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jes81276
summer fun!
Member since 3/06 4962 total posts
Name:
Jaime
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RE Agents representing the buyer
Anyone sign an agreement with the RE agent so the agent would represent you as the buyer? I think it is called a Buyer's agent. What are the benefits of doing this? DH's friend is our RE agent and wants us to sign this? Not sure if this is in our best interest though. Any thoughts or experiences would be appreciated. TIA
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Posted 4/17/07 8:19 PM  |
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MURRAY-MM
LIF Infant
Member since 5/06 105 total posts
Name:
L
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Re: RE Agents representing the buyer
We did this. When purchasing property, the real estate agent for the house/condo you are purchasing represents the seller, not the buyer. By having a buyers agent, you have some representation. A buyers agent does not cost the buyer anything. The buyers agent ususally splits the commision with the sellers agent. The seller is the one that pays the sellers agent the commission.
This is how it works in Boston, not sure about NY, but I would assume it would be similar???
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| Posted 4/17/07 8:40 PM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: RE Agents representing the buyer
Be careful with this. A "friend" of ours was doing this for us a favor and added into the contract that we were going to pay him $5,000! We did NOT agree to anything like this. Our lawyer caught it in the contract and pointed it out to us. We fought it and had it removed along with him as a friend.
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| Posted 4/17/07 9:10 PM |
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pnm1654
Mommy to 2 boys!
Member since 5/05 4565 total posts
Name:
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Re: RE Agents representing the buyer
I'm pretty sure a buyer's agent is paid his/her commission by the buyer. If an agent is splitting the commission with the listing agent, then he/she works for the Seller.
Message edited 4/17/2007 9:15:09 PM.
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| Posted 4/17/07 9:14 PM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: RE Agents representing the buyer
in NYS, I *think* all agents work for the seller unless you specifically hire (and PAY) a buyers agent.
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| Posted 4/17/07 9:50 PM |
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: RE Agents representing the buyer
Posted by MURRAY-MM
We did this. When purchasing property, the real estate agent for the house/condo you are purchasing represents the seller, not the buyer. By having a buyers agent, you have some representation. A buyers agent does not cost the buyer anything. The buyers agent ususally splits the commision with the sellers agent. The seller is the one that pays the sellers agent the commission.
This is how it works in Boston, not sure about NY, but I would assume it would be similar???
We did this too when we were looking. It made things alot easier for my Buyer's broker in cases where the seller's agent or attorney were not doing things expeditiously or in the proper manner. If I had not signed him as a buyer broker he would not have been able to expedite thigns on my behalf.
It also came in handy when we were trying to buy a FSBO that turned out to be disasterous. He was able to disclose information regarding his conversations with the seller's atty that he normally would not have been able to if he were acting on the seller's behalf. It completely eliminated the conflict-of-interest & was totally worth it.
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| Posted 4/18/07 7:55 AM |
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: RE Agents representing the buyer
Posted by -Lisa-
in NYS, I *think* all agents work for the seller unless you specifically hire (and PAY) a buyers agent.
We did not have to pay our Buyer's Broker....he worked out a split commission with the selling agent - just the same as if he were not signed as a Buyer's Broker & just as an additional agent on the sale.
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| Posted 4/18/07 7:56 AM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: RE Agents representing the buyer
Some houses offer a buyer agent commison and others do not. If you sign with a buyers agent and no commison is offered by the seller for a buyer agent you would be responsible to pay the buyer agent.
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| Posted 4/18/07 9:21 AM |
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