Syosset Residents: Why Have A Realtor Work Exclusively For You When Buying A Home

Questions about buyer brokerage

Agency disclosure is mandated by law to protect you, the consumer, in real estate services. Every agent is required to explain the choices you have as to representation. That means you have a choice whether the agent works for you or for the sellers of the properties you preview. Normally in our market area, agents represent the sellers of the properties listed whether they are working with the seller or a buyer. In the rest of the  country 60% of buyers are represented by buyer’s agents in the sale of a home.

• What is the difference between working with a seller’s agent or a buyer’s agent?

1) Representation – to a seller’s agent every house is priced correctly and the only good offer is a full price offer. A buyer’s agent is obligated to get the buyer the best price and terms on any property under consideration.
2) Interpreting market data – the seller’s agent is allowed to provide the data itself, selling price, lot size, taxes etc. The buyer’s agent is obligated to make sense out of the data and help you make the best choice.
3) Negotiating the sale – the seller’s agent is only allowed to present your offer to the seller and present to you any counteroffer. The buyer’s agent will use their professional expertise to help negotiate the best deal for you.
4) Confidentiality – The seller’s agent is obligated to divulge to the seller any useful information that the agent has found out about you to insure the seller gets the best deal possible. The buyer’s agent Explains the advantages of
Buyer Brokerage.

• Why can putting the agent in your corner get you a better deal on your next real estate transaction?

Bound to hold all your information as confidential and can even keep your identity secret. If you are going to work with a real estate agent, why wouldn’t you want that agent to work in your best interest?

Questions and answers about buyer’s agents

• Doesn’t a buyer’s agent agreement force me to work with only one agent?

Buyer’s agent agreements specify a time period when the buyer will exclusively use one agent. The time period can be as short as a month or as long as 6 months. If you don’t trust your agent then don’t hire him/her.

• Doesn’t a buyer’s agent agreement obligate me to pay the agent’s commission?

Technically, the buyer pays the buyer's agent. In the real world there is virtually no difference. Although you might be able to negotiate a better deal if you paid the agent separately, most buyer agent commissions are paid out of mortgage proceeds. The offer you make includes the agent’s commission just as if you were working with a seller’s agent. You definitely won’t be paying more with a buyer’s agent – you should be paying less for your real estate purchase.

If you have any questions concerning this process, please contact me directly.
Richard T. Brazzano
(516) 364-2248 or email Richard.Brazzano@elliman.com