Home Buying in 11205>Question Details

Theodora Dig…, Home Buyer in Brooklyn, NY

Buyers Agent

Asked by Theodora Diggs, Brooklyn, NY Sun Dec 27, 2009

I found a coop in the location that I was looking for and the right price. I would like to make an offer however I do not have a buyers agent though I was advised to get one. Is it necessary for me to retain one now that I am at the offering stage or could I work with the selling agent myself.

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Answers

6
Rhonda Holt’s answer
Well it's always better to have your agent with you at the beginning of a deal instead of including one after you already saw the place and did not inform him or her. But having an agent represent both sides is extremely common in New York but you will be presented with dual agency paperwork to sign so you know the agent is working both sides as fairly as possible.

Try and see if the selling agent will go for you including in an agent and see how it goes.
0 votes Thank Flag Link Tue Jan 8, 2013
NY State does have dual agency, therefore, if you have been dealing with the seller's agent and are comfortable with that person, why not just continue dealing with him/her--however, you are free to do as you choose, if you are not comfortable with dual representation, by all means get yourself an agent of your own--call a few Realty offices, interview a couple of agents and choose the one you like best.

Anna
0 votes Thank Flag Link Sun Dec 27, 2009
Deb, there I go mixing in to Realtors' business again :)
0 votes Thank Flag Link Sun Dec 27, 2009
At this point, having already worked with the listing agent, I'd say follow through, as you might be creating more issues by bringing in a new agent at this time for the offering stage. You certainly can do what you want to do, however.

Working with the listing agent means you are working in a disclosed dual agency situation.
In NJ we work as disclosed dual agents frequently. To us, it's not a big deal. It seems to be a bigger deal to agents in other states. My understanding is, that NY agents, also can worj as dual agents.

Moving forward, if you don't buy this particular coop, then by all means find a buyer's agent to work with. You still may wind up in a dual agency situation if that agent happens to list a property you want to see.

Unless you are uncomfortable with this seller's agent, then I'd say go ahead, and make your offer. The listing agent might have a better understanding of the coop board, too, so it might be to your advantage in the longrun.

Good luck!
0 votes Thank Flag Link Sun Dec 27, 2009
If you get a buyers agent, you won't have to pay their commission-the seller pays a commission at closing which is split between his agent and yours.

It would be wise on your part to find an agent who will work on your behalf.

Remember, although you can work with the sellers agent (and if they work for you they are obligated to look after your interests as well), they were hired by the seller.

If you can't find a Realtor you are comfortable working with you can contact me through my profile I can recommend a Realtor who would be able to assist you.

Hope this was helpful.

Good luck.
0 votes Thank Flag Link Sun Dec 27, 2009
Necessary, no. You certainly could work with the selling agent yourself.

Ideally, you'd start out with a buyer's agent, but to bring one in now is probably a wash. Unless they have some experience with that particular co-op, in which case they may be quite useful and helpful.
0 votes Thank Flag Link Sun Dec 27, 2009
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