MEHMET

You even dig up old threads to SPAM...Classy

Debbie Rose
DO NOT READ MY ANSWER. .....

Not needed who inform you of the data. Yes if you hired a buyer broker/agent, he represent you. The seller broker/ agent represent the seller. The customary fee is 6%. Said commission is divided by seller agent and buyer agent. Depending on listing and/ or right to represent contracts. Usually an agent representing a buyer receives 2% commission. In today's real estate market, I suggest for both buyer's and seller 's to have an expert in said field representing them. At present a buyer broker is very beneficial because we are in a buyers market. As professional he should really extend your money to it fullest buying power, like auction.s city or private, foreclosures and short sales. A jack of all trade is an expect on none. HAPPY hunting.

Mehmet - it might be helpful if you bothered to read what others have written. Once again, this is an old thread from early August.
kelly, the gal who asked the question, has already said that she found someone to represent her!!!

Your answer is the same spam repsonse you are spreading all over trulia. ...

You really need to read the trulia guidelines so you will understand that this kind of response is inappropriate in this Q&A section of trulia.

You might want to delete your similar repsonses before Trulia does.

MEHMET will listen to your needs and help to make your real estate experience stress free and successful. Most importantly MEHMET will be able to offer CBR- Certified Buyer Representative which only less than 1% of National Association of REALTORS who have earned this designation.MEHMET is the ONE!
Certified Buyer Representative
MEHMET at (718)530-2771
info@MehmetRealtor.net

Web Reference: http://www.MehmetRealtor.net

Kelly, I was very happy to read your update about finding representation you are happy with. Wishing you the very best with your purchase. Regards, C.

Who gives a "thumbs down" to an apology? Must be some real haters out there!

And I am sorry I was smarmy.

I am in your business as an investor, so I am always jumping the gun and assuming the worst, so again I appologize.

Good luck,
Antolin

Elvis, I hope you feel good about your supposed superior numerical ability. I also hope you go to the eye doctor soon, because apparently, you did not see the "~" to the left side of the "5".
~~~~~
Antolin, sorry... I wasn't trying to be a smart a$$ or "superior" rather I thought I was being "cute". And no, I did not notice the ~, nor did I realize that it means "approximate"... I guess my math skills aren't that great.

Regarding where my next client might come from... I suppose it might be the seller... but I'm not working for the seller, nor is my fiduciary duty to the seller... so sorry, I can't "pull my punches" to make the seller feel better. In fact, I have gotten business from sellers, who have admired the way the transaction was handled... because they thought I was a tougher negotiator than "their" Realtor, and wanted me on their side for their next transaction... and they recommended me to their friends.

You're right... you never know which direction your next client is coming from, nor who your current client knows. Perhaps that little $90,000 co-op owner's mother has a multi-million dollar manse on the lakefront, and if you do a great job for her daughter, she might hire you to represent you. You just have to do the best job you can, for the client in front of you, and allow the future to take care of itself.

Again, sorry if I irritated you, that wasn't my intent.

Elvis, I hope you feel good about your supposed superior numerical ability. I also hope you go to the eye doctor soon, because apparently, you did not see the "~" to the left side of the "5". But since you are such a stickler for numbers and do not like to deal with approximations, the exact reduction in price of 15k from 330k to 315k would be 4.554545%, to six significant digits. Much easier to use ~5%, I think, and assume everyone knows it is a rough approximation, but I guess not in your case.

And as to your argument that it is a source of pride to serve your client well, I would totally agree with that. I would also again point out that you really do not know who your next client would be- it might be the SELLER of the home, rather than the BUYER. So if you squeeze really hard to get that 'pride of service", you risk alienating a future client. But if you try to put together a deal that makes everyone content- say at 315 for the buyer and the seller, well you just possibly doubled your future business. And given the fact that many people are such ingrateful creatures, and that even if you had gotten the buyers the place for 300k, they might have always wondered if they could have gotten if for 275.....its just human nature. Better to close the deal out at 315 as quickly and smoothly as possible: then even if the buyer wonders if they could have gotten it at 300k, the seller might think that you are quite a decent chap to work with, and will keep your card on file.

Hi, Kelly- just curious- how did you find her? She sounds fantastic, and her next transaction may well come from someone as satisfied as you are. Great news, and best wishes to you!!

So getting someone to come down ~5% from 330,000 to say 315,000
~~~~~~~~~~~
let's see... the first thing I would do is save you an additional $1,500, since 5% off of $330,000 is actually $313,500.

But to address your issue of "a reduced purchase price, results in a lower commission for the buyer agent"... A increased purchase price of $10,000, as an example, only results in an additional $150.00 in the agent's pocket. That's not enough to risk alienating a client. Besides, our ability to assist a client in negotiating a good deal, is a source of pride. And if the client feels we've done a great job, they'll use us again, and probably tell a friend or two, hopefully resulting in a referral sale somewhere down the line.

The long term business is far more valuable than the paltry $150.00. So it's in the Buyer's Agent's own self-interest to negotiate a tight deal.

Hello everyone! Thanks for all the responses...we did find a great buyers agent. She has been on fire finding us things to look at and being very diligent about making sure we get appointments...we had tried on our own and no on would call us back. She is also very well versed in the coop situation...which is great since that is what we are buying. I think, especially for first time home buyers, this is the way to go!!

Yes thank you. John.

I am not against realtors at all, it just seems at Trulia they think its great to sell if the question asks should I sell now, while maintaining now is a great time to buy if the buyer asks should I buy. And frankly, if I am buying, I just assume that all the agents there are looking to earn a commission at my expense, which is ok since everyone likes to eat and as long as we all understand that, everything is fine. Also, even the sellers agent might not be pressing for the absolute highest price, but rather one that will close the deal, especially if the listing is about to expire.

So I am really not against real estate agents at all, its just that I am more for the buyers or the sellers. Buyers need to realize that it's really their responsibility to find good deals or walk away from bad ones, and sellers need to realize that it is their job to stick to their absolute minimum if they can live with the consequences (no sale), and that although buyers agents work for buyers and all others work for the seller, the bottom line is that the middlemen want to get paid, and that only happens when a deal is closed.

That is why although I love real estate, I could never be an agent. I totally admit that I would try to close the deal, rather than get the absolute best price for the seller as a regular agent or the absolute lowest for the buyer as a buyer's agent. The incremental amount of pay you receive from someone you might never see again just doesn't seem worth it than a closed deal, and Turkey on the table come Thanksgiving.

Antolin

O.K. you are a big person to admit you where wong, I applaude you. Anyway, as a buyers agent we always follow up with our past clients, I do anyway. Remember, the seller is always represented by their listing agent. We all take an oath to treat people fairly, but when you look at property with an agent, without a buyers agreement the agent really does not represent you, they are usually acting as a transaction broker just putting to people together. Most people who want to buy a house do not realize this, so if you happen to disclose information to a non buyer agent, they have no real fudiciary responsibility to you, this is where a buyers broker agreement comes in, besides other advantages. At one time I thought as you did about realtors, but since working with and as a realtor for the last few years. I can proudly say most our honest and want to do right by their clients. I hope this all makes sense.

JohnP

It's hard eating humble pie, but I have to eat a small slice. I thought that the buyer paid the buyer's agent directly, but after doing a bunch of research, it seems that the typical buyer's agent is paid out of the seller's commission, which sounds wierd because the better job they do, the less money they make.
And again, how much squeezing goes on by the buyer's agent when after the sale the buyer is gone, but the real estate agents remain around, to close other deals.

So although I was wrong about who pays the buyer's agent's fee, I still do not see the huge need for it, and I still question if they totally work in the buyer's immediate best interest, or rather the general best interest of closing the deal.

I mean, just run the numbers. Let's say that the seller agreed to 6%, and thus the buyer's agent would get 3%. Ok, now he would have to split that with his broker to net 1.5% So getting someone to come down ~5% from 330,000 to say 315,000 would net them $4725, squeezing the seller down to 300,000k would yield them 4500. Saving the buyer 15,000 not only gets them $225 less, but is much more difficult. So much easier to try to convince the buyer that hey, the seller is totally balking at another 15k drop, and WON'T go to 300k. That way the deal gets put together all the agents go home happy, the brokers are happy, the and the seller and the buyer both not so happy. But again, the seller and the buyer will never meet again, but both real estate agents might see a similar deal like this next month.

I mean, if you were the buyers agent, wouldn't you be tempted to put the deal together and feed your family rather than walk away simply because it is your duty to get the absolute best possible price for the buyer?

Antolin, Please think before you post. So if this buyer purchases a home listed with a Realtor how are they going to save the 3%? They purchase a home from a FSBO do they know what the market value of the home? Are they over paying or under paying? So lets see, the FSBO maybe set their price 3% lower now the buyer wnats a 3% discount since there is no Realtor. Now how do you save two commissions on 1 house? Antolin, go to the Lemon Ice King and have a Italian Ice and relax.

You are very astute to recognize both the need and benefits of being represented by a Buyer's Broker since the buyer pays all the fees at the closing table anyway. The benefits are enormous.

Hi Kelly
I work in Astoria area, please call me or e-mail me and I will be more than glad to help you.
Thank you
Barbara at Charles Rutenberg Realty
Phone# 516-232-6658
E-mail address: Realtor@BarbaraNowak.com

Hi, Kelly- your best bet is to talk with friends, relatives, co-workers. Find out who they've used, and make sure that the agent is active with buyer agency (and provides you with the initial disclosure of agency, so that it's in writing). I'm sure you'll be able to get a great referral from a homeowner that's had a good experience- good luck, and wise choice to use a buyers agent! While it's not "absolutely needed" what is absolutely NOT needed is an agent that sells you the home, but represents the seller, as is not uncommon in NY.

I can refer you to a professional in your area, Call or email me.

Also, I'd like to comment on your statement about "buyer's agent not absolutely needed," Even if you are not first-time buyers, you should enlist the servioces of a buyer's agent. You need someone who is familiar with the area your are looking at who would look after your best interest in the transaction. Working with a buyer's agent does not mean you have to pay more than if you didn't, so might as well have someone else search properties for you as they can narrow down the search based on your requirements saving you tons of time.

I can go on with more reasons as to why you should work with a Realtor, but I think the above reason should be sufficient, plus you already said you're looking for one anyway, so...

:)

I can recommend the one that I think is the best in the business. An Associate Broker by the name of Laura Copersino and she can be reached at 718 757-7955. Not all has she been in business for many, many years, but she also is an officer in the Broker association of Brooklyn, Queens which assures she will do the right thing. Call her and tell her Paul told you to call.

we can help you, you can call us at 718-779-2243