Seller's Broker Vs. Buyer's Broker- Advice??

We’ve been looking to purchase in Bed Stuy, and are a little confused as to how brokerage works in the area.  From what we’ve found, listing agents don’t like to be contacted by a broker that represents us (my understanding is they don’t want to share the comission?), so then is it a good idea to have a Buyer’s broker?  Should we sign something with them?  We’re nervous dealing only with the brokers representing the sellers, since their obligation is to the seller, and we’re wondering what the deal is with them disclosing information to us.  For example, could they lie to us and say there’s an offer on the house already?  Any advice on this is greatly appreciated.

joules

in Agents and Brokers 12 years and 11 months ago

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ohnonotyou | 12 years and 11 months ago

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If you feel you know the market and what you want, do not use a buyer’s broker. All they will do is send you listings you can find yourself online and make it that much more difficult to schedule viewings (one more schedule to coordinate). Even if they’re supposed to be representing your interests, there’s still a very good chance that they won’t be 100 percent truthful. They want the sale! We dumped our broker as soon as our sale went through because we stupidly felt an obligation to her since she sold our place. After months of looking and three bidding wars we lost, we almost immediately had an accepted offer. The only reason we got the place was because the buyer’s broker wouldn’t have to share the commission. Not having a broker gives you a huge advantage in the tighter markets like Brooklyn heights, cobble hill, etc. The only reason you need a broker is if you don’t know the area you’re trying to buy into and you find a really good local broker who knows her stuff. But for god’s sake, dont sign anything! And if youre reading this blog, you probably already know plenty.

mortgagepro | 12 years and 11 months ago

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In respect to someone bluffing, that can certainly happen.  If the property is priced right it will obviously attract more attention.  Each seller has their own life circustance which directly impacts their selling strategy.  One positive thing about our locale is that we are New Yorkers and not bashful.  While we may ruffle some feathers we do have a tendency to get the scoop when it comes to fact finding.       While the Realtor was not happy, as a mortgage broker (along with my data from one of my Brooklyn appraisers) I have gotten into some negotiations on behalf of the buyer that included pressing the Realtor to lower their fee to make the deal work as well.  Adam Roberts  South Shore Mortgage  P: 631-956-0111 x218

callalily | 12 years and 11 months ago

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Is OP going to pay the buyer’s agent’s commission? If not, then the agent is working for the seller. A true buyer’s agent is rare in New York. Practice your negotiation techniques. If they claim to have a better offer, then let them take it.

Kateruba | 12 years and 11 months ago

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If I were to do it again, I would follow people’s advice on here and consult the small local agencies’ seller’s agents, in addition to doing the zillow/streeteasy searches and going to openhouses on your own.

Kateruba | 12 years and 11 months ago

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we had an agent recommended to us and he ended up totally useless and just in the way most of the time. I felt like he contributed nothing that I could not have found/done/known myself. We were relieved when one of the deals fell through, so we could finally work sans agent. My feeling is that agent or no agent, you can never really tell if the other party is bluffing (“we have other offers”). I felt like having an agent just made communication less direct. Maybe I am wrong, but in this day and age of freely available information, the need for buyer’s agents is fading – if you have the time, the will and the capability to do the research yourself. Also, when we had an agent, I wondered if the seller’s agent would present us in a less favorable light to the owner (compared to other potential buyers without an agent) because they would get only half of the commission with us.

mrohrmann | 12 years and 11 months ago

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If a listing agent is being a jerk, look up the address and then get the owners name and go that route to start things off.

housepoor | 12 years and 11 months ago

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I don’t know that a broker who you engage is necessarily working for you or remains an agent of the seller. I had, at one point, hired a buyer’s agent. The documentation included an obligation (by me) to pay his firm X% of the purchase price if the the selling broker did not split the commission. So in effect I was hiring the broker and (potentially) paying him too. That was fine since I knew he had an obligation to protect my interests. If “your” broker is paid by the seller (via a commission split), I think I’d ask exactly who he or she is legally obligated to protect — it might not be you. A buyer’s broker can be a good idea since they do work for you, but remember you might be paying for it.

joules | 12 years and 11 months ago

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so is it adviseable/necessary to have a buyer’s agent?  If so, is it typical to have a written agreement with that person?  what kinds of obligations does that person have to you?  Has anyone encountered sellers’ agents who don’t *want* to deal with you if you bring along a buyer’s agent?  Also, if you are working with a buyers’ agent and *you* bring a listing to the table, might that agent share it with their *other* buyers?  We have all of these concerns about who will be thinking of our best interests…

mortgagepro | 12 years and 11 months ago

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Personally, I have three criteria for choosing a Realtor to represent me:  a) the work Full Time as a Realtor.  b) They have at least 5, preferably >10 years experience as a Realtor.  c) They provide me at least three references of clients they have represented with purchases in the past 12 months (and I will check them). The reason for my qualification list is that I feel it weeds out those who may be a bit too hungry for themselves and not have the client’s best interests in mind.  Don’t get me wrong, I have full respect for the trade; however, these are individuals with varied life situations that can affect the quality of the level of representing their client. A Realtor can take a variety of roles in a transaction.  There are some who focus on obtaining listings and quickly list on MLS to have others work to find potential buyers.  There are those who get a listing and not immediately place it on MLS in hopes of them finding a buyer and earning the whole fee (i.e. a ‘pocket listing’).    While a listing Realtor has a fiduciary responsibility to the seller, there are cases of dual agency where they will represent both parties.   There are those that play fair and there are those who do not. Get referrals and ask lots of questions.  There is never a bad question when shopping for your home.  Good luck! -Adam Roberts  South Shore Mortgage  631-956-0111 x218

catboot | 12 years and 11 months ago

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We used Ari and Erin, of House By We (housebywe.com). Made the whole process much less painful.