Buying A Home
March 7th, 2009
It occurred to me after speaking to someone who recently bought an apartment on their own, that many people do not know what a Buyer’s Broker is.
Had she had a Buyer’s Broker representing her she would have saved approximately $60,000.00 and it would not have cost her a penny. Yet she had no idea that she could have her own broker represent her.
Working with a Buyer’s Broker offers buyers every advantage. The Buyer’s Broker works solely for the buyer, yet they work with ALL of the Seller’s Brokers — especially in Manhattan. This means that buyers can preview apartments from any brokerage firm in Manhattan through their Buyer Broker.
It’s the best of both worlds. A Buyer’s Broker will determine a buyer’s real estate needs and financially pre-qualify them for apartments that they may be interested in.
The Buyer’s Broker will then schedule appointments for the buyer to preview apartments from any and all firms that represent apartments of interest to the buyer.
Once a buyer sees an apartment they want to purchase, the Buyer’s Broker makes the offer to the Sellers’ Broker on behalf of the buyer, negotiates price, closing dates and other matters. Once the offer is accepted, it is up to the Buyer’s Broker to guide their customer and work closely with their attorney on any and all issues that may arise.
For a foreign buyer this is particularly important as the Buyer’s Broker is based in elsewhere … in my case Manhattan, and can handle any issue with great ease. The Buyer’s Broker can easily recommend the appropriate real estate and tax attorneys (albeit condo or coop), accountants, decorators, and any services the buyer will need.
Buyers DO NOT PAY A FEE. There is absolutely no cost to them. The Seller pays the fee and the fee is split between the Buyer’s and the Seller’s Brokers.
Your broker will be present at the closing. This broker was responsible for saving her client a few thousand dollars at the closing because the closing documents contained the wrong information.
So when buying a new home – even if you are the best negotiator – it is to your advantage to work with a Buyer’s Broker.
Feel free to contact Ross Ellis at Halstead Property for a consultation or for any questions you may have at 212-317-7828 or by email