Authored by: Options Realty
February 1st, 2008
BUYER AGENCY ON THE NORTH FORK OF LONG ISLAND: DON’T LEAVE HOME WITHOUT IT!
We have posted for your review a disclosure that you will be required to acknowledge when you choose to work with a real estate agent/Realtor in the state of New York. Please see previous blog.
At Options Realty, we offer as company policy two choices: have us represent you as a buyer, or have us represent you as a seller, or in the event of our own internal listing, on behalf of the seller. If you care for a listing that we offer, we will offer only SELLER AGENCY representation- meaning that you’d be wise to obtain your own buyer broker to look out for your best interests. Dual agency, to us, is a very bad plan, and it undermines the integrity that we’d like to see all parties exit the transaction with, including ourselves. Many local companies do not feel as we do; that choice belongs to them. We operate on our own level of integrity, not local practice.
FREQUENTLY ASKED QUESTIONS ABOUT BUYER REPRESENTATION:
“Who pays the commission?” is a common question. Know that, if a home is presented in the MLSLI (Multi List of Long Island) the seller has indicated payment to the cooperating broker. It’s in the PRICE of the home. So- the reality is, as a buyer offering full price for a house, you pay it (from our perspective), but the listing agent compensates Options Realty OUT of the advertised fee. Offering less than full price does not negate the agreement of the seller- it simply means that they will net less due to a lower accepted offer.....
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