Home Buying in 11554>Question Details

crisd21, Home Buyer in New York, NY

Also do I need a buyers agent?

Asked by crisd21, New York, NY Sun Sep 9, 2012

Help the community by answering this question:

Answers

15
Maria Cipollone’s answer
Buyer's agent can be counted on to represent you start to finish. Buyer's Agent is the practice of Real Estate Broker and their Agent's representing a buyer in a Real Estate Transaction rather than, by default, representing the seller.

Good Luck,

Maria Cipollone
http://www.FlaHomeSpecialist.com
5 votes Thank Flag Link Sun Sep 9, 2012
Like the listing agreement with sellers, buyers can be represent in a Real estate transaction. This agreement should have a written, objective policy for who will handle conflicts of interest and the duties that a buyer's agent owe to the buyer. Yes, in this case you need to be represented by a different agent from another real estate company.

Best of Luck,

Maria Cipollone
http://www.FlaHomeSpecialist.com
4 votes Thank Flag Link Mon Sep 10, 2012
You will be better served by working with a Buyer's Agent to represent you in a purchase. The listing agent has a fiduciary responsibility to the seller, and is only obligated to treat you fairly. They will be negotiating on behalf of the seller, not the buyer.
0 votes Thank Flag Link Tue Aug 20, 2013
Crisd21

BY ALL MEANS!!!!

Get yourself a buyer's agent. You will need someone who will be your advocate in the transaction!

Best of luck to you!
Kawain Payne, Realtor
0 votes Thank Flag Link Thu Mar 21, 2013
OP,
FYI I just reposted by previous answer there were some auto-spell errors. I am surprised that you are going to sign a contract with an agent especially one who works for the broker listing the property you are interested in! Do you mean the NYS agency disclosure that I mentioned in my previous reply?
http://www.dos.state.ny.us/forms/licensing/1736-a.pdf I wouldn't sign anything else without a real estate attorney's okay- in fact buyer's brokers agreements are supposed to advise you to show it to an attorney before signing. I usually have a buyer sign one if we've agreed that I am going to give them a buyer's rebate at closing.
Jolie Muss
Licensed Real Estate Broker & Brokerage
"The Upper West Side's Buyer Broker"
331 Columbus Avenue, New York, NY 10023
Office: 212 721-3301 Email: broker@joliemuss.com
Website: http://joliemuss.com Trulia: http://www.trulia.com/profile/jolie
LinkedIn: http://www.linkedin.com/in/joliemuss
0 votes Thank Flag Link Mon Sep 10, 2012
Crisd21,
It's a good idea to be represented by a buyers agent and as long as the property is listed there is usually no charge but do inquire (BTW I am a buyer's broker) What do you mean when you say the agent who showed you the property is now working with the listing agent? What sort of agency agreement did you agree to? You were supposed to be presented with a NYS Agency Disclosure form at the outset http://www.dos.state.ny.us/forms/licensing/1736-a.pdf
Please let me know if you have any other questions or if anyone you know is in need of a buyer representative. Good luck!
Jolie Muss
Licensed Real Estate Broker & Brokerage
"The Upper West Side's Buyer Broker"
331 Columbus Avenue, New York, NY 10023
Office: 212 721-3301 Email: broker@joliemuss.com
Website: http://joliemuss.com Trulia: http://www.trulia.com/profile/jolie
LinkedIn: http://www.linkedin.com/in/joliemuss
0 votes Thank Flag Link Mon Sep 10, 2012
I recommend using a buyers agent. In a tight market, you need to find the properties right as they hit the market (if not before) especially in the entry level price ranges...otherwise you will be competing and often with cash investors. Agents who do it all just don't have time to take care of all of their buyers by being on top of the inventory like a buyer specialist can. Also, a buyer agent works for you at no cost to you. Definitely a plus for you.
0 votes Thank Flag Link Mon Sep 10, 2012
All realtors work for the seller unless you hire them as a buyers' agent.
0 votes Thank Flag Link Mon Sep 10, 2012
OP again here. @ Joile, what I meant was DH and I saw a house online we really loved so I called the office listing it. A woman showed us the house and she said she was the sellers agent but also works as a buyers agent. Does that make sense? Anyway I felt like there was no one on our side in this whole situation so I am going to sign a contract with her so she becomes our buyers agent. She had been speaking with the listing agent.... is there a difference between a sellers agent and buyers agent? I hope I am not rambling and that I am making some sort of sense but I am very new to all this and do not want to make any big mistakes in the long run.
0 votes Thank Flag Link Mon Sep 10, 2012
Hi Chis,
A Buyers Agent will work with and FOR you from start to finish! He or she will educate about homes and neighborhoods, explain the differences between school districts, giude you to local transportation and shopping, negotiate the best contract terms and price for you, be with you for your home inspection and most important, listen to what you are looking for!
Although nothing in the books makes a Buyers Agent required for you, it makes sense that an Agent should be working FOR YOU! Especially since in most instances you will not pay an additional fee - your agent will usually still get the commission from the transaction anyway.
As a Buyers Agent I would be happy to answer any further questions that you have.

Regards,
Arlynn

Arlynn B. Palmer, ESQ, CBR, SRES,CMS, CNS
Assoc. Broker
Daniel Gale Sotheby's International Realty
(516)410-3594
Arlynn@ArlynnPalmer.com
Web Reference: http://www.ArlynnPalmer.com
0 votes Thank Flag Link Sun Sep 9, 2012
You should consider working with a buyers agent. You could be fully represented usually at no cost--because the seller often always pays the commission.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you the best of luck,

De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
Direct:(631)638-6193
Mobile: (631)384-3695
cbmoves.com/DeVonte.Williamson
http://devontesellsny.wordpress.com/
"I Stand Behind Getting You Results!
0 votes Thank Flag Link Sun Sep 9, 2012
Why not have someone on your side looking out for your best interest....
0 votes Thank Flag Link Sun Sep 9, 2012
You would be shooting yourself in the foot so to speak not using a Buyer Broker. The listing agent represents the Seller and if you allow them to work both sides of the transaction you'll make their day, but the only person well represented in situations like these is the agent whose only thought is,"What do I need to do to get these two fools to agree to a deal so that I can keep all the money?"

Dual agency clearly presents a conflict of interest and in my opinion state real estate commission should simply forbid it, but as is often the case they like many other governmental agencies / regulatory commissions ultimately cave in to lobbying pressure. (In this case from the large national real estate companies.)

A buyer broker doesn't care about the Seller, their focus is exclusively on the buyer and what's in the buyers best interest. It typically costs you nothing and will likely save you money. I've attached a link below to one of my more popular blogs here on Trulia on how to find a great Realtor to represent you.
0 votes Thank Flag Link Sun Sep 9, 2012
Cris,

The mistake too often made is when buyers use the listing agent as their representative. Common sense should tell us that there could possible be a conflict of interest since the listing agent already has a previously established relationship with the seller.

Eventhough in some locations this is perfectly legal, we recommend that buyers remove all doubt by electing to work with their own personal agent....one that has only their interests in mind.....

Good luck,

Bill
0 votes Thank Flag Link Sun Sep 9, 2012
Just like the listing agent, the buyer’s agent makes sure
that all contingencies are met and the deal closes. Many
agents specialize in working with buyers and there may be
some benefit to that, particularly if you need the agent to
guild and look out for your best interest.

Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
0 votes Thank Flag Link Sun Sep 9, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer