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using a buyers agent? — Brooklynian

using a buyers agent?

joehill
joehill
edited November -1 in Park Slope
Is it typical for people to not use a buyers agent when purchasing a home/co-op/condo/whatever in Park Slope?

I've been looking around quite a bit at open houses and through nytimes.com listings and it seems like it's not expected that you would use one.

If that's the case, who helps you come up with an offer? Can your lawyer recommend a inspector and all that stuff?

Comments

  • joehill
    joehill
    ...and if it is commonplace to use one around here, then recommendations would be appreciated.
  • modsquad
    modsquad
    You need a RE lawyer that can also negotiate. Some do sell themselves that way. They will also have access to inspectors and whatnot.
  • joehill
    joehill
    ? wouldn't the lawyer not come into the picture until the offer has already been accepted and you're at the contract stage? or as a buyer do you get a lawyer that far ahead?

    I ask because I've seen quite a few places and I've never seen someone with an agent accompanying them, or any key boxes locked to an outside door or gate. And, one seller told us that they weren't dealing with buyers agents.
  • bolletje
    bolletje
    A hard-working and professional buyer's broker can be useful for anyone purchasing a home, but especially for people who feel that they need the advice of a professional and would like someone to help with the process--like a first-time buyer or someone who is relocating to NY or isn't familiar with the market in the particular neighborhood they are considering, etcetera. No matter what, the seller is the person who pays the commission to the buyer's and seller's agents.

    It is more common in Brooklyn for purchasers to refrain from using buyer's agents and it is also more common in Brooklyn for seller's brokers to refuse to work with buyer's brokers--two sides of the same coin, probably.
    Why is this the case?
    If the seller's broker sells directly to a buyer who contacts them or walks into an open house, then they get to keep the whole commission minus whatever split they give to their agency. If a buyer's broker brings the buyer to the open house or contacts the seller's broker about showing the property, then any commission is split equally between both brokers. This is the reason that a seller wouldn't want to deal with a buyer's agent--because they don't want to share the commission.

    Refusing to co-broke is much more common in Brooklyn. In Manhattan most real estate firms are members of REBNY and (mostly) adhere to an agreement to co-broke with any other member of REBNY.

    Some transactions don't need brokers at all. Some only need a seller's broker and some benefit from having both a buyer and a seller who are represented by a broker.

    Lawyers negotiate with the seller about the terms of the contract and usually don't get involved with submitting the offer, negotiating the final price that will be paid. Of course, if there's something odd or detrimental to the buyer in the contract then sometimes getting a financial concession from the seller is part of it.
  • modsquad
    modsquad
    you need a lawyer for the closing right? Why not talk to one now. Most lawyers have better access to inspectors, DOB, DOT, surveyors, Landmarks, etc. You fall in love with a place and they can supply the paper trail that proves she's a lady or a whore! Any offer you make should be balanced with what they discover about the place and a negotiating attorney will help with that. A buyers agent, I suppose does the same thing, eventually hooking you up to RE attorney. It's not that sellers won't deal with them, they simply don't want to pay them, in essence his fee will come entirely out of your pocket.
  • bolletje
    bolletje
    Yes, modsquad is correct.

    If the seller isn't using a broker then they don't want to deal with brokers at all.

    I used Phil Lavender from Marcus Attorneys to buy my co-op and he was great!

    Sorry--I forgot to say that if you're going to see properties that you're serious about, have an attorney at the ready and also a strong pre-approval from a bank if you intend to get a mortgage. Otherwise, your offer might not be taken seriously.
  • modsquad
    modsquad
    joehill

    Where should booetje and myself send our bill? :^o
  • bolletje
    bolletje
    Lol, I always say bad advice is totally free ;)
  • modsquad
    modsquad
    This is true! :pirat:
  • new2hood
    new2hood
    Bklyn RE is the wild west. I think it's amazing that so much of NY real estate isn't guided by a unifying ethical principle. Our seller's broker refused to co-broke, which, although we went with it, was shady and annoying. Luckily, we had a bulldog lawyer, but it was still a PITA.
  • joehill
    joehill
    thanks for the advice! I don't really think there's that much of a need for a buyers agent other than to help us make a good offer. I guess we'll have to go on our own for that, and use recent transactions in the paper to guide us but it's still a little unnerving to throw out an offer without any guidance from a professional about whether it's too high or too low.
  • retag
    retag
    People are still buying real estate?!?
  • bolletje
    bolletje
    You can also look on Propertyshark for comps, and it's not a bad idea to pay to have your own appraisal done after you submit an offer to make sure that you won't have problems getting the full loan amount that you need before you sign the contract.

    Truthfully, I am not 100% sure if it is acceptable to get an appraisal before putting in an offer (probably not).
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