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Christine, Other/Just Looking in 11357

As a consumer in NY - Would you use a Buyers agent? Why or why not?

Asked by Christine, 11357 Wed May 16, 2007

What I mean is - knowing that majority of Realtors/Real Estate Agents work FOR the seller even though they are working WITH the buyer. Wouldn't it be better for the buyers to have an agent who was working FOR them?

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New York is a different type of animal. Realtors are utilized differently. Each state has agency law that constitutes who is being represented and what rights they have the duties the agent has to uphold. We have agents that represent buyers exclusively and that is a huge plus becasue the agent is working with your best interest in mind. If they have buyers agents in NY that truly represent only the buyer, you would do well to find a good one and let them negotiate on your behalf.
4 votes Thank Flag Link Tue Jul 10, 2007
A listing agent has a fiduciary to the seller. A buyers agent has a fiduciary to the buyer. It makes sense for both parties in a transaction to have their own representation. Effective January 1, 2007 an agency disclosure form needs to be signed for 1 - 4 family homes. A disclosure form is not required for coop and condo apartments but the agent is supposed to discuss their agency relationship with the consumer.

A listing broker would be violating state law if they did not present all offers to their seller client. If a brokers own interest comes before their clients they are breaching their fiduciary.
3 votes Thank Flag Link Sun Jul 8, 2007
Mitchell Hall, Real Estate Pro in New York, NY
One concern with having a buyers agent is that that the seller's broker is less motivated to close the deal due to the expected commission split.
3 votes Thank Flag Link Wed May 16, 2007
If you have a buyer's agent, it is their fiduciary responsibility to work FOR you and not the seller. When I work with buyers I almost always work as a buyers agent simply because it is in the buyer's best interest that I do so. Agents in NYS are sellers agents by default unless the disclosue form specifically says that they are a buyers agent.
1 vote Thank Flag Link Tue Aug 7, 2007
There really is no reason not to have a buyers agent. You just want to make sure that you have one that will work for you. They are a wealth of information and do a lot of work for you. On top of that the seller usually pays the commission.
1 vote Thank Flag Link Tue Aug 7, 2007
I think it is in your best interest to have an buyers agent. They can not only help you find your dream apartment, they help you through the whole process. I frankly don't understand why so many buyers seem to be uncomfortable working with one. Once you get to know your agent and explain what you are looking for, they can save you a lot of time. Think about the board package, agents do it all the time, they know how to present a perfect board package.
1 vote Thank Flag Link Tue Aug 7, 2007
Hi Christine,
I am a Realtor working in the Long Island Area. I would reccomend that you find an agent that not only is familiar with how Buyer representation works but also has either a CBR (Certified Buyer Representative) or ABR (Accredited Buyer Representative) designation. What this means is that the agent is trained to work with buyers in this capacity. Part of the problem with buyer representation is that people are misinformed as to how it works, where the commission comes from,etc.. I have been representing Buyer's since I got my CBR designation two years ago, and in fact do not like to work with buyers in any other capacity other than that. I feel that it is only fair that buyers are represented in a transaction (just like sellers are.) The commission always comes out of the proceeds of the sale, which means that the buyer pays for it anyway since they are coming to the table with the money, and since both agents get paid at the closing table I think it would be in your best interest to have someone working for you and not merely with you. When an agent works WITH you they are SELLING you (no matter how good the rapport may be, because thier fiducuary duties are to the seller), when an agent works FOR you they are helping you make an informed, educated purchase. Also, if you go out with an agent more that a few times and they give you information that would be privy to a buyer client and they are not working FOR you as your Buyer Agent, I have one suggestion....get a new agent because they are breaking an ethics code that we all take when we become Realtors. What can I say, there are those with intergrity and those without.
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1 vote Thank Flag Link Mon Jul 9, 2007

yes, if you are looking to buy in the not to distant future, I recommend you do the following find an agent you are comfortable with, this can be done in more then one way, interview 2 or 3 agents, take a reference from someone who has had a good experience with an agent, or find the agent by shopping either over the phone or open houses.

Once you have this agent you should strongly consider having that agent represent you as a buyers agent, they should spell out specifically what this means to you in a contract, services that should be provide would include a market information on pricing on any home you buy before you make an offer, recommended inspections, contract and negotiation services as well as how they search for a home for you, in exchange most buyers agents will ask you for loyality, meaning that when you buy you will buy from them.

The true advantage of this agency agreement is that you get an agent who works for you, they will try to find the hard to find homes, and will show you any and all homes for sale with no concern that you will buy a home from another realtor, including for sale by owners, and you will also be able to make informed decesions.

In most cases sellers will offer commsions to buyers agents so in most circumstances these services do not cost you anymore then if you were unrepresented.
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1 vote Thank Flag Link Mon Jul 9, 2007
Hey Christine, I have been seeing alot more buyer's agency recently. I think with the way the market went for a few months, the buyers really wanted some guidance and have been looking for this more. Quite frankly, I don't think NY'ers are used to the thought yet, as Real Estate agents and as an industry we always have spoken about the "listing" even on our TV commercials. I think that until the consumer is really nationally aware of this option, they won't be looking for it. Once a buyer learns about this, they tend to like it and instantly understand why it makes sense. 5 years from now i think almost every deal will have a represented buyer's side separate from the seller's agent....
1 vote Thank Flag Link Sun Jun 3, 2007
After working in the industry and previewing crap apartments yes the consumer needs a buyer's broker to save them time!!! I try to preview as many units as I can for my clients because you will find the ones that very undesirable either facing a brick wall, no view, too small, lousy renovations. The last thing you want is to take your client and both of you are shocked when you walk in. The second is we have a good idea of the building and their amenities, we might also be familiar with the building's financial etc.. The third issue is if anyone is going to kick the seller's brokers ass it's the buyer's broker, regardless what everyone says negotiating is a contact sport like or not and you want someone in your corner that's not going to back down. You want someone that's going to fight for every penny and will ask the important questions, for instance "is there anything else I need to know? Are there any unexpected issues, assessments that we need to know? I want to agree on or about a closing date and let's try and stick to it if possible" questions like that are vital. Good luck!!
0 votes Thank Flag Link Thu Aug 6, 2009
Definitely, By using an exclusive buyer's agent/broker you will be shown homes that suit your needs and wants not just a selling agent's own listings or their company's.There is (usually) no added cost to be represented by a buyer broker, and you might actually save money, so why not?
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0 votes Thank Flag Link Fri Nov 21, 2008
From a buyer's point of view, yes, so long as the buyer did not have to pay the agent's commission (though it can be argued that since it's their money used to close the sale, they are in fact paying the commission anyway)
0 votes Thank Flag Link Sat Jun 2, 2007
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