Home Buying in Delhi>Question Details

Captain Caut…, Home Buyer in Roxbury, NY

A broker showed me a home listed with him that make my dreams come true. Will the broker help my dreams come true by getting me the best price?

Asked by Captain Cautious, Roxbury, NY Sun Mar 13, 2011

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Kathy Weber’s answer

As with all homes, you need to ask for the market comp's in that area - "like-for-like". That will tell you what price you should be paying for that property.

If this agent is going to represent both of you, they have a "fidicuiary" obligation to represent both of you professionally & ethically so both parties benefit. Make sure you feel comfortable with the transaction before you sign any contracts.
Web Reference: http://www.WeberHomes.Info
1 vote Thank Flag Link Sun Mar 13, 2011

the phrasing of your question indicates you saw the home through a listing agent, not a buyer agent. If this is the case, did they disclose to you that their fiduciary responsibility is with the seller, not you? Of course they'd like you to buy the home, but it is now their job to get the best terms for the seller not for you. For instance, if this home is going for above what other comps reflect it is his duty to try and justify and defend that price... whereas a buyer agent should be using that as ammo to negotiate a lower price. More importantly, if there is a BETTER deal out there... this agent would never advise you to get what would be a better home and/or deal, where a buyer agent is agnostic about the home you buy. It does alwasy amaze me that buyers continue to go directly to the sellers representative instead of using their own, which typically costs nothing.
0 votes Thank Flag Link Mon Jan 2, 2012
First you should get an idea for the rate for this you can do some online research and contact to other local agents..
0 votes Thank Flag Link Mon Jan 2, 2012
Check the recent sales and put in an offer based on that. Most likely it will be fair for all.
0 votes Thank Flag Link Sun Mar 13, 2011
I often find it interesting when buyers or, sellers, say things like "the best price". I don't have a lot of magic up my sleeve, but 20+ years of doing this has taught me some things. One of them is a seller will sell for what he sells for, and a buyer will pay what they want to pay for it. Who is to say what the best price is, you want an agent to get you a good fair deal and do it professionally so everything comes together smoothly to closing. That agent will represent both of you and they will be getting more take home commission which means they will want it to close and that takes to parties agreeing. Would having your own agent make it more likely that you will get it cheaper? No, it could or it could be more and there is just no way to ever know you got the best price. Be happy with a "Good" price.
0 votes Thank Flag Link Sun Mar 13, 2011
When making any offers, in order to determine a fair price, one needs to be aware of comps--recently sold similar properties in the immediate area, therefore review the data--keep in mind that it's the seller, not the broker who decides to accept, reject or counter offer...
0 votes Thank Flag Link Sun Mar 13, 2011
Well.....I don't know about dual agency laws in NY but most people would feel more comfortable having an agent represent their interests and their interests alone.

In NJ, the listing agent who enters a dual agency situation by representing the buyer as well, is required to step back from the transaction. The agent needs to become neutral and not give any confidential information to the buyer or seller without permission. The agent really can't advice much in the way of negotiations.

That being said, there are definitely agents who know how to walk that fine line and serve both buyer and seller just fine.

Know that the listing agent will receive double commission (and if it is the managing broker the ENTIRE commission because there will be no broker/agent split). What it comes down to is how much confidence do you have in this agent to do what is best for YOU?
0 votes Thank Flag Link Sun Mar 13, 2011
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