Home Buying in New York>Question Details

Emilio Domin…, Other/Just Looking in 10032

when is the right time to bring an agent?

Asked by Emilio Dominguez, 10032 Mon Feb 9, 2009

I am a first time buyer, and found an apt ( co op) that i would really like to buy. After having the broker showing me the apt a few times( 3-4 times )and seating down with him a few times as well, i realise that i have very little experience in buying an apt. Is it too late to bring in an agent with me. He made it very clear that he is working for the seller. I told him what i was planning to do and he is puching for me not to bring anyone...I ALMOST FEEL GUILTY. Dont know what to do.......

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It is not too late, but it really is not right to have had him/her show you so many times and take so much discussion time and then bring in some agent to 'scoop' up half the commission for not really doing the work. You are right to feel some guilt, he has doen the entire job, he deserves his commission. Having the right to do somethign does not make it right!
Perhaps you have a friend who has bought in the past who could advise you a bit. But don't let agents tell you they will get you a better deal, it is not nearly as often the case as some would have you beleive. Ultimately your attorney will look out for you.
If you really feel you want someone of your own to talk to, how about asking another agent at the same firm to help you--often they will do so as a courtesy to the other agent.
And steer clear of any agent on here who offers to represent you, Trulia makes it clear this is not an area to solicit business and any agent doing so is violating the terms of service.
4 votes Thank Flag Link Tue Feb 10, 2009
Hello Emilio,

I don't believe that it is too late to bring in another agent. Your situation is very common, you do not have to feel guilty that you want to have somebody else represent you through out the buying process. Because you are a first time home buyer, please take a look at this first,

http://activerain.com/blogsview/802252/New-York-City-First-t…

Then if you have any more questions feel free to contact me about your individual situation and I would be happy to speak with you.

Morgan Evans
Prudential Douglas Elliman
1 vote Thank Flag Link Tue Feb 10, 2009
Emilio,
Please do not feel quilty! The seller's agent should not be pressuring you to not use a buyer's agent, quite the opposite! (Dual agency is frowned upon in NYS)It is definitely not too late and could be definitely to your advantage in many ways! As someone mentioned earlier it would be best to be pre qualified or approved and a buyer's agent can provide you with a list of reputable mortgage people, as well as a list of attorney's, if you don't have one already.(You will definitely need your own attorney to proceed with your purchase.) If you don't have anyone yet to represent you, please feel free to contact me.
Good Luck!
Jolie Muss
Web Reference: http://joliemuss.com
1 vote Thank Flag Link Tue Feb 10, 2009
You should consider getting a buyer's agent. That agent will be working for you, not the seller. If you haven't already put in an offer with the other agent, you can still do this. You should find an agent that you are comfortable with and speak to him/her about hiring them as your agent. They will be able to better explain to you what you need to do and can help you with making an offer. If I can assist you, please call me.

Ralph Windschuh
Certified Buyer Representative
Associate Broker
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
1 vote Thank Flag Link Tue Feb 10, 2009
Emilio,
Here is a better link to yet another legal memoranda from the NYS Dos General Counsel that's called:
" Be Wary of Dual Agency!" http://www.dos.state.ny.us/cnsl/dualagcy.html
When an apartment is listed for sale with a real estate broker (who after listing the home will do things such as prepare and stage the property, take photos, advertise, place in multiple listing, screen and qualify buyers, show and hold open houses and probably many more things) a selling price and commission is decided upon between the seller and the broker.This commission is divided between the selling broker and the buying broker (unless it's sold by the selling broker which then benefits the seller, as that broker's loyalty is to the seller..) If someone want to go through the inherent dangers, time, hassle, work and heartache (in addition to fending the calls of the thousand of agents who will call a FSBO) that of course is their right...no one forces them to make that choice! Broker and agents have to undergo much (continuous) schooling and training in real estate, marketing, current laws, sales negotiating and also ethical training in addition to the years of experience they may bring. Again the choice is always up to the consumer! Attorneys can practice real estate and are entiltled to a share of the commission if acting as brokers and indeed in NYS you must have an attorney to buy or sell real estate but most attorneys are only going to prepare contracts and review the financials etc. (called due diligence) they are not going to arrange showings, search, preview and research properties, provide comparables, advise on offers,"hold your hand" or even prepare the board package (without an extra charge). Anyone who has bought or sold real estate in NYS had to have used an attorney! PLEASE always have your OWN attorney do not "share" attorneys with the other party!
By the way there are also laws against unlicensed real estate practioners.
0 votes Thank Flag Link Thu Feb 12, 2009
Rich - ever hear of the phenomenon of one-stop shops? Bettter yet, did you ever travel along Jamaica Ave? Or see a foreclosure hearing when a buyer tried to fight it? To pretend that brokers in recent history haven't done really unscrupulous things is to be willfully naive. And I think it's too late to play dumb.
0 votes Thank Flag Link Thu Feb 12, 2009
Also - if you need assistance and it happens to be an HDFC coop (limited equity - made for people with an income limitation) please get in touch with the Urban Homesteading Assistance Board. It's free, supportive advice for people interested in HDFC buys.
Web Reference: http://www.uhab.coop
0 votes Thank Flag Link Wed Feb 11, 2009
Don't get another broker - it's a waste of money Get a lawyer! You MUST get a lawyer to buy in NYC anyway, so GET ONE NOW! You don't need a broker - its totally unnecessary fees. He doesn't want to share his commission, that's why he's against it, but forget him, he's not important, you are.

BTW - THIS is how the subprime mortgage crisis happened! People getting bullied by overly aggressive brokers. Don't fall for this nonsense. Or most of the posters below.
0 votes Thank Flag Link Wed Feb 11, 2009
Emilio,Just to clarify things a bit, here are some excerpts from the NYS Department of State rules regarding agency relationships..(As it is a co-op there are no written disclosure requirements but to proptect the consumer these are meant to be followed) The complete rules can be found towards the bottom of this page at http://www.dos.state.ny.us/lcns/lawbooks/re-law.html §443.
SELLER's AGENT is an agent who is engaged by a seller to represent the seller’s interests. The seller’s agent does this by securing a buyer for the seller’s home at a price and on terms acceptable to the seller. A seller’s agent has, without limitation, the following fiduciary duties to the seller: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A seller’s agent does not represent the interests of the buyer. The obligations of a seller’s agent are also subject to any specific provisions set forth in an agreement between the agent and the seller. In dealings with the buyer, a seller’s agent should (a) exercise reasonable skill and care in performance of the agent’s duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the value or desirability of property, except as otherwise provided by law.
BUYER’S AGENT A buyer’s agent is an agent who is engaged by a buyer to represent the buyer’s interests. The buyer’s agent does this by negotiating the purchase of a home at a price and on terms acceptable to the buyer. A buyer’s agent has, without limitation, the following fiduciary duties to the buyer: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A buyer’s agent does not represent the interests of the seller. The obligations of a buyer’s agent are also subject to any specific provisions set forth in an agreement between the agent and the buyer. In dealings with the seller, a buyer’s agent should (a) exercise reasonable skill and care in performance of the agent’s duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the buyer’s ability and/or willingness to perform a contract to acquire seller’s property that are not inconsistent with the agent’s fiduciary duties to the buyer.
DUAL AGENT A real estate broker may represent both the buyer and the seller if both the buyer and seller give their informed consent in writing. In such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller. An agent acting as a dual agent must explain carefully to both the buyer and seller that the agent is acting for the other party as well. The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and seller are giving up their right to undivided loyalty. A buyer or seller should carefully consider the possible consequences of a dual agency relationship before agreeing to such representation.
0 votes Thank Flag Link Wed Feb 11, 2009
Technically it it not too late to bring in another agent working in your best interest. If there is no buyer broker commission, then you would pay extra( put on to the sales price ) You could research solds on http://www.mlsli.com to see the price you are bidding is realistic. If you choose to go with the listing agent do not discuss how much higher you are willing to go. He is working in the sellers best interest and therfore is legally bound to get highest price and best terms for seller.
0 votes Thank Flag Link Tue Feb 10, 2009
the buyer who is showing you the coop is functioning as" duel agency" he is representing both of you he should have stated that upfront . If you feel he is not knowledgeable and wanted to bring in an agent who represents you and protects you, you are entitled to do so ,especially since he made it clear that he is representing the seller and not both of you. the agent you would be bringing in would be acting as a buyers agent and protecting your interest. good luck if you need more info please feel free to ask
0 votes Thank Flag Link Tue Feb 10, 2009
Emilio,

Our recommendation is to be up front and truthful....telling him you feel uncomfortable not having representation and you are not willing to purchase the property through a "dual agency" relationship.
Explain that you really like the home but are ready to consider other options because of the your uncertainty.

If he really wants to be part of a sale he should be willing to share the commision and welcome a second agent of your choice. If not......

Good luck
0 votes Thank Flag Link Tue Feb 10, 2009
Emilio,
The next thing for you to do is to find out if you and this property qualify for a mortgage loan.
With the increase in foreclosures lenders are taking a very thorough look at each building. Banks, like the one I'm affiliated with, are asking more in depth questions about the financial stability of the corporation that owns the building. Foreclosures in the building mean that the remaining unit owners have to make up the shortfall in the monthly maintenance not collected. Taxes must be paid and the corporation has to pay their employees and services that maintain the building.
If you don't have an experienced coop real estate attorney, the second step is to find one.
The attorney and your financing person can both recommend next next step, which may be to hire a "buyer broker".
0 votes Thank Flag Link Mon Feb 9, 2009
Most of the time the agent who shows you the property is the one responsible for earning your loyalty to staying with them through the process. You should discuss this with the person that has been showing you the property. If they dont have a problem with youf recieving assistance from another Realtor than go for it. but if they do have an issue with it you need to stand with them through the process. All you need to do is be honest and all will work out for the best.
0 votes Thank Flag Link Mon Feb 9, 2009
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