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Status:
"Let this year be over..."
(set 24 days ago)
Location: Where my bills arrive
19,219 posts, read 17,102,322 times
Reputation: 15538
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Quote:
Originally Posted by 85dumbo
When I bought my house, I found it very easy dealing and negotiating with seller brokers. I have a feeling they took my offers to the sellers first because they did not need to split a commission. So there are advantages to having no buyer broker.
Before the role of Buyers Agent was define buyers would have a realtor that they worked with but even this agents concern was ensuring the seller got the best deal. This disparity is why the Buyers Agent was created to ensure that the buyer had an advocate when it came time to negotiations.
Realtors have historically done a 50/50 split between listing/selling agents that's nothing new and from my experiences with the NY Real Estate Market I would never allow the sellers agent to represent both of us. If a listing agent isn't presenting received offers in a timely manner then they are not fulfilling their obligation to their client.
Before the role of Buyers Agent was define buyers would have a realtor that they worked with but even this agents concern was ensuring the seller got the best deal. This disparity is why the Buyers Agent was created to ensure that the buyer had an advocate when it came time to negotiations.
Realtors have historically done a 50/50 split between listing/selling agents that's nothing new and from my experiences with the NY Real Estate Market I would never allow the sellers agent to represent both of us. If a listing agent isn't presenting received offers in a timely manner then they are not fulfilling their obligation to their client.
I represented myself in the negotiations. Despite my username, I'm not that dumb and I had no naive notion that the selling agent was my agent also (duh). This is where the RE lawyer and homeinspectors make their money. I use the inspectors info as leverage in negtiation. I see no purpose in the Buyer agent except to convey my bid back and forth. And I have bought and sold in NYC prior to moving to LI. Buyer agents were worthless then too. But I did use RE agent when I was selling because I dont have time to deal with flaky buyers.
Status:
"Let this year be over..."
(set 24 days ago)
Location: Where my bills arrive
19,219 posts, read 17,102,322 times
Reputation: 15538
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If you have the time and are comfortable with what's involved then no issue in representing yourself but how many people have the time or the knowledge to take that on. The OP was asking about not having a buyers agents and just going through with the sellers agent and that is a bad idea. Real Estate transactions in NY are some of the most convoluted processes that I have ever experienced.
By not using a buyers broker, the selling broker receives the whole commission and you have no representation. No one to protect your interests, no one to negotiate a better selling price, no one to push back with issues found at inspection or before the closing.
A reasonably informed person armed with a solid attorney and the inspector's report should be able to handle all that.
You don't use a real estate lawyer in California ( for one). The RE agent takes care of everything.
You’re right, my experiences confirms. When a mortgage is involved, the Bank (typically through a RE paralegal representing the Bank ) plays a very big role at closing. Each state is different, although the constant is one needs to be more than familiar with the state’s contract law as it relates to real property. Particularly important when the buyer is not from the state where the property is located.
POST is for Long island NY Well aware all states are different in real estate transactions.
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