Home Buying in Bronxville>Question Details

ese_01, Home Buyer in Bronxville, NY

I do not understand how the payment of agents works. If I have a buyer's agent, and the homeowner has a listing agent, do I have to pay both? Only 1?

Asked by ese_01, Bronxville, NY Sat Dec 29, 2012

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In my area 99% no. Just be cautious before signing a Buyers Agreement and ask that question. Most of the time the Seller pays the full commission! Best of Luck
0 votes Thank Flag Link Sun Dec 30, 2012
You need to chat with a real estate professional.
The reality is......IT DEPENDS ON THE PROPERTY YOU CHOOSE!
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97% of the time, the buyer does not pay ANY professional fees. All professional fees are paid by the seller. Both agents are paid by the seller. You will pay fees related to your financing AND to meet other requirements your lender imposes. Chat with your real estate professional.
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In many parts of the country, there is an EXTREME shortage of suitable housing stock. The 97% homes you look at won't meet your expectations.
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The temptation to wander into:
*Short sales,
*Foreclosures and
*Discount brokers, (homes listed by)
will put you in considerable jeopardy. You can end up paying all the professional fees as well as other ambush fees. Chat with your real estate professional.
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Rey and Robert has provided a direct phone number. Do yourself a real favor. Call Rey or Robert
NO, don't use that 'contact' link
No, don't use Trulia email
If you are serious, go old school and call Rey or Robert..

Best of success to you,
Annette Lawrence,
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Sun Dec 30, 2012
Remember...

Only YOUR Buyer Agent has YOUR best interest at heart and a fiduciary duty only to YOU. The Seller's Agent works only for the Seller and has a fiduciary duty only to the Seller.

You may find yourself better-served by working with only one Realtor-member Broker representing your interests via contractual agreement: the "Exclusive Right To Represent Agreement" (ERR), which is a bilateral, negotiable agreement (consult an attorney if you require further explanation on contracts).

As for fees (commission), that would be something that YOU would negotiate with YOUR Buyer Agent (Broker), and could be as simple as [YOUR Guarantee] to your Broker of meeting a minimum percentage point of the sale price paid to YOUR Broker - which, often times (but not always) falls within what YOUR Broker [will be paid] by the Seller's Agent (via the listing agreement) at closing - resulting in no commission payment to YOUR Broker by YOU (additional disclosures also exist regarding compensation by more than one party - something YOU'LL need to know about, should you wish to compensate YOUR Broker).

Please be certain to read and understand the "NYS Disclosure Form For Buyer And Seller" document presented to you at the time you interview an Agent (THAT is not a contract, but a unilateral disclosure form).

Please also be certain to fully understand the "ERR" agreement before signing it.

Best Wishes for a Successful Home Search! :-)
0 votes Thank Flag Link Sun Dec 30, 2012
When getting a buyer's agent make sure they will take whatever the seller offers as their complete commission. Personally I would never want an agent that needs to be motivated by extra money from the buyer, I want an agent that will work his hardest all the time.
Tom Brady SFR, e-PRO, SRES, GREEN, BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
#1 Listing & Selling Brokerage in NY
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Sat Dec 29, 2012
A buyer's agent may collect the split that the seller's agent is offering, or the buyers agent may have an agreement with the buyer to pay a broker's fee. The fee is negotiated and generally provides the buyer with benefits corresponding to buyer agency.

Ask your buyer's agent for the State Agency Disclosure and make sure you understand what services you are getting. If you need Assistance...AskRey.

Like AskReynet on Facebook

Rey Hollingsworth Falu
Licensed Associate Real Estate Broker
Houlihan Lawrence - Bronxville

Direct 917-855-0277
rey@askrey.net
0 votes Thank Flag Link Sat Dec 29, 2012
Hi: If you are working with a buyer's agent & the buyer's agent is showing you properties listed in the MLS, then usually the seller pays the buyer's agent as well as their listing agent. However you may want to further motivate your buyer's agent to look beyond the MLS for you. Your buyer's agent could find listings that are For Sale By Owners or Expireds/Withdrawn/Cancelled listings. In some of those cases, the seller will not be willing to pay the buyer's agent, but it might be worth your while to pay your agent if he can find you a good enough deal. Call me if you want to talk more, I'll help you find the best deal that matches your search criteria. Sincerely, Michael F. Levy, Principal Broker, Grand Lux Realty. 914-273-9688. http://www.GrandLuxRealty.com.

We're looking for more agents & offer commission splits up to 80% with no fees.

If you know anybody who might be interested, I'll pay you up to $2,000 each for your agent recruits.
0 votes Thank Flag Link Sat Dec 29, 2012
I do not charge the buyer anything, but that not the policy of all brokers


Thank you,

Bob

Robert Granata, Associate Broker
Houlihan/Lawrence Realtors
521 California Road
Bronxville, NY 10708
Direct Line 914 668-9514
FAX 914 307-1684
http://robertgranata.houlihanlawrence.com
Granata1727@yahoo.com

Recipient of the 2010, 2011 and 2012 Five Star
Awards for customer satisfaction

For the latest in Real Estate Industry news click on this link:
http://intel.houlihanlawrence.com/
0 votes Thank Flag Link Sat Dec 29, 2012
I can also set up a no strings attached consultation if you want to discuss the entire buying process and how coops work.

Chris
0 votes Thank Flag Link Sat Dec 29, 2012
Hi, in NY the seller pays the comission to the selling agent which they then share with a buyers agent if there is one in the transaction. There are times where the buyer can pay their agent the commission but its agreed upon before you enter into an agreement with them.

Christopher Pagl
Accredited Buyer Representative
914 406 9023
0 votes Thank Flag Link Sat Dec 29, 2012
Commission is negotiated between the seller and his/her agent; if two agents are involved in the transaction that fee is shared and paid at closing out of the proceeds of the sale; as a buyer representation is generally free unless you have an agreement with your agent to pay above what the seller is already offering. For any necessary clarifications consult with your agent...
0 votes Thank Flag Link Sat Dec 29, 2012
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