unhappy w agent (buying); legal obligations?

LOL....Your situation is not unique I'm not really sure of the function of brokers in Manhattan. They're really UNnecessary in today's market. It's very easy to contact the owner directly and proceed without involving brokers. You'd be surprised, most sellers/buyers prefer a no broker deal. Brokers really have no role other than listing the piece of real estate and organizing showings. My advice to you is go solo. Find the place u want and contact the owner

If you are not planning on bidding on any of the properties he has shown you, there should be no further obligations. If you feel you are getting all the information you need from Streeteasy, and if you have the time to do the additional research and legwork, you may be fine setting up appointments and negotiating the deal on your own. Not everyone has the time or the skill set for self-representation, which is why brokers are still necessary. (People can do their own oil changes, cut their own hair, and clean their own houses, too). If you choose to move on, please let the agent know asap, as a final courtesy. It doesn't have to be unpleasant.

Do remember that if you do choose to move ahead without a buy-side agent, that doesn't mean you will enter into "a no broker deal" - if the seller has contracted a listing agent, you will be dealing with that person throughout the process. Just because you feel comfortable acting as your own agent doesn't mean the seller feels the same way! And if there is a signed agreement between the seller and the listing agent, trying to go around the broker makes you look a little underhanded at best. If the property is being offered by owner, however, you should have a smooth time of it - just get your lawyers talking and hope for a meeting of the minds.

Whatever you decide, best of luck. I hope you find the search exciting and rewarding, which it can be. Try to enjoy the adventure.

Tina
(Brooklyn broker)

oymog: There are no legal obligations, assuming you did not sign an agreement with the broker.
There are companies that have models to address a buyers specific need, I started one of them.

Keith (broker)
http://ubivoletaudentunicornium.blogspot.com/

It depends on whether you hired the broker to find you apartments, or get you through a closing. "I can find my own apartments" is not the same as "I know what flaws to look out for/I know how to negotiate a contract/I know how to ride herd on a lender/I know how to put together a co-op package" etc.

ali r.
DG Neary Realty

Ali, in a perfect world you are correct.

However, in my experience the buy-side brokers I've tried to work with have never had any clue about what 'flaws to look out for' (I generally know far more than they) or how to negotiate a contract (we lost out on a deal thanks to a broker who was completely incompetent at this, even after we tried to coach her).

As for 'riding herd' over a lender--I have always done that myself. Putting together a co-op package is pretty straightforward, and the sell-side broker can help with any questions on that--no need for buyer broker there.

So, bramstar. what would you recommend? This is my first time buying so I obviously have never negotiated a contract - is it pretty self-explanatory? And in terms of putting together a board package, etc, it sounds like I'd be okay as long as I have a competent lawyer?

Oymog...allu need is an attorney. Brokers don't do what Ali R (front_porch) claims. They show apts. PERIOD. If u expect anything more you'll be disappointed.

Actually here is the scenario:

I found the listing - told my agent I wanted to see it - loved it - initial offer rejected. In the meantime we went to look at a bunch of other places, again, all of which I found myself. It's been weeks now and that first listing is still available. I feel that he really hasn't been very helpful or aggressive enough to try to get this deal for me; I really want to go back in with another offer AND A DIFFERENT AGENT - but is this legally allowed? We have no signed contract.

If this deal falls through anyway, I might explore the option of going solo...

sorry - I meant to say "I really want to go back in with another offer AND A DIFFERENT AGENT OR BY MYSELF"

@jake Perhaps you are not interested in a traditional model, but claiming "all they do is show apartments" is not entirely correct. I rebate up to 67% of the buy-side commission to my clients along with providing what I would like to think is good council.

I do agree though that you do not need a broker.

Keith (broker)
http://theburkhardtgroup.com/agents_details.php?agent_ID=7619

oymog - As you will be hiring an attorney to review your (eventual) contract, it may make sense for you to hire one now and ask for advice on this subject. As the agent accompanied you to the showing and submitted the offer on your behalf, there may be an "implied contract" with that agent. You should be able to sort it out amicably, but it always pays to be careful.

Please keep in mind that there may be a number of reasons that negotiation is not moving forward. Was your offer in writing? If not, the listing agent is not obliged to submit it to the seller. Your offer may have been too low to take seriously, there may be another offer being negotiated already, there can be title issues, building issues, any number of issues that, by law, your agent is not permitted to know and/or discuss with you as a client. And just because the listing appears in Streeteasy as "available" doesn't mean that deal isn't close to being finalized. There are many steps between "available" and "in contract".

I'm not defending lazy/lousy representation, and I think if you don't trust your agent you should move on. But you should definitely discuss the ramifications of doing so with an attorney.

Tina
(Brooklyn broker)