What Your Agent Should Provide You When You Hire Them
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Selling your house is a big step that requires a ton of work on your side. This is why hiring a real estate agent is essential: They will handle everything to ensure you'll sell your house at the best value possible.
The problem is that many agents are not skilled enough, break their clients' trust, and don't meet their expectations and achieve their goals. Let's dive into what your agent should provide you so you'll know if the trust you gave them will be worth it.
The Value Of OLD CAR
Before you hire an agent, they owe you something. The agent should treat you fairly and honestly. It doesn’t mean that if you’re not hiring them, they will treat you entirely differently from a client.
Once you hire them, you should expect them to become like an extension of you, someone who is 100% focused on helping you get what you want. I created an acronym called OLD CAR that agents should provide you when you hire them. It goes like this.
Obedience
You will follow your client's instructions and do all the legal activities they ask of you regarding helping them to buy, sell, or invest in a property.
Loyalty
You will place the client's interests in front of all others, including your own. If you or a close relative has any interest in a transaction you represent, you must make sure that all parties understand your relationship with the property.
Disclosures
The agent is responsible for advising about the appropriate disclosures. These will differ from state to state, and your broker can advise on the documents that will be necessary. You should disclose latent defects and material facts. You also must disclose any affiliated business arrangements or joint ventures that you or your brokerage have with a mortgage financing or title company.
Confidentiality
You never will share anything you learn about your client without their permission, particularly knowledge that could hurt your client during a negotiation. For example, you should not share anything you know about their financial situation, personal matters, or motivation to buy or sell.
Accounting
You will need to care for any money entrusted to you related to the transaction. For example, if you must hold money in escrow (a third-party account), the agent has an obligation not to mix personal funds with their private or business capital.
Reasonable Care and Due Diligence
It would be best if you have a high degree of knowledge about real estate and understand the factors that drive the market. Current interest rates, financing options, supply and demand, economic issues, government policies, social factors, local infrastructure, and the impact of the media on the real estate market are all topics that you should know.
The Virginia Residential Property Disclosure Act
The Virginia Residential Property Disclosure Act means that the seller must disclose any material or latent defects to you.
Material Defects
A material defect in real estate refers to a significant issue or flaw in a property that could substantially impact its value or pose potential safety hazards. These defects are typically not easily observable through a standard property inspection and may require specialized expertise.
Examples of Material Defects are:
Structural Problems
Plumbing System Problems
Electrical System Problems
These are crucial considerations for both buyers and sellers in real estate transactions.
Latent Defects
A latent defect in real estate refers to a hidden or concealed issue within a property that is not easily discoverable through a routine inspection and may not be known to the seller. These defects often involve significant problems that could affect the property's value or safety but are not immediately apparent.
In cases like this, I always make sure that my seller discloses it because taking advantage of a buyer will make the transaction much more challenging because the trust will be broken.
These are what you should expect in your real estate agent. These are the things your agent should provide to you to ensure that you'll achieve your goals of selling your property.
If you need an agent who will do this for you and ensure everything goes right, Please contact me today at 703-346-2776 or at Dan@Greetingsvirginia.com. I look forward to hearing from you!
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