If you feel you can wring yet a few dollars more out of a deal by using a broker, go for it. If there is slow movement in the building, you stand to benefit. Good Luck.
I'm glad you called the MLS to get the correct answer. If you need to speak to me to clarify anything as you progress in your transaction you can contact me at the locations below. If you continue with your current purchase you already have enough information to protect yourself. If you decide to move on and look for another property please have these conditions taken before you look: Get a pre-approval(not pre-qualification) letter from a lender before you start. This will avoid any potential or unknown financing problems which need to be resolved. It will also show the seller that you are a serious and qualified individual. It may also help in negotiating a better price if the sellers need to move quickly.
Make sure you have an attorney that specializes in real estate so that you can get advice and have someone to clear up any issues you may not understand.
Select an agent that you feel comfortable with and who you will work with exclusively under a buyer/ broker agreement. This way you will be sure that your agent is working for you and is trying to get you the best possible price and terms for your transaction(The listing/seller agent is trying to get the highest price for his client). Once again, good luck.
Century21 Yve R. E.
Licensed R. E. Agent
NYS Certified Residential Appraiser
You have a right to be represented by a Buyer's Agent, I agree with Gail and you should contact Libor to obtain more information about your specific situation. I have seen this happen before with many buyers.
Licensed Real Estate Agent
If there is an issue with the commission splits, that is not for you to be concerned about....the agents have the right to arbitrate or grieve the issue directly with LIBOR after the deal is closed.
Now things are not that cut and dry. Was the property in the MLS and if not, did the agent welcomed brokers in his ad? If the listing agent is not a member of LIBOR or whatever local organization then, he doesn't have to accept. Something else to look at, was the agent that showed you the property the actual listing agent? If the agent that showed you the listing is not the listing agent then he / she doesn't get paid unless he/she actually sells the property. In this case the agent that showed the property is 100% correct and he would be stupid to allow another agent to jump in on his deal.
There is a lot of questionable characters posing as professional and ethical. The truth is that there is a lot of desperate agents out there doing a lot of underhanded stuff to make ends meet. I have always welcomed agents, but If an agent comes to me saying he represents a potential buyer that already saw my property, I will give them a speech and then I will make him/ her earn his cut. I would never stop an offer to be presented, specially in this market...this would be unfair to the seller.
Unfortunately your additional information adds additional complications. I suggest you contact the MLS at
631-661-4800. Explain your situation to them entirely and you will get an accurate answer. You should also contact your attorney and explain your situation so that he may give you additional advice.......Allen
Things are different in New York. Attorneys control the state and by terrifying anyone entering into a real estate transaction you are naturally urged to have legal representation. It's also well known that people love to sue each other here so we use as many attorney's as possible to create a protective shield. Nearly every real estate transaction in the New York City area has at least 3 attorney's involved(it could be more if you're getting divorced). The buyer has an attorney. The seller has an attorney and the bank has an attorney(the bank attorney's fee is paid by the buyer of course). Is it any wonder that closings take forever and closing costs are through the roof?
I am addicted to HGTV and it alsways amazes me to see a purchase transaction close in 2 to 4 weeks even with a mortgage involved. Here you would need to bring a suitcase full of cash to the table to close that fast and of course the attorney's would argue over who would hold the suitcase!!
Be thankful you live in the beautiful northwest where things are a little less complicated.........Allen
So, then, are these the only two qualifications to "working with a buyer's agent because it costs you nothing"?
1. The listing offers co-brokerage compensation,
2. The agent actually shows you the property.
Makes sense to me.
Here in Washington State, we don't have "procuring cause," and properties listed in the NWMLS must have a co-op commission agreement, so Arash would have been able to run out and bring his own agent in, even after the listing agent showed it to him.
The reason you are getting different answers to your question is because you have not provided enough information for an adequate answer. Before I offer my own opinion I would have to say that I agree with Cyndi Bell from Texas. To get a complete answer based on MLS rules I would call the Multiple Listing Service of the Long Island Board of Realtors. They will probably ask you several questions and then be able to give you the proper answer.
So let me be foolish enough to now give you my opinion. First I will make the assumption, based on your original question, that you called the listing(sellers) agent because you saw his ad for the property on the internet or some other media. Then you made an appointment with him/her to see the property. You liked the property, wanted to make an offer and told the sellers agent that you wanted to bring in a buyers agent to negotiate on your behalf. At that time the sellers agent said no since he showed you the property without you indicating that you had other representation. The reason he told you that has more to do with his commission than legal representation. As the sellers agent and working directly with you to view the property he believes that his office has earned the entire commission. This may or may not be true since you have not provided enough information in your question.
You do not have to accept the dual agency situation that the agent has implied. You can bring in your own buyer agent to represent you in negotiating a price. However you said that this will not cost you anything and that is probably not true. The buyer agent needs to get paid also. This usually comes from splitting the commission. However some listings don't provide a commission for a buyer broker. And if the listing agent is truly the procuring cause for the sale of the property his office will rightfully claim the entire commission in which case you will have to negotiate a fee with your buyer agent which can be paid directly by you or added to the contract price.
You see now that your question brings up more questions that need to be addressed before you can have a proper answer. Speak to your attorney and to someone at the MLS so that you can get the proper advice. You may have approached this transaction in a way which will cost you a little more money. Good Luck...Allen
In Texas the Seller's Agent (Listing Agent) can not tell the buyer they can't use a buyers agent if they've showed one of their listings to you.
In Texas, a sellers (listing agent) can not tell the buyer they can't use a buyers agent. But each state, board has their own rules.