Buyer representation & buyer agency for real estate buyers in North Fork Wine Country: A no-brainer!

By
Managing Real Estate Broker with Town and Country Real Estate of the North Fork

It seems a no brain-er: when you are buying real estate you should have a broker, a knowledgeable expert who works for you, not for the seller. Someone who can show you the good AND the bad about a home.

Yet, in our area, most deals are done with real estate agents who work for the sellers. And buyers are left in the cold, working with sellers agents, "the enemy" as some people say. In my experience, consumers are not clearly aware of the important ramifications of the fact they are working with a sellers agent when they make what often is one of the most important purchases in a life time.

It has happened so often to me, while working as a sellers agent, that a customer would say "I know you work for the seller, but could you tell me....".  Clearly indicating they do not fully understand the consequences  of agency law in New York, no matter how many times explained. And it makes sense given the human relationship and friendship that follows spending time with people.

When people are kidnapped or taken hostage, it is described that many times, a much more friendly relationship forms between captor and captive than one would expect. And when a buyer drives around with a real estate agent, a feeling of trust and friendship ensues that completely belies the true nature of the relationship between buyers and sellers agents. How could this person who is so nice, knowledgeable and professional do something bad to you?

Fact is, this agent for the seller is bound by law and protect the sellers interests, and to say it in plain English: sell the house to you, the buyer, at the highest price he can get from you. And this agent is not telling you "buyer beware" as would behoove you, instead is a well trained sales professional presenting homes to you in the best possible light. As long as he is not lying to you, and remains "fair" in his dealing with you.

So you would be better of with a knowledgeable agent who works for you as the buyer.

Now, who is going to pay the commission? That seller's agent is not charging me at all while driving me around?

The true answer is that the sellers agent is not working for free: truthfully, all money in a real estate transaction typically comes from the buyer, almost all real estate agent's commissions are paid out of the proceeds at the closing table. So the Buyer in effect is paying the commission for the agent who is doing the seller's work... without anybody looking out for the buyer who'se footing the bill anyway!

If you would like to be represented by a buyers agent when you buy a house, it is important to clarify what your mutual expectations are. And to put these expectations in writing is the best way to ensure that in the future there will not be any misunderstandings. That agreement in writing is the Buyers Agency agreement. At Buyers Connections that's what we like to do. It works. Try it!

If you still have any questions, or remarks, visit www.buyersconnections.com or let me know! joan@buyersconnections.com

 

 

Posted by

Joan H. Bischoff van Heemskerck, Managing Director, North Fork and Shelter Island, Town & Country real estate Tel 631 948 0234 or jbischoff@1townandcountry.com

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