Home Buying in Long Beach>Question Details

downtwn, Renter in Oceanside, NY

I am a buyer. how do you find a broker in long beach, ny that has your best interest and not the seller's or their own??

Asked by downtwn, Oceanside, NY Sun Jun 19, 2011

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Consider interviewing in person a few agents from different realty companies, then choose the one you like best as you will be spending some time together.....be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
1 vote Thank Flag Link Sun Jun 19, 2011
Realtors in general get paid commission based on the sales price. Both the buyers and sellers agent get paid more commission the higher it goes for.

However, a realtor has a code of ethics if he is representing the buyers and a good one will get you the best price even if it means money out of their pocket.

Speaking of pockets. One issue is pocket listings. Last two places I bought were both pocket listings. What that means is realtor who got it pretty much mainly showed it themselves and buyers agents had trouble showing property. Although according to MLS that is not allowed.

First house seller had a deal with agent she would get a flat fee of 10K if she sold it herself. If it came in though MLS in a buyers broker deal the commission was 5% which at the time was around 15k. So buyers broker had to pay 5k more for owners to break even. Second time seller had a deal with 3.5% commission if sellers agent sold it vs. 5% on MLS>

Normally brokers want mls as they get the bigger audience, in both my cases buyers wanted to sell quick and priced it right. However, I took risk that agent is working for seller not me so I had to do my homework to make sure I did not over pay which was stressful.
0 votes Thank Flag Link Tue Jul 9, 2013
I have bought and sold a number of properties over the years, and I feel that there is no such thing as a real estate agent that has your best interests in mind. They are in it to make money. That is it. They don't care about you or even about the seller. Only themselves. I agree to interview agents to find someone you don't mind working with, but keep in mind that you need to fend for yourself. Getting a good lawyer is probably your best defense. Definitely don't go with the lawyer the agent recommends -- they are working for the agent's best interests as well. Find your own. Preferably through a friend or family member who has used them in the past. Good luck!
0 votes Thank Flag Link Tue Jul 10, 2012
The best solution is to do your legwork. Find an agent who can work with you as a Buyers Agent. This form of agency has the agent orking in your best interest. As a Sellers Agent, the agent is working in the best interest of the seller and they owe the buyers fair and honest dealings. You should interview a selection of agents and find someone who you are comfortable talking, listening and being advised from. Experience and knowledge are very important in the house buying process.
0 votes Thank Flag Link Tue Aug 9, 2011
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