Why do I need a buyer's agent?

2-3% is a lot to give up and I need a lawyer in NYC regardless. I know the headache I’m getting into with renovations. So, what’s the disaster scenario I’m avoiding by using an agent?

true

in General Discussion 4 years and 3 months ago

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hkapstein | 4 years and 3 months ago

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I found that sellers brokers may steer the transaction to an unrepresented buyer as they will get more commission.

stickerhappy | 4 years and 3 months ago

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I think it really depends on the broker- there are ethical and unethical people in all professions so to say all brokers are out to screw you over is not fair.
We used a broker when we bought years ago and I think she added a lot of value to our negotiations and overall helped us get it for less than without her. Then again we were first time buyers so maybe a more experienced purchaser can do without one.

helen40

in General Discussion 4 years and 3 months ago

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@lurker. as @peaceout will tell you when she learns the difference between a lecture and a series of questions is that the buyer’s broker is a fiduciary, and would NEVER work against the interest of the client. LOL

Lurker | 4 years and 3 months ago

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Whatever your opinion on a buyer brokers value, one point is indisputable: Buyer brokers are incentivized to have their clients pay the highest possible price, because they get a cut of the final price. Sure the buyer doesn’t pay it directly to them, but they get a portion of what you pay so there’s no difference–the more you pay the more they earn.

peaceout | 4 years and 3 months ago

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Great! Thanks for the lecture. Wishing you all the best! #peaceout

helen40

in General Discussion 4 years and 3 months ago

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@peaceout LOL Thanks for the lecture. And tell us what you do for a living, please? In this market, why does a seller or a buyer need a broker? If properties are selling for all cash and above market, this is a perfect time for FSBO. If I can keep 6% on the sale price and not deal with a member of a profession who sucks money out of the middle of every transaction, often for little work, and purports to add value for “nothing” on the buyer’s side, and I would be more than happy to do that. As a buyer, just remember and keep reminding yourself that seller’s brokers don’t ‘work for you, and their goal is the highest price for their client. As they exaggerate, bend the truth, discuss imaginary competition, other offers, etc., etc., etc. Also remember, that they are a member of REBNY. LOL

ropiakd123 | 4 years and 3 months ago

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If you know about selling properties then you don’t need one but to take a less hassle route then you need one.

peaceout | 4 years and 3 months ago

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Being represented by a buyer’s agent is not only smart, but the best deal a buyer can get. If the agent is part of REBNY, the commission is split with the seller’s agent. This representation costs nothing for the buyer. What it does do is provide the buyer with an agent whose fiduciary relationship is to the buyer. It is also the buyer’s agent’s responsibility to guide the buyer thru the rabbit hole of NYC real estate: comparables when presenting an offer, guiding how to structure their offer, recommending (hopefully) attorneys, lenders, inspectors who are at the top of their game. Most importantly ensuring the buyer gets the best deal possible. There’s lots of information buyer’s agent is often able to obtain that the buyer could never do on their own. This market is nuts with most deals going over ask, all cash offers, the competition is fierce. If a buyer goes in unrepresented, the seller’s agent is not only thrilled to have a direct buyer (no co-broke), but everything & anything the buyer shares with this agent is not confidential since the seller’s agent works for t he seller. This is the biggest investment you will ever make, why would you NOT work with a professional who knows more on the subject than you do?

andy | 4 years and 3 months ago

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For a different perspective, I used a broker for the first place I bought in Brooklyn and I do not regret it. I learned a lot and having someone to run comps, talk with about the process/specifics, recommend inspectors/lawyers/architects was valuable to me at the time. And like someone else said, generally speaking only the sellers broker pays for it. Plus my broker continued to show me interesting listings from time to time and was a general resource for me. Ended up being a solid relationship. Your mileage may vary.

resident2 | 4 years and 3 months ago

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As a buyer you do not need an agent. In fact if you know what you are doing, you definitely do not. Buyers agents often get in the way & many just act as a messenger between you & the sellers agent, for which the sellers agent gives up half their commission. Many sellers agents will go with a direct buyers offer rather than split their commission or have to deal with an idiot buyers agent that does not have a clue.
Buyers agents are just another link in the chain, that can often snap if you are not dealing directly.
Keep in mind the sellers agent is there to get the best offer & qualified buyer for their seller.

dorkofwindsor | 4 years and 3 months ago

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“A lot to give up”: you shouldn’t be paying for it. The selling broker should.

If the listing broker is part of REBNY they pay the buyers broker (always in manhattan) so people just do it just because it sounds easier and “why not”. The ever shrinking sketchy brokers that are non-rebny will probably refuse to pay it because they dont want to split the commish. Which is not the end of the world; we bought in a super hot market and wanted to make ourselves a better buyer from a broker perspective. So no…… you definitely don’t need a buyers broker. We didn’t.

cece | 4 years and 3 months ago

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You don’t really need one. We’ve bought an apartment before without one. When we bought a house, we used a broker who had experience with renovating houses. That was extremely useful. But if it hadn’t been for that, we would have gone agent-less again.

helen40

in General Discussion 4 years and 3 months ago

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    ["user_registered"]=>
    string(19) "2024-02-22 16:46:32"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(27) "Helen Brennan Helen Brennan"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(189636)
  ["caps"]=>
  array(1) {
    ["subscriber"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(10) "subscriber"
  }
  ["allcaps"]=>
  array(3) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

NONE. YOU DO NOT NEED ONE. The worst that happens is that you need to find another deal.

Just remember the seller’s broker has no interest in helping you, only making the best deal for the seller.