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Old 11-27-2010, 05:05 PM
 
Location: Central Florida
185 posts, read 456,241 times
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Like I've mentioned in other threads, I am new the NY real estate.

What's the situation out on Long Island with finding a realtor to help with my RE search process? I don't want to pay out of pocket, and know that they usually can split the commission from the sold property (as paid by the seller) Does it usually work that way up here or not so much? Any assistance is greatly appreciated!!
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Old 11-27-2010, 05:33 PM
 
Location: under the beautiful Carolina blue
22,629 posts, read 36,582,375 times
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Yes, that's how it works. You pay nothing out of pocket.
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Old 11-27-2010, 06:37 PM
 
Location: Long Island
9,923 posts, read 23,055,376 times
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Quote:
Originally Posted by twingles View Post
Yes, that's how it works. You pay nothing out of pocket.
Most of the time...

Unlike most of the rest of the country, Long Island is still slow to embrace "Buyer Agency"; most buyers still deal with "Broker Agency", where both agents basically represent the Seller, even though the Selling Agent shows the Buyer any number of houses. As a result, there are still Listing Brokers out there who will not share their listing commission with Buyer Agents. The Buyer Agency Agreement (between Buyer and RE Agent) spells out how compensation is expected to be paid. Many times there is a way around the Listing Broker's refusal to pay, but at times there is not. That's something the Buyer should discuss with their RE Agent.
RE Agents with a CBR or ABR designation/certification have spent time and money to educate themselves about proper representation with regard to Buyers and Sellers.
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Old 11-27-2010, 06:45 PM
 
Location: Where my bills arrive
19,088 posts, read 16,895,426 times
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Quote:
Originally Posted by Elke Mariotti View Post
Most of the time...

Unlike most of the rest of the country, Long Island is still slow to embrace "Buyer Agency"; most buyers still deal with "Broker Agency", where both agents basically represent the Seller, even though the Selling Agent shows the Buyer any number of houses. As a result, there are still Listing Brokers out there who will not share their listing commission with Buyer Agents. The Buyer Agency Agreement (between Buyer and RE Agent) spells out how compensation is expected to be paid. Many times there is a way around the Listing Broker's refusal to pay, but at times there is not. That's something the Buyer should discuss with their RE Agent.
RE Agents with a CBR or ABR designation/certification have spent time and money to educate themselves about proper representation with regard to Buyers and Sellers.
Buyers agents are quite common in VA. All it means is that when the 2 parties enter contract negotiations the listing agent knows that the buyers agents goal is to get the best deal for the buyer not the seller. Commission is not a factor that is outlined in the listing.

One difference here is that the contract is drawn up by the realtor not the sellers realtor.
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Old 11-27-2010, 09:32 PM
 
Location: Long Island
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Quote:
Originally Posted by VA Yankee View Post
Buyers agents are quite common in VA. All it means is that when the 2 parties enter contract negotiations the listing agent knows that the buyers agents goal is to get the best deal for the buyer not the seller. Commission is not a factor that is outlined in the listing.

One difference here is that the contract is drawn up by the realtor not the sellers realtor.

On Long Island, commission splits to Seller's Agents are shown in the agents' version of the listing.
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Old 11-29-2010, 05:04 AM
 
Location: Shoreham
23 posts, read 95,312 times
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Good Morning,

Regardless of where you have your real estate transaction, it's never a good idea to have a realtor draw up a contract... even if they are allowed to do so. Hiring an attorney can save you a big headache if something goes wrong. Remember Murphy's law.
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Old 11-29-2010, 05:57 AM
 
Location: Where my bills arrive
19,088 posts, read 16,895,426 times
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Originally Posted by tonysZ06 View Post
Good Morning,

Regardless of where you have your real estate transaction, it's never a good idea to have a realtor draw up a contract... even if they are allowed to do so. Hiring an attorney can save you a big headache if something goes wrong. Remember Murphy's law.
I would have to disagree with you. The MLS contract that the realtor fills in and presents to the buyers agent is very straight forward. Any conditions are listed including contingency's. If the contract is accepted and signed by the seller but the buyer has a contingency such as selling their existing residence, the buyer has 72hr first right of refusal should another offer comes in. Closings are handled by either a lawyer or a specialized closing agent, I have used both and see no problem with the closing agent if the sale is straight forward.

When I sold my moms house in NY I found it ridicules that the buyer presented their terms to our lawyer for us to draft the contract at my expense. The whole experience was the most convoluted realty sale I ever experienced. I was also amazed at the fees NYS charges just to sell a home.
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Old 11-29-2010, 06:01 AM
 
Location: Where my bills arrive
19,088 posts, read 16,895,426 times
Reputation: 15438
Quote:
Originally Posted by Elke Mariotti View Post
On Long Island, commission splits to Seller's Agents are shown in the agents' version of the listing.
I meant to say "commission is not a factor, that is outlined in the listing". Our MLS Listing show the split between listing/selling agent there is not a seperate "agents" version.
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Old 11-29-2010, 12:16 PM
 
Location: Long Island
9,923 posts, read 23,055,376 times
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Quote:
Originally Posted by VA Yankee View Post
I meant to say "commission is not a factor, that is outlined in the listing". Our MLS Listing show the split between listing/selling agent there is not a seperate "agents" version.
Our listings (agent's version) ONLY show the selling broker's compensation - the listing broker's compensation is confidential. The total commission could be between 4% and 6% (or more), but the selling commission could be offered at 2% and nobody would be/is the wiser. (And generally, that 2% commission gets split between agent and broker)
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Old 11-29-2010, 01:17 PM
 
Location: middle island
148 posts, read 474,018 times
Reputation: 43
When I was selling with an agent, the condition was that if he sold it himself I would only have to pay 2.5% in commission but if another agent brought a buyer in I would have to pay 4.5% in total commission.

Needless to say, I preferred buyers that had no agent. After a 6 month contract with my agent I didn't renew. I ended up selling my co-op myself simply by putting a sign in the window and having an open house here and there.

Do you really need a buyer's agent? NO look online. Do you really need a seller's agent? Not really..

This is just my opinion from my experience.. I am also buying a house without a realtor.. some people are so afraid to do things themselves!
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