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I'd like to find out the pros and cons of purchase without a real estate agent/broker. Will it affect the price negotiation? Does anyone have experience with buying a condo or coop in Manhattan without a buyer's agent/broker? If so, it'd be greatly appreciated if you could share yoru experience.
you will surely get a lot of responses to this question. I'm assuming you believe that you may be able to get a better deal without using an agent. And truly there are some anecdotes of those that have done that (or believe they have done just that). I have heard more horror stories of those that have not used the services of an agent. When you hire an agent, you are getting someone knowledgeable in the field and the area. When you think about it, you may do 5 transactions in your LIFE, I will do that (and more) in 6 months. I stay current pricing and concessions so that I can help you negotiate more effectively. and you will usually be up against an agent on the listing side, who does have access to the information and will negotiate to keep as much money as possible in their pocket.
So, your question: will it effect price negotiation to go without an agent? Probably... just not the way you want it to : )
Real estate in NYC is funky. They don't use the MLS like most other parts of the country do. I can't imagine trying to buy something there without a GOOD real estate agent.
If you have purchased in NYC before, then you might be okay on your own, but if you have purchased in other parts of the country but never in NYC just be aware that it is an entirely different beast out there.
I'd like to find out the pros and cons of purchase without a real estate agent/broker. Will it affect the price negotiation? Does anyone have experience with buying a condo or coop in Manhattan without a buyer's agent/broker? If so, it'd be greatly appreciated if you could share yoru experience.
i think this depends almost entirely on yourself and what type of a person you are and how motivated you are.
I've bought houses both WITH an agent and WITHOUT.
i can tell you that in this day and age, you will have great access to many listings without the need for an agent. criagslist, etc.
if you are good at negotiating, you might want to search for yourself and buy the house by yourself.
i can tell you that when i found my house on craigslist, i knocked 3% off of the sales price right off the bat since i didn't have an agent and the seller worked with me. i then knocked out an additional 4% since i was good at negotiating with him.
if you decide to go without an agent, you must be 1. motivated 2. knowledgable about the process 3. willing to jump through loops and do some busy work.
to me, it would be VERY well worth it. i will never buy another house using an agent.
... i can tell you that when i found my house on craigslist, i knocked 3% off of the sales price right off the bat since i didn't have an agent and the seller worked with me. i then knocked out an additional 4% since i was good at negotiating with him....
I respect your decision to not use an agent and your ability to handle the process. I assume the seller was offering a 3% agent fee? Other FSBO sellers may set the price assuming they will keep the agent fee "savings" for themselves. Also, I assume you compared their price to recent comparable sold homes in the area? Othewise, you may not know if the price you discounted from was reasonable to begin with.
I respect your decision to not use an agent and your ability to handle the process. I assume the seller was offering a 3% agent fee? Other FSBO sellers may set the price assuming they will keep the agent fee "savings" for themselves. Also, I assume you compared their price to recent comparable sold homes in the area? Othewise, you may not know if the price you discounted from was reasonable to begin with.
good point. Yes, not all FSBO offer that 3% to the buyer.
and yes, i "did the comps" and the house we bought was better than anything else sold/for sale in a 10 mile radius! (we were actively looking for a while)
the appraisal was 80k more than our purchase price :-)
good point. Yes, not all FSBO offer that 3% to the buyer.
and yes, i "did the comps" and the house we bought was better than anything else sold/for sale in a 10 mile radius! (we were actively looking for a while)
the appraisal was 80k more than our purchase price :-)
cheers.
Sounds like you got a great deal .
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