Top 10 Reasons to Use a Buyer's Broker:
When purchasing a property, many people assume that they don't need, or are even better off not using a buyer's broker. Some even believe they are saving money by searching on their own. The truth is that there are many benefits to using a buyer's broker, including the two most important ones - you will save both time and money!
1) There is absolutely no cost to the buyer because the seller pays the entire broker's commission.
2) Did you know that when you visit a property for sale, you are considered a customer? That's right - the seller is the client and and any interested buyers are considered customers. In other words, the seller's broker's goal is: Get the customer (you) to pay the highest possible price for my client's property. Therefore it is in your best interest to find a knowledgeable, trustworthy broker who represents YOU. She knows what questions to ask, and will negotiate to get you the best possible price.
3) Your personal broker is also educated and experienced in NYC residential buying and selling and will share all his/her knowledge with you.
4) Although you may fall in love with a property upon visiting it, there are many "hidden" variables you must consider. An experienced agent will know which questions to ask and how to get the answers. Your agent can save you valuable time and money by knowing in advance, for example, if a building is financially stable. Better to learn bad news early than once the contract has gone out (and you've paid your real estate attorney) just to discover that you need to start your search all over again.
5) A buyer's broker will eliminate unworthy properties. In addition, your broker will prevent you from wasting time looking at overpriced apartments, ones where the the owner is unwilling to negotiate, is surreptitiously expecting you to pay unlisted fees, taxes, etc.
6) Your agent can provide you with information about neighborhoods, transportation, schools, etc. He/she will also be able to disclose price structure, market conditions, average per-square-foot prices on similar homes, average sale prices, number of days on the market, and ratios of list-to-sold prices.
7) There's nothing more frustrating than hiring an attorney who goes MIA or a mortgage broker who doesn't return your calls. Your agent can recommend great third-party contacts who she/he already trusts and respects.
8) The best agents are tough yet fair negotiators. They're skilled at determining where the seller's bottom-line is and getting you the best possible price even when there are other competing, interested parties.
9) When buying a New York City coop or condo, you will be required to turn over a lot of financial information that buying a house elsewhere does not necessitate. The time a buyer's broker can save you, and the stress that he/she will reduce by explaining exactly what paperwork you need and meticulously organizing and reviewing it, is reason alone to use one!
10) A great broker is there for you even after you have closed. Many questions can pop up that were overlooked in the excitement of closing. You can bet that the seller's broker will disappear, but if you use a trustworthy, personable buyer's broker, she will be on stand-by ready to assist and guide, even after closing.
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