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November 27, 2007
buyer's agent vs seller's agent
I am so confused and I hope this isn't an insanely stupid question--my apologies if so. A few weeks ago I contacted a buyer's rep to help me find an apt in brooklyn. I decided that she wasn't a good fit and just started searching websites on my own. I e-mailed a corcoran agent to show me her listing and when I met her I asked her to show me some more corcoran listings which she agreed to do. The question is, what are my obligations to the first buyer's agent, if any? And is this second agent a buyer's agent or a seller's agent and how is she compensated if I make an offer on a property that is not her listing but that of another corcoran agent? I have not signed anything. Also, can anyone recommend a smarter way to go about this as I'm obviously not doing this right.
Comments
the seller pays all brokers fee, you are doing it correctly. agents in new york city rarely share listings so to cast you net wide look in multiple places. the selling agent shares the fee with the buying agent - don't worry the agent will be paid.
Posted by: guest at November 27, 2007 11:58 PM
By law, you can have anyone you choose represent you as buyer's agent, and you can change agents at any time. If you are viewing the Corcoran agent's listings, that agent represents the seller's best interests, not yours. You may choose to select another buyer agent to help you through the negotiations.
Posted by: guest at November 28, 2007 8:53 AM
In NYC, different from other places where you work with your own buyer's agent, since (as noted above) agents don't share listings, pretty much all agents are seller's agents. Most people don't have a buyer's agent - they just look for places on their own. You can definitely tell a broker whose listing you're seeing what you're looking for, and they may contact you about other, similar listings, but they will do so in their capacity as agent for the seller. I would say that convention dictates that, if one agent is the first to show you a place, you should place your bid with them as opposed to another agent, but that's not law, it's just ethics.
It can be a disadvantage to have a buyer's agent, because then the selling agent will need to split their commission with your agent - and will be likely to favor bidders who are not represented (in which case, the seller's agent keeps the whole commission). Working without an agent also gives you some leeway in negotiating, because if the seller's agent wants to make a deal, s/he may negotiate her commission with you to increase the buyer's take on your bid.
It's kind of a lame system, since there's a lot more work for you personally - you spend a *lot* of time looking through listings on NYTimes, brokers' websites, craigslist, etc, but them's the breaks here.
Posted by: guest at November 28, 2007 9:25 AM
Everyone's right. Buyer's agent really isn't the practice here. As a buyer, I was just as happy to have it that way -- the fewer people in the picture on with their own motives and incentives on any particular transaction, the better, and less risk of miscommunication if you hear everything directly, rather than from seller to agent to agent to buyer. If you get serious about a place, take good notes and kick the tires hard.
Posted by: slopefarm at November 28, 2007 10:00 AM
9:25 again - forgot to mention that you should always, always keep in mind that the seller's agent does not have your interests in mind. nor do they have any duty to you. so don't beleive anything they say, and check your facts.
Posted by: guest at November 28, 2007 10:29 AM
Apologies if you know this, but you need to have a real estate lawyer lined up before you start looking so you can make an offer quickly if needed. Also maybe have a mortgage commitment.
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Posted by: guest at November 30, 2007 11:57 AM
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Posted by: guest at December 1, 2007 4:22 AM
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