Home Buying in Bayside>Question Details

Farheen, Other/Just Looking in

We found a co-op and went to see it through the listing agent, want to put in offer but should we hire an agent to represent us?

Asked by Farheen, Sun Jan 9, 2011

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18
Yes always have your own agent.

Example would you go to court as a defendant have opposing party attorney represent you in the case. Probably not
2 votes Thank Flag Link Sun Jan 9, 2011
Farheen, listen to the agents who are from here in NY, they know how things work here, and know that you will be represented by an attorney, so your own agent doesn't make that much difference, especially if you already saw it through the listing agent.
In other areas of the country, the agents draft contracts. That doesn't happen here. There are times when it doesn't make sense for people from out of the area to give advice, when they don't know how things work here. The listing agent could be the easiest go between if you need information about the co-op for a mortgage, if you are planning to apply for one.
1 vote Thank Flag Link Sun Jan 9, 2011
ethically, you should put the offer through the agent who has shown you the co-op, that in your case is the listing agent
1 vote Thank Flag Link Sun Jan 9, 2011
Steve - do you realize you just answered this VERY old (almost 3 yrs old) question for the 2nd time in a month??

In the future, it might be a good idea to scroll down and check out a few other responses in a forum before answering...............if you did, you would have seen your post from Sept. 18!
0 votes Thank Flag Link Sun Oct 20, 2013
Thanks. I didnt realize it till I looked at the question again. I didnt think Trulia kept such old questions. I missed the published date.
Flag Sun Oct 20, 2013
Its good to work with an agent to find you a coop and schedule the showings, and work with you on the board process. But if you saw a place with the listing agent, you cant just go back with another agent and put in an offer. You might as well put the offer in with the listing agent.
0 votes Thank Flag Link Sun Oct 20, 2013
Steve - he isn't going to "call you" - this question was asked over 2.5 years ago....I would assume he already bought something by now.

(in case you don't know - you can see when the question was first posted by looking underneath it - in the lite font)
0 votes Thank Flag Link Wed Sep 18, 2013
LOL. True. Oh well. Better late than never I guess. i didnt know trulia leaves posts on so long. Thanks for the heads up.
Flag Wed Sep 18, 2013
You don't need to hire an agent to represent you. An agent such as myself thrives on commissions so we will be treating you fairly, honestly, and have good intentions for you to buy the right property for yourself. Many times I don't sell the most expensive place. I only sell what people want as for price, location, size, and appeal. I will be the right agent for you. Just call me and I will show you the best property and only what you are looking for. I've been here for 35 years so I treat Bayside residents like a friend.

Geoffrey Stevens Realty
Steve Hirsch
347-249-9884
0 votes Thank Flag Link Wed Sep 18, 2013
You can always put in an an offer in what whomever you like. if the listing agent was the procuring cause for your making the decision to move forward. Then you should stick with that agent.. If you are looking for someone to negotiate, you would be looking for a buyers agent bc the listing agents represent the seller interest not yours, buyers agent would sit down and walk through the co-op and application coach you for board inteview and make sure all is followed up on thru the attorneys mangement companies and loan officer. i recommendy you hire someone that is very exp in co-ops as they are not easy transactions. best of all u dont pay any commission, so it does not cost you any money and KNOW you will not get a better deal,if you deal directly with the listing agent contrary to popular belief. if you need further assistance from myself or my team please contact me 917 734 2012
0 votes Thank Flag Link Thu Apr 18, 2013
2+ year old question - doubt this person is calling you or anyone
Flag Thu Apr 18, 2013
Hi Ferheen,

Agents sometimes use the wrong terminology when discussing this issue. I won't get too deep into that in this answer (unless I change my mind), but here are the basics:

The agent that showed you the property should have disclosed the agency relationship s/he is operating under. If it's was the listing agent, then it's seller's agency. This disclosure should have been done in writing, so that you could read exactly what that means (there's a NY State-required disclosure form). Normally, you would be his/her CUSTOMER rather than CLIENT. In NY, that means they are required to deal honestly and fairly with you, but owe fiduciary obligations to the seller (including full disclosure, undivided loyalty, obedience, confidentiality, accountability, and reasonable skill/care/diligence). They are supposed to negotiate on behalf of their client, as they are working FOR the client and WITH you. This is the normal scenario in the situation you described - this is NOT DUAL AGENCY. In dual agency, the broker would have DIVIDED LOYALTY and NO LONGER PROVIDE FULL disclosure. This would have to be disclosed in writing and be agreed to by both parties, and would generally come up where you are a buyer-CLIENT (not customer) of the broker (meaning you hired them as a BUYER'S BROKER) AND are interested in buying one of their listings.

But wait, there's more! Since you saw the unit with the listing agent, things may get complicated if you now engage another agent to present your offer. The listing agent may take the position that they are the "procuring cause of sale" and resist compensating the agent you've involved. There are several ways that could play out, and it should be handled carefully.

So, here's my advice (assuming this hasn't been resolved already): First decide whether you feel comfortable negotiating for yourself. If you do, you can present your offer through the listing agent. This may be the path of least resistence. If you don't feel comfortable, speak with another agent about assisting you (be open and clear about the situation). Make sure they understand agency well, or you may just complicate matters. Also, decide with them whether you want them to act as buyer's broker (most readers would assume you would, but it may not be that simple depending on the details).

Feel free to reach out to me directly if you'd like to discuss further. Good luck!
0 votes Thank Flag Link Fri Feb 4, 2011
Ferheen
Going with a buyers agent to repersent you is a good idea.
They can professionally guide you through all the
paperwork and negotiations on your behalf (including meeting
with agents, lawyers, banks, inspectors and appraisers).
Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group LLC
Direct Line: 347-932-0609
Office: 718-886-6800 ext.305
Fax:718-886-6811
Web Reference: http://www.desire2own.com
0 votes Thank Flag Link Mon Jan 10, 2011
Farheen hello!

Working with the listing agent is referred to as "dual agency", It is legal in NY (and NJ), and is practiced on a regular basis. In this scenario, the agent must treat all parties equally and fairly.
You will have an attorney to represent you, and oversee the legalities and verbiage in the contract.

This is a hot topic on many threads, and, in my opinion, the often used analogy saying it is like having an "attorney defend and prosecuite you" is silly, as this isn't a trial. The parties have the samee goal - the sale of the home. It doesn't have to be adversarial if handled in a professional manner.

There is no reason to find a new agwnt to represent you at this time, if you already saw the co-op, and have a comfort level with the agent in question.

Good luck!!
0 votes Thank Flag Link Sun Jan 9, 2011
If you saw this coop thru the llisting agent, they are also representing you. If you should bring in another agent on this offer, you may have a small issue since the listing agent showed you this unit. Your offer means that they made the meeting of the mind. You can also have some issues with the 2 agents. If you came to me, I would tell you to make your offer thru the listing agent. You are free to use other agents to see more units in this complex. If you have good feelings with this agent, Stay with them.If not, seek out agents that you like. Make sure that you qualify for this coop finiancally. All coops have strick qualification quide lines. Hope this was helpful. Good luck.
0 votes Thank Flag Link Sun Jan 9, 2011
If the listing agent showed you the property, you should be putting in your offer through her/him.

If you have the proper qualifications, there is no reason you should have a problem working with this agent.
Also you have your own attorney who represents you.
0 votes Thank Flag Link Sun Jan 9, 2011
If you are comfortable with dual agency and like the agent, no reason not to use him/her, after all he/she already has shown you the unit...keep in mind your attorney will review necessary paperwork, such as the building's financials, offering plan, proprietary lease, by-laws, etc.
0 votes Thank Flag Link Sun Jan 9, 2011
You do not need to hire your own agent. If you feel comfortable with the listing agent, then you can present the offer to that agent directly. Technically just be aware that the listing agent works for the seller but must treat you fairly and honestly.

Connie Pinilla, Esq, Broker, Pinilla Realty Corp
0 votes Thank Flag Link Sun Jan 9, 2011
You don't HAVE TO find your own agent, but if you don't you have no advisor of your own. A buyer's agent could really help you navigate the co-op application process not only in general, but with your best interests at heart. Otherwise you are essentially on your own. Depends on your comfort level with that idea.
0 votes Thank Flag Link Sun Jan 9, 2011
It would be in your best interest to get an agent to represent you and your interests. The sellers agent has the sellers interest first.

Good luck!
0 votes Thank Flag Link Sun Jan 9, 2011
Good idea. You would not want to be defended and prosecuted by the same lawyer!

Good luck!

Fred
Web Reference: http://fglick.com
0 votes Thank Flag Link Sun Jan 9, 2011
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