Home Buying in Maplewood>Question Details

Michelle G., Other/Just Looking in Maplewood, NJ

Do buyers in Maplewood commonly use true buyer's agents (i.e. with duties to the buyer)?

Asked by Michelle G., Maplewood, NJ Tue Jan 22, 2013

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Goofer, Because we have "dual agency" Nj, where a broker can represent the seller and buyer and treat both parties fairly and equally, you should be aware that if you sign an exclusive buyer agency agreement that agent cannot show you his/her own listings or properties that are listed by his/her brokerage. Most agents in NJ operate as dual agents. Your agent should explain and present to you a Consumer Information Statement on Real Estate Relationships prior to any substantial discussion on real estate matters. Here is a link from the NJAR with that consumer information:

http://www.njar.com/story/201/
0 votes Thank Flag Link Tue Jan 22, 2013
Thanks for your question. Yes, it is fully available to all buyers, but the agency agreement must be signed to establish the agency relationship of Buyer "Client" as opposed to Buyer "Customer". A "client" we as realtors owe full fiduciary responsibilities, ie Obedience, Loyalty, FULL Disclosure, Care, Confidentiality and Accounting, Customers are and must bel treated with Honesty, Accounting, Disclosure(not necessarily full) and care.

Did that answer your question?

Doreen Chila
Weichert Realtors
917-747-9359 cell
1 vote Thank Flag Link Tue Jan 22, 2013
It is highly recommended that Buyers use the services of a buyer's agent, in fact it doesn't cost the buyer any money to have an expert adviser to help with understanding the value of the home you may want to buy. I am an Accredited Buyer's Representative--ABR designation. You get the most bang for you buck when represented this way as ABR certified agents have extra training that is specifically earmarked to use when working with buyers.
That being said, sometimes you can still end up in a dual agency scenario (your agent works for a broker that is actually responsible for the transaction) even when you have taken the above steps as many of the agencies in the area are corporately owned and by definition, that can ironically make a transaction with two different offices a Dual Agency transaction.
By law, your agent is supposed to supply you with the Consumer Information Statement (CIS) that helps to explain the different types of "agency."
Lastly, you should have an increased chance of preventing this situation if you use a Keller Williams agency as there are each independently owned and operated (as a franchisee).
In the end, you need to be comfortable with the person you chose to represent you as that is what is truly most important and you never know, your agent may have the perfect listing for you!
0 votes Thank Flag Link Sun Oct 6, 2013
Most buyers do not really know the difference between a buyers agent and the listing agent. There are also transaction and disclosed Dual agent. Every buyer should receive a Customer Information statement explaining the difference.

in this market is is best to use a buyers agent that will show you comparable sales and know the local market that you are looking for a home.

I have not heard that Maplewood or any other town in NJ Commonly use a specific type of agent.

It is just that most buyers are never educated in the process or care to understand it.
0 votes Thank Flag Link Wed Jan 23, 2013
Hi Goofer,
Buyers should always use an agent regardless of where they buy in NJ. In nearly all situations in NJ real estate transactions the seller pays the commission for the buyer's agent. So it costs the buyer nothing to work with an agent.
I strongly recommed to all my buyers that they read and sign a "Buyer Agency Agreement". It is a contract that informs the buyer of their rights and obligations as well as my obligations as the buyer's agent. An informed and protected buyer is the best buyer.

Good luck in your search for real estate.
Brian Diehl
Prudential New Jersey Properties
West Essex office
Mobile: 973-521-1061 (voice or text)
Web Reference: http://www.DiehlHomes.com
0 votes Thank Flag Link Tue Jan 22, 2013
Hi Goofer,
It's the buyer's choice, some don't and many do...
You have to know that the seller’s agent is only looking out for the seller.

Understanding this, it is important to realize that what you say to a seller’s agent may compromise your ability to negotiate the best deal for you. If, for example, during an open house, you casually mention to the seller’s agent that your family must be relocated by the end of the month to accommodate the start of a new job, the seller’s agent, by law, must “promote the interests of the seller” by letting the seller know about your situation. As a result, the seller is now aware that you are somewhat desperate and must move quickly, thus compromising your ability to negotiate the best deal.

Remember, the seller’s agent is "promoting the interests of the seller... and protecting the seller’s confidences..." Usually, the interests of the seller consist mainly in getting the best price for their home within a given time period. Even if the seller’s agent knows the seller has enough equity and is willing to accept $10,000 less than the asking price and, in fact, the home may not be worth what the seller is asking, the seller’s agent cannot, by law, disclose that information to you. Without a real estate professional working hard on your behalf by providing you with experienced and accurate market information, you may end up paying more than necessary to purchase that particular home.
I would be more than happy to further discuss this with you.

Best of luck,

Armin Lusinyants

(917)626-9420
http://www.MoveOutorInwithArmin.com
0 votes Thank Flag Link Tue Jan 22, 2013
You always have the option of using a buyer's agent and to sign a contract that the agent will work on your behalf. The 'problem' runs into when you are working with an agent from a large company because you may want to buy a home that is listed by your agent or with another agent in the same company that your agent works for. In that case, since agents are considered extensions of their company, we must disclose ourselves as 'disclosed dual agents' As long as you are buying a home from another company, your buyer's agent is free to have her allegiance only to you. However, there are strict laws and ethics rules that bind all agents to be fair to both parties.
Edith Miller Angelo
RE/MAX Achievers
Summit, NJ
917.991.9225
0 votes Thank Flag Link Tue Jan 22, 2013
Goofer:
Buyers generally utilize the services of a buyer's agent. I am an Accredited Buyer's Representative with the ABR designation. You get the most bang for you buck when represented this way: no information is withheld, something that can occur when using the services of a Disclosed Dual Agent when either being serviced by the seller's agent, directly, or an agent from the same office or brokerage firm.
Sincerely,
Jonathan
jonathancitron@kw.com
(973)727-7095, cell
0 votes Thank Flag Link Tue Jan 22, 2013
Hi Goofer, when I represent my clients, my goals are to take make sure their best interests are taken care of in the transaction, meaning my duties are soley to my client- whether be the buyer or the seller. If you feel you may benefit from buyer representation, feel free to interview me for the job!

Laquita Baez
Licensed Realtor in NJ and GA
Weichert Realtors
973.687.7095
0 votes Thank Flag Link Tue Jan 22, 2013
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