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Updated about 5 years ago on . Most recent reply

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87
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Rashad Ellis
  • Brooklyn, NY
19
Votes |
87
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Buying my first property I'm NY. Do I need a buyers agent?

Rashad Ellis
  • Brooklyn, NY
Posted

I'm in the initial stages of purchasing a multifamily property. I've been preapproved for a mortgage and I'm looking at properties that I find on Realtlor.com, Redfin, and Trulia. I contacted a Realtor and told him what I'm looking for. He claimed for my price range in Brooklyn there isnt much out there. He mentioned one property to me (exclusive listing i suppose) that wasnt what I was looking for. I told him that I do see listings that fit my criteria in certain areas that need TLC. We agreed that I would send him anything that I was interested in and he could look into it. I sent him a listing i was interested in so he could get me a showing. He forwarded me a text from the listing agent saying that hes only showing to those can give a solid offer. So he suggested I submit an offer just to get in to see the property. The disclosure has him (my contact) as one of the seller's agents. I then asked him if he would represent me(which I ignorantly though I implied when I contacted him) . He said "that would be to the sellers advantage but I'd have to pay him the 2% commission" . I don't understand that.

Now my question is, do I still go forward AND would I better off with a buyers agent ?

Most Popular Reply

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6,629
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Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
7,588
Votes |
6,629
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Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
Replied

None of that makes any sense. Why would you submit an actual offer just to see the property? You don't pay a commission, the seller pays the commission. You are moving too fast to buy and this is how people get themselves into terrible deals without proper representation. No one without experience should be buying without a good relationship with a buyer's agent who can protect your interests only. Even in the case of dual agency, where the agent represents both sides, their primary fiduciary responsibility is to the seller first.

Slow down. Create a relationship with an agent. If you have a downpayment, cash to close, and a pre-approval it should not be hard to find an agent to help you and protect you.

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