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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Does anyone know anything about "Buyer Broker"?
I heard the term and didn't know what it was. Then I tried looking it up on the internet and it gave me some informtion. Did anyone work with their RE like this? I believe you have to sign a contract with you RE and can only use them.
Thanks!
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Posted 3/19/07 4:55 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: Does anyone know anything about "Buyer Broker"?
Yes I used a Byer Broker. It esentially guarantees that the broker is working on your behalf. They get the same commission, but if you do not sign them as a buyer broker they are technically acting on behalf of the seller, even if they are not the listing agent (I hope I explained that correctly).
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| Posted 3/19/07 5:47 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Does anyone know anything about "Buyer Broker"?
Posted by MsMBV
Yes I used a Byer Broker. It esentially guarantees that the broker is working on your behalf. They get the same commission, but if you do not sign them as a buyer broker they are technically acting on behalf of the seller, even if they are not the listing agent (I hope I explained that correctly).
YEs this is correct. If you hire buyer broker/agent, the agent is working for you. Usually you will be paying the broker a comission though. If you do not hire them as a buyer's agent, by NYS law they are working for the seller, and the seller pays a comission.
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| Posted 3/19/07 7:16 PM |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: Does anyone know anything about "Buyer Broker"?
Thank you!  Do you think it's worth it to hire an agent this way? Or could it be a waste of your time & money?
Thanks!
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| Posted 3/20/07 9:52 AM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Does anyone know anything about "Buyer Broker"?
we didn't have a buyer broker and everything went fine. the broker we worked with was awesome...sometimes i actually forgot she worked for the seller!
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| Posted 3/20/07 2:14 PM |
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Elbee
Zanzibar
Member since 5/05 10767 total posts
Name:
Me
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Re: Does anyone know anything about "Buyer Broker"?
I have a buyers agent right now. You sign an agreement that says that she will work for you, in your best interests, and will campaign for you. In return anything you buy has to go through her.
Mine runs comps in the area, gives feedback on the inside scoop (divorce, estate sales, bankcrupcy, etc..), consels on what a good bid is, etc ...
So far, I love it so much better than just working with sellers agents.
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| Posted 3/20/07 2:50 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: Does anyone know anything about "Buyer Broker"?
well in the past there has always been 2 types of agents that are available.
Sellers Agent
Buyers Agent
But since 1/1/07, there is also Brokers Agents. This means that the agent you're working with doesnt work for the seller or the buyer, they work for the agent that listed the house you're looking at. It reduces responsibility of the buyer and seller in regard to their agents actions. Its kind of like a happy medium between buyer and sellers agents.
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| Posted 3/20/07 7:50 PM |
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Sp4747
LIF Adolescent
Member since 7/05 752 total posts
Name:
Stephanie
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Re: Does anyone know anything about "Buyer Broker"?
I just sold my house and the couple buying it used a buyer broker who gets paid an additional 1% commission which came out of the sale price. For us we just told them that there was going to be no credits for the roof or anything else their inspector found as we are paying their broker extra money. Some people selling their house might have not sold it, I almost didnt but then realized how long we could be sitting on the house for a few thousand dollars.
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| Posted 3/20/07 8:25 PM |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: Does anyone know anything about "Buyer Broker"?
Thanks Ladies! Our agent hasn't asked us to sign with her yet, so we will just play it by ear I guess. Thank you for the information.
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| Posted 3/21/07 11:27 AM |
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jw11897
LOVING LIFE
Member since 6/05 1433 total posts
Name:
Jess
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Re: Does anyone know anything about "Buyer Broker"?
Posted by Elbee
I have a buyers agent right now. You sign an agreement that says that she will work for you, in your best interests, and will campaign for you. In return anything you buy has to go through her.
Mine runs comps in the area, gives feedback on the inside scoop (divorce, estate sales, bankcrupcy, etc..), consels on what a good bid is, etc ...
So far, I love it so much better than just working with sellers agents.
I am working w/ a Buyer Broker right now and I feel exactly the same way. Too much drama w/ the other agents were dealing w/ as just agents.
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| Posted 3/21/07 11:51 AM |
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: Does anyone know anything about "Buyer Broker"?
Posted by SweetTooth
Posted by MsMBV
Yes I used a Byer Broker. It esentially guarantees that the broker is working on your behalf. They get the same commission, but if you do not sign them as a buyer broker they are technically acting on behalf of the seller, even if they are not the listing agent (I hope I explained that correctly).
YEs this is correct. If you hire buyer broker/agent, the agent is working for you. Usually you will be paying the broker a comission though. If you do not hire them as a buyer's agent, by NYS law they are working for the seller, and the seller pays a comission.
That is true, but alot of the listings actually had it where the commision was split before they knew it was a buyer broker, so in the end I think it worked out the same. The difference being that instead of the listing agent getting the whole (ie) 6%, they got 4% & the secondary broker got 2%. At least this is what we found, but we bought right in the height of the seller's market so it might be different in a buyer's market.
Either way, it helps to have someone that can say things like, "this house went to contract 4 times & was turned down due to CO issues." If your agent is not a signed buyer broker they cannot volunteer that information willingly, only if you ask specifically.
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| Posted 3/21/07 1:35 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: Does anyone know anything about "Buyer Broker"?
Posted by JldDolphin
Thanks Ladies! Our agent hasn't asked us to sign with her yet, so we will just play it by ear I guess. Thank you for the information.
FYI, if your agent hasnt asked you to sign ANYTHING yet then they are breaking the law. Agency must be disclosed at the very first meeting. They are required by law to tell you who they work for.
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| Posted 3/21/07 2:06 PM |
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