Maryland and Virginia Real Estate and Homes Blog

NORTHERN VIRGINIA BUYERS NEED TO KNOW THE FACTS WHEN BUYING REAL ESTATE.

Inspired by Scott Daniels’  post about a consumer who purchased a FSBO without using the services of a buyer’s agent. 

FACT:  Virginia is a “caveat emptor” state. 

“Let the buyer beware”, the ancient axiom that dictates that the consumer must protect themselves against being cheated. 

WHAT SHOULD SELLERS TELL BUYERS ABOUT THE PROPERTY? 
Virginia is a caveat emptor (buyer beware) state. This means it is up to the buyer to inspect the property carefully to determine if it is suitable for his needs. The seller is under no duty or obligation to point out defects - even hidden defects, more. . . . . .  Alliance Title and Escrow of Virginia.

FACT:  In Virginia, a seller/owner of a property has no legal requirement to protect the interests of a home buyer. 

FACT:  The most sensible way for a home buyer to protect themselves against being cheated is to use the services of an experienced real estate buyer’s agent. 

FACT:  A buyer’s agent can provide a home buyer with information needed to make sensible buying decisions by providing experienced contract management including but not limited to:

•   A guided tour of the property with special attention to property condition.
•   A detailed analysis of the price compared with recent closed sales of similar area properties.
•   Access to Board approved property condition disclosures for buyer to review before making offer.
•   Review of mortgage company Good Faith Estimate from buyers.
•   Notice to seller of any required HOA or Condominium documents and disclosures.
•    Board approved forms for Contract of Sale.
•   Inclusion of contingencies in the Contract of Sale to protect the buyer’s escrow money.
•   Detailed explanation by buyer’s agent of Contract of Sale including “Property Condition“. 
•   Broker escrow account for deposit of home buyers earnest money.
•   Present Contract of Sale to owner/seller with required disclosures. 
•   Recommendation of experienced home inspector and termite inspector. 
•   Preparation of Home Inspection Notice and buyers request for repairs.
•   Schedule meeting with title company/attorney for title examination / survey / closing meeting.
•   Conduct final pre-settlement walk-through of property for condition and verify repairs.   
•   Review of Form HUD-1 for accuracy. 

ONLY AN EXPERIENCED BUYER’S AGENT can provide these services for a home buyer.  This is especially important when a seller is represented by an attorney who will have the duty to represent the seller in all matters related to the showing, contract, escrow, settlement matters. 

DON’T EXPECT THE SELLER or THE SELLER’S ATTORNEY BE “FAIR”.  There is no legal requirement for a seller or a seller’s attorney to be FAIR.  The seller’s attorney’s duty is to advocate for the seller. 

BUYING A HOME from a “FOR SALE BY OWNER” seller is risky for any buyer. 

BUYING A HOME from a “FOR SALE BY OWNER” without using the services of an experienced Buyer’s Agent is dangerous to your financial health. 

CAVIET EMPTOR - Let the buyer beware!

ATTENTION:  HOME BUYERS: 

• ONLY A BUYER’S AGENT WILL ADVOCATE FOR YOU.
• ONLY A BUYERS AGENT WILL HAVE A DUTY TO PROTECT YOUR INTEREST ABOVE THEIR OWN. 

                                         Enjoy the Home Buying Experience.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-Mail.