Does it cost the buyer any money to work with a buyer agent in Northern Virginia? Typically, no, as the buyer compensation is going to be paid by the seller and as stated in our MLS. As a buyer you want to look closely at the buyer agreement that you do sign. The Realtor that represents you may include a statement that says, “my total compensation rate is X”. “If I get paid less than X, you the buyer will pay me that difference at closing.” I don’t see agents doing that a lot but make sure you read your agreement. More often than not the full compensation to the buyer agent is going to be paid by the seller and that does not affect your legal and your fiduciary protection between you and your buyer agent. They are working only for you, even though they are getting paid by the seller.
Next look for the potential of admin fees that some brokers require or some Realtors use. Of course that fee will have been disclosed to you early on, and would have been disclosed in your buyer agreement as well as show up on the HUD-1 at closing. So make sure you are aware of your fees up front before you move forward, and if you have questions about selling or buying real estate in Northern Virginia, please, give us a call… we’ve got answers for you.
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By Steve Bradley