Do you like to visit open houses in Gaithersburg? Many buyers love to tour homes not just as serious buyers but also to get ideas for decorating or just to see what’s on the market in their neighborhood. If you’re a serious buyer in Maryland, you need to be aware of something very important: THE AGENT YOU SEE SITTING AT THE OPEN HOUSE IS REPRESENTING THE SELLER. Maryland agency law recently changed and now the agent sitting in the open house must display the sign above in the home where it can easily be seen by you when you enter. You should see this sign in all Maryland open houses in Gaithersburg and in other areas of Maryland.
So, this new law means that you need to be very careful when talking to that agent. All it takes is one innocent-sounding comment coming from you that the agent can, and most likely will, use against you. Your conversation with that agent is not confidential.
This new notice goes on to let you know that you should have buyer representation which means you should be working with a buyer agent who is representing your interests and only your interests. That means that you will also sign a Buyer Agency Agreement with that agent because that is also required by Maryland law. The agreement can be for whatever length of time that you would like. Keep in mind that, if you haven’t signed a Buyer Agency Agreement with your buyer agent and you’re touring homes with that agent, that agent is also representing the seller which is not good for you.
Don’t hesitate to go through open houses in Gaithersburg and other areas, but make sure that you’re with your buyer’s agent and that you’ve signed a Buyer Agency Agreement with that agent. If for some reason, your agent can’t go with you or you prefer going on your own, you should let the listing agent know the moment you step inside of the home that you are represented by a buyer agent. Even better- carry some of your agent’s cards to leave at the open house.
Call me at 240-234-1000 or email me for more information.