Home Buying in Sunnyside>Question Details

KMc, Home Buyer in Sunnyside, Queens, NY

Should I use a buyers broker or try and navigate buying a coop on my own ?

Asked by KMc, Sunnyside, Queens, NY Thu May 17, 2012

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18
Anna Brocco’s answer
Rather than venturing out on your own, no reason not to work with an agent of your own; generally representation is free; your agent can help you with necessary information as each co-op building is different; can schedule showings around your schedule, etc. If purchasing with a mortgage, 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.
2 votes Thank Flag Link Thu May 17, 2012
New York State law requires all real estate licensees to discuss with the buyer and seller agency relationship. A buyer's agent is an agent that is hired by a buyer to represent his or her sole interest. A buyer's agent has without limitation fiduciary duties to the buyer. His fiduciary responsibilities are undivided loyalty reasonable care, confidentiality, full disclosure & obedience to the buyer ONLY. A buyer's agent does not represent the interest or have fiduciary responsibilities to the seller. A buyer's agent is engaged to negotiate for you! In an effort to get the best deal in today's market.

If you are interested in working with one of our top producing Buyer's Agent, Please call 718-786-6700

Looking forward to speaking with you soon!

Merit Group & Associates
Brokerage Firm
43-46 40 Street
Sunnyside, NY 11104

718-786-6700-Office
1 vote Thank Flag Link Wed May 23, 2012
Interview a few buyer's agents over the phone. Make sure they will take whatever the seller is offering as their total commission. Plenty of agents will want your business find one that you are comfortable with and have them provide you with a few checkable references. Lastly, I suggest you don't sign an exclusive buyer's agreement with an agent, some won't work with you if you don't, but if you are unlucky and end up with a poor agebt you will be stuck to them until the end of the agreement. As long as you are cautious there is a big upside, and very little downside in using a buyer's agent.

Tom Brady SFR, e-Pro, SRES, GREEN
Licensed Real Estate Salesperson
Notary Public, Ret. NYPD Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Plaza - Suite 104
Plainview, New York 11803
1 vote Thank Flag Link Thu May 17, 2012
its entirely up to u be aware co-ops have a lot of required from a buyer an it has been my experience that unless you are very and methodical you will have a hard timeputting it together fr way the board wants to see it, keep in mind the sellers are the ones paying the commission, there really is no additional cost to you to have representation. good luck to you and feel free to call me with any questions
0 votes Thank Flag Link Tue Apr 23, 2013
Have No fear in contacting an ABR!
I have read every answer to this question. All Accredited Buyer's Reps think alike! Yes I am Also an fellow Member of (ABR) "REBAC" Don't hesitate to engage an ABR. We Tend to put a lot of time into Selection and offer process. The majority of us conduct pricing models know as "Broker Price opinion" within our market area. We tend to work mostly with the "First Time home Buyers" as well as seasoned investors!
The Co-op transaction is the most daunting of all forms of ownership. You will need someone who is familiar in this particular type of purchase. While it is for the most part all inclusive, there are issues that need to be "uncovered" (Due Diligence) that are often part of the untold 1000s of listing on today's market.
0 votes Thank Flag Link Mon Feb 25, 2013
“The most important thing a buyer can do is first of all work with a buyer broker.” As stated by AARP and the Consumer Federation of America from REALTOR® News.

Buyer brokers are compensated by the shared commission already built into a property by the listing agent. Why would you want an agent working on your side. The idea that a "for sale by owner" is going to be a better deal is a misconception. For Sale by Owners, want to keep the commission in their pocket, not give it back to a buyer and they probably have a few monsters in their closets too. Get a buyer broker working on your side. You have nothing to lose when you are considering making one of the most investment or your life!

Beverly Howe, ABR, GRI, TRC Informative homepage: http://www.floridabuyerbroker.com
Owner – Broker
Email: broker@floridabuyerbroker.com Florida Buyer Broker
Local Direct: 239-601-2013
US and Canada Toll Free: 1-800-283-7393
0 votes Thank Flag Link Wed May 23, 2012
"The most important thing a buyer can do is first of all work with a buyer broker.” As stated by AARP and the Consumer Federation of America from REALTOR® News.


Florida Buyer Broker is one of the only “genuine” buyer brokers in all of Southwest Florida. There is NO extra/hidden or additional cost for you to obtain my specialized “exclusive” buyer broker services in your real estate transaction.
On my informative homepage http://www.FloridaBuyerBuyer.com you will learn about:

The #1 Mistake Real Estate Buyers Make

21 Critical Mistakes Buyers Make

20 Things the Listing Agent Does Not Tell You about Short Sales

Short Sale Fraud

Foreclosures - the Wild West of Real Estate

Unrealistic Buyer Expectations

Buyer Beware

Chinese Drywall


There is no obligation required of you to access this important free educational information on my homepage. The site is informative but does not give the buyers the benefit of my 30 years experience working in the Southwest Florida real estate market unless they call me to schedule time for me to work with them. So, don’t hesitate to call. I am the broker who will actually assist you in finding the best property in your price range and have extensive experience working in 2 counties to help you make sure you are getting the best bang for your buck. It’s best to schedule my time in advance.

I am friendly and easy to talk to.

Beverly Howe, ABR, GRI, TRC Informative homepage: http://www.floridabuyerbroker.com

Owner – Broker

Email: broker@floridabuyerbroker.com Florida Buyer Broker

Local Direct: 239-601-2013

US and Canada Toll Free: 1-800-283-7393
0 votes Thank Flag Link Wed May 23, 2012
Even if you have legal representation, that just covers the legal aspects of the purchase not the real estate aspects of the purchase. Just as one would not use a podiatrist to do open heart surgery, you should use a realtor of your own to represent you in the purchase of property. That being said, interview several Realtors and choose one who you feel is most knowledgeable, competent and availabe to give you the attention you will need during this process. A buyer broker by all means.
0 votes Thank Flag Link Fri May 18, 2012
In today's Do It Yourself world of Home Depot and Google, it is very tempting for a prospective buyer to go and look for a home on their own. Thus PVC piping and Home Depot DIY Clinics eliminated the handyman and/or plumber for minor repairs, Google has eliminated the need for consumers to negotiate with car salesman and there are just as many "DIY" sites offering pricing and general advice to would be home buyers. That being said, would you consider installing a structural grade beam in your house or consider negotiating the purchase of an 18-wheeler on your own? The sale and/or purchase of a home is usually costlier and more intricate than either of the aforementioned tasks. The following is a list of reasons NOT to undertake this task without the advice and counsel of a Licensed Real Estate Professional:

Liability - A Real Estate Professional is licensed and as such, must follow a set of guidelines, codes, and ethics in his/her dealings with you. A buyer's agent has a fiduciary duty to act in the buyer's best interest and vice versa. The seller's agent has no reason to present information and/or act in the buyer's best interest. If this were a criminal trial it's the equivalent of the accused asking for the prosecutor's advice on what to do. Think OJ Simpson. As this decision will most likely involve months and hundreds of thousands of dollars, the would be buyer should definitely get his/her own Johnny Cocharan.

Time - Looking for properties is a time consuming and intricate task. Why waste your free time sifting through hundreds if not thousands of properties? In most cases, the cost of hiring the buyer's agent can either be bourne significantly, if not entirely, through the buyer's agent splitting the commission with the seller's agent. To not use a buyer's agent is the literal equivalent of doing your own research without Google or Wikipedia.

Efficiency - In today's world of information it is possible for a prospective buyer to obtain information on any property. However, a good Real Estate Professional will have a network of hundreds of other professionals to rely on to assist you on your search. Further, chances are the Real Estate Agent will also be able to better negotiate price, terms, and concessions on your behalf. Would you rather yourself or Derek Jeter to go to bat for you?

Real estate is our livlihood and chosen profession. Given the chance, I am certain that my fellow professionals and/or I will be happy to prove to you that as with law and medicine the biggest and most importatnt decisions of your life deserve be handled by Licensed Professionals. Give this major life decision the respect it deserves, hire a professional.
0 votes Thank Flag Link Fri May 18, 2012
I am working on a loan for a client now who knew about a particular co-op apartment in Brooklyn for sale in a building that he wanted, so although there is a listing agent, he doesn't have a relationship with her at all because he approached the seller directly. Now, if this were a house or a condo, especially in NY where you are represented by an attorney, it wouldn't be a big deal. The problem is that although I can help guide him through his co-op application, there are some questions that I can't answer for him, because I don't normally get involved with that part of the process other than making sure they have a copy of their mortgage application, commitment and recognition agreement. I know that if he had an agent, they would be able to answer these questions. I am hoping that everything at this point will go through smoothly, but I can't be 100% sure.
0 votes Thank Flag Link Fri May 18, 2012
Hello,
We would be happy to assist you in you search of coop
Please contact our office at
(718)657-7777
0 votes Thank Flag Link Fri May 18, 2012
Use local agent, who know the area, visit their office, interview couple . It is too much to handle on your own. Give a professionals a chance. My office located in Sunnyside, most of our agent leaves in Sunnyside most of their lives. We can help you with your purchase without a headache.

Marina
Cooper Real Estate
47-16 44th street
Woodside,NY,11377
718-729-6767
0 votes Thank Flag Link Fri May 18, 2012
By default all the agents are supposed to be working for sellers unless
you sign the buyer agency agreement form. When you sign up, this means he or she will be working in favor of you, not the sellers.
You would be benefited by having a professional looking out for your best interest as you search
for the best home and negotiate to get the best deal. This means he or she
agree to be loyal to you and take no action detrimental to your best interests.
It's a reciprocal agreement in that she or he ask you to give them your loyalty in exchange for them working non-stop to find you the best home, at the lowest price, in the least amount of time.
when you sign the Buyers Rrepresentative Agreement , she or he is contractually obligated to share any inforrmation about the seller's situation that she or he find out , for example, if it is a divorce, relocation, or estate sale. As a sub agent to the seller, that means that he or she do not represent you, and of course, he or she only answer you in a sentence.
So, its better to have your own broker if you need a professional help!
If you need any furhter assistance, please let me know. Thanks
kchang345@aol.com
0 votes Thank Flag Link Thu May 17, 2012
Here's a way to think about it...the seller has already paid for your buyer's agent. The commission he has agreed to with his listing agent can either go completely to his listing agent or be split between the listing agent and an agent that is THERE TO SERVE YOU. Might as well take advantage of the opportunity the seller has provided you...
0 votes Thank Flag Link Thu May 17, 2012
I'm going to take a leap of faith here and assume that the agents you spoke to were listing agents (correct me if I'm wrong), A listing agent works for the seller and in their best interest, he or she only owes you honest dealings. If you do not have a buyer's agent (a buyer's agent works for you and protects your interests) then the listing agent would get the whole commission that the seller is paying, and not have to split it with a buyer's agent. While there is nothing wrong with not having your own agent, if it costs you nothing and they are there to protect your interests, why not have one?

Tom Brady SFR, e-Pro, SRES, GREEN
Licensed Real Estate Salesperson
Notary Public, Ret. NYPD Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Plaza - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Thu May 17, 2012
I have had it suggested to me by more than one of the agents I have approached that there is no need and that most buyers in that area do not use an agent. As this is my first home purchase, I now feel lost on this subject.
0 votes Thank Flag Link Thu May 17, 2012
Regardless of what you may have heard/been told, interview a few agents from different realty companies, then choose the one you like best--since the seller has his/her own representation, no reason not to have your own guide...
Flag Thu May 17, 2012
It will be a great idea. If you need any further help please feel free to call me at 347 932-0609
0 votes Thank Flag Link Thu May 17, 2012
Use a broker! There is no reason to not. They generally get there commission from the seller, thus no cost to you. Their knowledge, experience and negotiating skills will be invaluable to you. They will insure you not only get the right fit for your needs, but also insure you do not over pay. Happy house hunting!
0 votes Thank Flag Link Thu May 17, 2012
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