Buying Without Broker

Looking for feedback from those that have purchased real estate without a buyers broker, or are in the process of it now.
Would you recommend or not recommend ?
Can you give any feedback on thr steps you took to submit your offer to the listing agent directly?

Thanks

crhorsken

in General Discussion 7 years and 5 months ago

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dorkofwindsor | 7 years and 4 months ago

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Many (most?) of the brokers are now REBNY whereas 5 years ago not so much – this could imply that it should theoretically be easier to use a buyers broker today.. We did not 7 years ago for reasons stated. However, if i were looking today i still would not use one unless you are from outside NYC or are not remotely familiar with prospective neighborhoods and have no time or desire to learn. Its common sense that all things being equal an extra 2% on several million dollar townhouse for the broker is not an insignificant sum. What would you do? You may find plausible deniability and nudge the brokerless buyer to win the top bid.

jmcycinvskdrboy | 7 years and 5 months ago

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I would never have gotten my house using a buyers broker in BK. Some deals are found with smaller local brokerages who will not cobroke. The only way I would use one is if I was so swamped with work and I could not dedicate the time needed to scour the listings. As others have said just have a good real estate attorney on hand.

suebklyn | 7 years and 5 months ago

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I chose the route of a great real estate lawyer and no buyer broker. This in fact worked in my favor, as I would go to open houses, write down that I did not have a broker. Guess who seller brokers contacted first with their listings…me. Because they knew if they sold it to me, they would get both commissions. It makes sense to have a buyer broker when it’s a competitive selling market, because your broker would negotiate price down. But brownstone market is such high demand, that there is rarely any wiggle room on going down. In which case, not only are they relatively useless, but could make it harder for you to get your offer in. In my case, a seller broker contacted me before the house hit the market. I put in an offer within 24 hours and was accepted the following day. If it had hit the market, I most likely would have been outbid.

NeoGrec | 7 years and 5 months ago

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I agree with Bored. A great lawyer is almost certainly a better investment than a buyer broker. They are more equipped to identify and correct the delays/problems put up by a seller. Also if the seller’s broker doesn’t have the share the commission, you better believe they will like your offer better than one from a buyer working with their own broker!

helen40

in General Discussion 7 years and 5 months ago

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Get a good real estate lawyer to represent your interests and don’t even consider a buyer’s broker. It’s just another useless person in the middle of the transaction that provides little to no added value. Just make sure you understand that the seller’s broker is required to get the best offer for the client (and has no interest in helping you, other than as a potential future client.)

As others have stated, its more common outside of New York City, or with those very uncomfortable with the process.

resident2 | 7 years and 5 months ago

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It will depend on who is the sellers broker.
Some sellers brokers are absolutely useless; have no idea how to sell a house or to qualify the best offer as well as being extremely lazy.
There are some that are brilliant and work hard for their seller.
There are some of each that would rather not split the commission….. There are some listings that are listed for a lower commission if the deal is with a direct buyer….. as a buyer you have no idea which of these the listing broker is until it is too late.
I would say if you find a Broker that really knows their business, teaches & advises, offers options and alternatives, really gets you thinking and answers all your questions without wasting your time & money on home inspections that they should have known would show objections that you could not deal with… use that buyers broker.
If you are working with a buyers “agent” that works more like a messenger or a scheduler and just comes along with you for the ride…. you can do a better job on your own.

namahs | 7 years and 5 months ago

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One advice I wish someone would have told us is that you have to sell your offer. What I mean is its not always about the higher $ offer that wins. The broker/agent present all the offers but they usually will recommend the lowest risk ones. Things like you already have bank pre-approval with higher buying power, how much cash/down, very serious and can close ASAP, etc. *Of course be honest since it will bite you back if not*

The seller and broker do not want to deal with the closing process and have the mortgage or anything falling thru and having to put the house back in the market again.

CarmenR | 7 years and 5 months ago

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We had the same experience as namahs- we did a “dual agent” which means we didn’t have our own broker, and I think the seller’s broker really pushed for our offer to be accepted. We were in a bidding war with 4 other offers and prevailed without going over ask. Win/win.

namahs | 7 years and 5 months ago

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We bought a house without a buyer broker/agent. We were a bit nervous but everything worked out. The seller broker/agent will guide or help you in this process since he wants the deal to go thru and he doesnt have to split the fee with another agent. Assuming you do your homework on the process of buying a house.. I wouldn’t worry to much about NOT having a broker/agent.

When you submit your offer, most cases, the broker/agent will be honest with the number. Some agent will buff you with fake offers but if you look at enough houses and know the market.. you know what is a fair price. Also the offer amount is always contingent on engineer inspection.

Good Luck.

yudashasom | 7 years and 5 months ago

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I think buyers brokers are more common in the suburbs, or less competitive markets. Here you need to go to the source – the listing broker – to have the best luck.

slopefarm | 7 years and 5 months ago

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I am not sure what a buyer’s broker gets you and I don’t believe it is the norm.

angelique.m.west | 7 years and 5 months ago

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I’m not sure you need a buyer’s broker. There is so much transparency these days with listings that you don’t necessarily need someone to root out apartments for you. You can use any number of sites to find what you are looking for from this one to StreetEasy. If you want to submit an offer you would simply tell the listing broker of your intentions. They will send you an offer form to fill out. You’ll be asked what you want to bid, how much you intend to put down and perhaps asked to include your mortgage pre-approval.
When I have used a broker they sometimes have helped with the bidding process. They might be able to glean some intelligence from the listing broker as to what the other bids are like. And they might be able to help make a more competitive bid. For example, at one point my broker told me: `This bid won’t cut it.’