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Stacy Lee,  in New York, NY

Do I need a real estate broker to purchase a condo? A friend told me I need a "buyer's broker"?

Asked by Stacy Lee, New York, NY Thu Aug 21, 2008

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In the 1990's Consumer Advocacy groups petitioned the government to provide buyers of real estate with the same rights of representation that sellers had; this resulted in the creation of Buyer's Agency Agreement. When you enter into this agreement with a realtor, they are obligated to give you fiduciary duties. This means they promote and protect your best interests.

The sellers have representation. Their agent is promoting and protecting their best interests. Real estate agents are involved in real estate 24/7. No matter how smart you are, you cannot hope to compete with our knowledge and experience. If you want to make the best deal possible, use a buyer's agent. If you want the seller to have the advantage, don't.
0 votes Thank Flag Link Fri Aug 22, 2008
I'm a little confused Stacey it says you are a "Real Estate Pro in NY" in your first question on Trulia you said you were a new agent. If this is so then as far as I know by law you must represent yourself when purchasing any real estate in NY.
0 votes Thank Flag Link Fri Aug 22, 2008
The designation is ABR.
0 votes Thank Flag Link Thu Aug 21, 2008
A "Buyers Broker" is a Real Estate agent who has educated themselves in the buying process of Real Estate. The designation is ABR. You would be best service by finding a Buyers Broker, and not be recommended one. Chose your own by interviewing them and picking one that best serves your interest.
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0 votes Thank Flag Link Thu Aug 21, 2008
In my opinion, you need an experienced agent to represent you in any real estate transaction; it is our job to walk you through every step of the process and to look out for your best interests. You can either work with the listing agent on the property or an agent of your choosing. Just make sure the agent is experienced in the specific area you are purchasing.
Good Luck!
Maryann Lawler, REALTOR
Keller Williams Realty
Bradenton, FL
0 votes Thank Flag Link Thu Aug 21, 2008
You can purchase real estate directly from the seller but I don't recommend it. For sale by owner's often are priced too high and it is certainly easier to negoiate through an expert 3rd party than directly wwith the seller. For listed property, you can also purchase real estate using the broker who is the listing agent, but understand that they represent the seller. You would be best served with someone looking out for you. That is what your friend was referring to when she said a "buyers agent". A buyers agent works for you and owes you confidentiality. They are almost always paid by the seller so it doesn't cost you anything. And, if you are not happy with the services you are getting, you can cancel the arrangement at any time. Interview a few and find an agent who is a good fit for you and is familiar with the area you want to buy in. Good luck!
0 votes Thank Flag Link Thu Aug 21, 2008
Your friend is giving you good advice...hire a professional to represent you. If you need a good recommendation, contact me off line at Gail@GailGladstone.com and I will be happy to pass on the info to you.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Thu Aug 21, 2008
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