I'm looking to purchase a 3 bedroom coop in brooklyn, ny. The agent I'm dealing with represents the seller in

Asked by Donna, Brooklyn, NY Fri Jan 4, 2008

the transaction; my question is what professional should I seek to represent me in this transaction or do I need one?

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Pierre Calza…, Other Pro,
Fri Jan 4, 2008
Before too many brokers jump in from other states - or other agents scream for "buyers agency" - in nYS, your lawyer represents you and your interests. Your lawyer should also ensure the steps you need to take, i.e. inspection, mortgage commitment, things you want in the contract, etc.

In NYC, especially in the city, many agents do both sides of the deal. The only time you would have a buyer agent is if THAT agent brought you to the listing, in person and presented the offer on your behalf. if you already made an offer to the listing agent, or saw the home through the listing agent than you need to submit your offer through them...

HOWEVER...

the agent has to have you sign an agency disclosure that clearly states that they are representing the seller, as lon gas they do that they are in the right of the law and are able to represent both sides for purposes of seeing the deal to the finish line. Some agents do so with the utmost tact and ability while not affecting their duty to their client (the seller) - while still being a professional to the buyer.
1 vote
Rhonda Holt, Agent, New York, NY
Fri Jul 3, 2009
Hello, I am a co-op specialist with a successful sales record for buyers and sellers in Brooklyn, NY. Sometimes I do represent both buyer and seller because I have the most inventory in my area, so I have to show my own listings. But I do get the permission from both the buyer and seller to represent them and I make sure that I use comps to determine the price that the buyer and seller can be happen with so there's no unfair negotiations.

You definitely need an agent to represent you because buying a co-op is a little bit more paperwork and steps involved. Not to mention if you are buying a sponsor unit or buying from a private buyer there are up front fees and documents you need to have to move the process along until closing.

I have three bedrooms with 1.5 and 2 full baths available, just visit my website at http://www.KandHhomes.com or I can find the right co-op for you if you cannot find what you want online.

If you need an expert to move things along for you and walk you through to the end, give me a call now.

Rhonda Holt
Full Time Top Sales Agent
Specializing In Co-ops and Home Sales
Weichert Realtors, H.P Greenfield
Brooklyn, New York
Cell: 646-725-5941
My Site: http://www.KandHhomes.com
Email: HelpMeRhonda1919@Yahoo.com
*JOIN ME ON TWITTER.COM AT: http://www.twitter.com/helpmerhonda09
Web Reference:  http://www.KandHhomes.com
0 votes
olatoyosi ad…, Agent, Plainview, NY
Thu Jul 2, 2009
You had better hire a Certfied Buyer Representative like me):, or an Accredited Buyer Representative. My mission is to equalize the representation Sellers get with what uninformed buyers don't get, even though Buyers still pay for it
Sorry, I just corrected my typos. You may not count this as another answer.
0 votes
olatoyosi ad…, Agent, Plainview, NY
Thu Jul 2, 2009
You had better hire a Certfied Buyer Reprentantive like me):or an Accredited Buyer Representative. My mission is to equalize the representation Seller get with what uninformed buyers don't get, even though Buyers still pay for it.
0 votes
John Fischer, Agent, Broadalbin, NY
Wed Jul 1, 2009
First and foremost, find an agent that is honest. The agent should be knowledgable, trustworthy, and should be able to answer your questions while not breaching their fiduary obligations to the seller
0 votes
Rhonda Holt, Agent, New York, NY
Mon Aug 11, 2008
If you have already started the transaction then you should find an attorney that specializes in real estate transactions. The attorney should also be familiar with with doing transactions for co-ops as well because it is a detailed transactions with many other documents involved.

I am a licensed real estate professional and one of my specializations are in co-ops. I would seriously recommend Ms. Ann Brown, an attorney in Brooklyn, New York. Give her a call at 1718-625-6777.
0 votes
Bruce Profsky, , 11234
Tue Jul 29, 2008
You have to have an attorney to represent you
I strongly recommend that you get a local lawyer
who specializes in real estate transactions
0 votes
Aileen-Manha…, , New York, NY
Fri Jan 4, 2008
Donna,

To err on the side of caution, I recommend you hire a Realtor as well as your own attorney to represent you. Your own Realtor can give you information on whether or not you're offering too much for the apartment, can organize the board package for you and help you through the process of board approval.

The buyer's broker is generally paid by the seller through the seller's proceeds. It's important to you to ask the seller's agent whether this transaction is available for co-broke (meaning the seller pays 3% or 2.5 or even 2% to the buyer's broker).
0 votes
Pierre Calza…, Other Pro,
Fri Jan 4, 2008
I also want to add that some associations here in the city have other rules, or code of ethics which may allow a buyers agent to send buyers without physical representation, or agents may agree to this beforehand. Also, you can pay a commission/fee to a separate agent to help you feel comfortable - but a real estate attorney should be sufficient on the buyer side to protect you - please use a real estate attorney, not your cousin. :)
0 votes
Anitra E. Mo…, , West Hempstead, NY
Fri Jan 4, 2008
In most occurances the agent who you are working WITH does represent/work for the seller. It is totally up to you as to whether or not you hire an agent to work for you. This person is known as a Buyers Agent and will work FOR you in your purchase. They would handle all the logistics of the tranaction as well as make sure you are not overpaying for the property. In addition to working for you, you are responsible to make sure that the agreed upon compensation is paid at time of closing, be it by you or the seller is some cases.
Web Reference:  http://www.rebac.net
0 votes
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