Buyers Agency
Question:
If I ask a Real Estate Broker to show me properties, is
the Broker working for me?
Answer:
NO!
In New York State, by default the Broker is working for the Seller, NOT
THE BUYER!
In many situations with two brokers handling a deal, they BOTH represent
the Seller!
In the world of Real Estate, New York State is considered a BUYER BEWARE
State.
In order to insure that the Broker works for YOU
(the BUYER) you need to make the proper arrangements!
REAL ESTATE 101 - Buyer's Broker
Adirondack Country Homes Realty can represent either the seller or the buyer
(or both under some circumstances)*. If you are buying, we prefer to represent
you directly, as your Buyer's Agent. Your interests become our only interest
when we provide your Buyer's Agent Service. We are dedicated to negotiating
the lowest price and the best terms on the property you are interested in,
and are acting strictly on your behalf. In short, we are LOYAL TO YOU ONLY!
Simply put - A seller's agent represents the seller. A buyer's
agent represents the buyer.
When making a home purchase, you are in many cases making
the largest single investment in your life. Do you want to make that investment
knowing that the selling broker, as well as the broker that is showing the
property to you both represent only the SELLER'S INTERESTS?
Did you know that when you simply walk into a real estate
office and say "I'd like to see such and such properties" that you
are only a CUSTOMER?
That Broker still remains an agent for the SELLER, NOT YOU.
Personal Buyer's Agency
Intro Level "Buyer's Agent Service"
All it takes for that agent to become your buyer's agent is
to check off a different box on the NY Department of State Required
"Disclosure Regarding Real Estate Agency Relationships". That's
it! From that point on, that agent is your Personal Buyer's Agent for all
MLS offerings. This service provides the knowledge of what questions you should
ask, what information you are entitled to, what information you should be
willing to provide the seller, what regional conditions may affect the property,
the ability to discuss your financial situation in privacy etc... It means
we are looking out for your best interest and it's absolutely FREE.
Exclusive Buyer's Agency
Level I "Exclusive Buyer's Agent Service"
This designated Exclusive Buyer's Agent performs additional
services for you. They are contracted by you to perform real estate duties,
scout out homes, properties and/or businesses that meet your criteria, contact
other agencies for information and scheduling, photograph properties, etc.
... all on your behalf. This service is also free to our clients (fees are
obtained from the MLS offering), and is certainly beneficial for our long-distance
purchasers who cannot drive up every weekend to check out a property; or their
lifestyle is such that they simply don't have the time to scout out real estate.
Many executives find this service a necessity, rather than a choice. This
service requires the signing of an agreement to guarantee we get paid for
our efforts if you buy a property that we have supplied to you for consideration.
This level of "Exclusive Buyer's Agency" provides a valuable service,
however the agent must still tend to all other clients who are equally deserving
of his/her time. Service frequency may be directly related to the amount of
activity in the Real Estate office.
Level II "Exclusive Buyer's Agent Service"
(visit
www.adirondack-exclusive-buyer-agent.com)
This designated Exclusive Buyer's Agent performs essentially
the same services as the Level I Agent with the added benefit of setting aside
regularly scheduled time to produce detailed reports to meet your requirements.
The frequency and detail of the services required will dictate the additional
cost to you. Fees are usually agreed to commission
rates even if the selling agency doesn't offer competitive rates. e.g.. if
the agreed upon commission for service is 5% and the selling agency offers
2%, you will be liable for the 3% difference at closing. For extremely
frequent and/or highly detailed services, an actual money fee
may be charged for service regardless of whether a property actually gets
purchased. This fee or a portion thereof may be discounted at closing. This
type of service is often performed for Property Investors always on the hunt,
however it can be useful to others, such as persons wanting to purchase highly
desirable, high demand properties. Direct Lakefront on certain lakes falls
into this category. When a property of this type comes on the market, it is
usually pounced upon "by many very fast". You may need someone watching
for you, a certain niche in the market (a particular lake or a particular
price point or area), so you can be at the front of the line before the competition
ever realizes what has happened.
Whatever services you choose from ACHR, we will take the time
to explain all of the various options and answer any questions you may have.
Call,
e-mail
or stop in to discuss your needs.
* Buyer agency services for ACHR listed properties, will
require the approval by the seller of that property, to be a designated agent
before buyer agency services can be provided. This is simply a matter of full
disclosure to both parties. If both parties agree, we will designate different
agents to represent each side of the transaction to guarantee the privacy
and concerns of each party is respected equally.
