Monday, January 21, 2013

Buyer Broker VS Brokers Agent !

As many buyers are beginning their spring search, I want to take a moment and explain a specific piece of paperwork that you should be seeing quite a bit of, and that is the New York State Disclosure.  This paper specifies what kind of relationship you have with the agent that you are in communication with.  You should always remember that even if you are working with an agent as a buyer there are still 2 different kinds of available agency with some very important differences ! 

Brokers Agent
This Agent Is Only Working With You 
  • The seller’s information is 100% confidential including but not limited to reason for moving, health, or flexibility in price.
  • Can send you listings but are not allowed to disclose any information about previous listings, or owner motivation due to disclosure laws. 
  • Set appointments on any listings that are being advertised or marketed with the Multiple Listing Service, this excludes any homes with Exclusive Listings & Unrepresented Sellers.
  • Will attend showings of homes with you but is unable to give any sort of advice or council on any particular area of the home from price, to functionality for prospective buyer.
  • You will not be exempt from being contacted by other real estate agents regarding their listings that you have viewed, the brokers agent & listing agent with this kind of agency are representing the seller. 
  • Offers can be placed with a Brokers Agent, comparable homes can be provided to support the seller’s price.  Offer will be placed with the listing agent, who will pass it along to the homeowner.  
Buyers Agent
This Agent Is Working For You !
  • Your information is 100% confidential including but not limited to how much you can afford,you reasons for the purchase.
  • The seller’s information is no longer confidential if they share why they are moving, or price flexibility you are now entitled to know.
  • I will do the “homework” on all the properties that you want additional information on (EX: How long & how many times the home has been on the market).
  • I can give you advice and council regarding a home that you are interested in (EX: What home of 3 is a good value in my opinion).
  • I am able to bring you into homes of Unrepresented Sellers while reducing your risk if/when you choose to purchase.
  • Facilitating you being able to view and place offers on “Exclusive Listings” that are not available to the general public or other real estate agents from non-affiliated brokerages.  
  • I can be the “liaison” for not only those involved in the transaction once you find a home but for other agents during the search (Agents You Meet At Open Houses).
  • Beginning with placing an offer pulling 3 comparable homes to help you to get the home for the lowest price possible. 
  • Presenting the offer in person to the homeowner giving them all information you would like disclosed making sure the terms are clear and understood. As well I have the right as a Buyer Broker to keep the name of my client anonymous from the homeowner and still place the offer.

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