When working with first-time buyers, I often hear them say, “I have a stupid question.” I automatically respond that there’s no such thing. What they think may be a stupid question almost invariably has been asked before by many other people in the same situation. The answer to a stupid question almost always makes you smarter, so what they really have may be a “smart question.”
Several questions that were recently asked of me have prompted me to take another look at what I discuss in my initial buyer consultations, so let’s start there with a short real estate primer.
Real Estate Primer
A Buyer Consultation is an initial meeting with a buyer, whether face-to-face, by telephone, or by Zoom or similar interactive means, where we exchange information about the buyer’s needs and the services I provide and determine whether we shall work together exclusively and for how long.
If we decide to go forward, we sign an Exclusive Buyer Representation Agreement, which allows an agent to be the buyer’s advocate by solely representing the buyer’s interests in a real estate transaction, protecting the buyer’s confidentiality, and providing essential services reserved for a client-based relationship. In the DMV, absent such an agreement, agents must legally represent and owe allegiance to a seller they have never met of a property they have never seen.