-approved? How much home can I afford?
Most important, you need to determine how much home you can afford. Because there are so many different loan programs available, it is best to talk with a loan officer about your specific financial situation so they can help determine a comfortable mortgage payment for you. They will discuss with you the loan process including your credit report, interest rates, points, prepayment penalties, escrows, closing costs, down payments, and many other issues to determine the best loan program that meets your needs.
While you can certainly use any loan officer you wish, we do work with great loan officers that would be happy to speak with you. There is no obligation, so you have nothing to lose and lots to gain. Knowing your financial power ensures that you are looking at homes that fit your budget. Please contact us and we will be happy to send you their names and phone numbers/emails or we can have them contact you directly at your convenience.
Back to the Top of PageI have a home to sell. How does that affect buying a new home?
In this market, it is extremely important to determine if you will need to have the proceeds from your current home sale in order to afford to buy a new home. If you do need the proceeds so you can buy a home, we (in conjunction with your loan officer) can help you determine if you may need to hold off purchasing a home until your current home sells or if there are other options available.
Back to the Top of PageYou are Buyer Agents. What does that mean?
A Buyer Agent is a real estate agent who represents only the Buyer and their best interests throughout the entire real estate transaction. As your Buyer Agent, we will find and show you properties that meet your needs, provide you with all available facts about each property and/or the Seller that could influence your decision about making an offer, keep all personal information about you held in the strictest of confidence, help structure an offer and give you "what if" scenarios about the clauses in the contract to protect your interests, track and handle the day-to-day needs required to get to closing such as inspections, the progress of your loan, working with the title company, and much more.
If given the opportunity to represent you as your Buyer Agent, we will provide outstanding service. We are loyal, dedicated, confidential and always there for you. Anytime you have a question or concern, we are available to help you. Your calls and emails are always important and answered promptly.
Can I contact the Seller’s Agent directly?
A Seller’s Agent, also referred to as the Listing Agent, is a real estate agent who lists and markets a home on behalf of the Seller and represents their best interests in a real estate transaction. The Seller’s Agent has responsibilities, which include obtaining the highest possible purchase price and the best possible terms for the Seller. They negotiate on behalf of their Client, the Seller, not you.
Back to the Top of PageCan the Seller's Agent represent both the Seller and me?
While a Seller’s Agent can certainly show you the home they have listed, if you decide you want to purchase that home, they now are considered a dual agent. They now represent both the Seller and you - the Buyer. The agent is obligated to make certain that all material facts relating to the property’s condition are disclosed; however, they must exercise care with negotiating information. Being a dual agent limits their ability to represent both parties fully and fairly. Because of that, it is required by law that all parties enter into this arrangement in writing. Even though this is legal in the State of Virginia, we do NOT and will NOT represent both parties in a transaction. We will only represent you - exclusively.
Back to the Top of PageI want you to represent me exclusively. Do I have to sign any Agreements?
We can either enter into an Agreement before we start looking at homes (recommended) or after we've been out together once so we can determine whether there's a good fit between us. Then you can decide if you want to move forward in an exclusive relationship with us to help you buy a home.
Once you have made that decision, essentially, you make a commitment to work with us exclusively and in exchange, we work exclusively with you, represent your best interests throughout the transaction, and hold all your personal information in the strictest confidence. We are committed to working our hardest to find you the right home that meets your needs. We will send you a copy of the Exclusive Right to Represent Buyer Agreement (Buyer Agreement) for you to review which outlines our commitment and responsibilities to each other.
IMPORTANT: By signing a Buyer Agreement you are protecting yourself so that your Agent represents you exclusively and holds your personal information in the strictest confidence.
How long is the Buyer Agreement for?
The Agreement is typically for 3 months, but if you decide you would like to move on anytime before then, just let us know. We will most certainly honor your request. Our utmost concern is that you are happy with the services we are providing to you.Back to the Top of PageSo you work for me, represent me and my best interests, then how do you get paid?
If you decide to retain us as your Exclusive Buyer Agent, there is no upfront fee or retainer. In most cases, we are paid when you close on your home by a portion of the commission offered and paid by the Seller. The Buyer Agreement specifies all compensation language.
Please keep in mind, though, that all Agents, including us, invest a lot of time and money to help you find the right home. All agents are self-employed and incur many out of pocket expenses and spend a lot of time with each Client before getting a paycheck. When we get paid, a portion goes directly to our Broker and Corporate office for their hard work in keeping the office up and running. The remaining amount covers all our business related expenses and time. We are personally responsible for paying our own taxes and health benefits, advertising costs, computer costs, personal website costs, real estate fees, business related items such as signs, cards, promotional materials, to name a few. We work 50-70 hours a week (that's each of us) maintaining our personal website, marketing and promoting our business, attending classes and seminars and reading materials so we stay on top of the constant changing laws and regulations within real estate, contacting and following up with Clients, preparing for and showing homes, researching and providing information to our Clients, and coordinating and managing every real estate transaction from contract signing to closing.
Our sense of accomplishment and success comes from the satisfaction and happiness you have when you are handed the keys to your new home. We do this first and foremost because we like helping people, like you, find a home. And we hope that one day you may buy another home from us and/or refer us to your friends, family and co-workers so we can help them buy or rent a home as well.
Back to the Top of PageI have already looked at some homes with another Agent. Is there a conflict?
Item 1 of the Buyer Agreement states that you have not signed a Buyer Agreement with another Realtor® or been shown the same properties by another Realtor®. If you have worked with and/or signed an Agreement with someone else, just let us know. We will need to look at the situation and discuss how that affects what we can do for you.
Back to the Top of PageI have already visited some new model homes and registered. Can you still help me buy a new home?
Item 1 of the Buyer Agreement states that you must disclose to us any new home communities that you have visited. If you have visited a new homes sales office and registered, just let us know. We will need to look at the situation and discuss how that affects what we can do for you.
Back to the Top of PageDo you get anything for recommending loan officers, title companies, or any other vendors during the loan process?
Absolutely not. We recommend people that we have used with other Clients and provide quality service. We do not receive any bonuses, kickbacks, incentives or special deals by recommending anyone to you.
Back to the Top of PageAre you full-time Buyer's Agents?
In order to keep up with the vast changes in law and marketing and business practices that are occurring in the profession today, we are full-time Agents who are dedicated to making our Client’s dreams of a new home come true.
Back to the Top of PageWhy should I look for a Buyer's Agent with the Accredited Buyers Representative (ABR) designation?
The ABR Designation is awarded by REBAC (Real Estate Buyer's Agent Council) to those Realtors® who have met specific educational and experiential criteria needed to provide Buyers the highest level of quality service required by REBAC. This designation is held by less than 8% of Realtors® nationwide. Both of us are ABRs and committed to giving you the best service.
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