need quick help about getting buyers broker or not
Started by guest99
over 14 years ago
Posts: 7
Member since: May 2007
Discussion about
Hello, Long story short, I don't know much about real estate or the market, I came into some money, and now have been looking to purchase a condo or coop. I've narrowed it down to 2, which I would both be happy with, and I am having the final viewings this weekend. I am in a bit of a time pressure to get this done as I will need to be traveling for work related projects soon, and really, I'd like... [more]
Hello,
Long story short, I don't know much about real estate or the market, I came into some money, and now have been looking to purchase a condo or coop. I've narrowed it down to 2, which I would both be happy with, and I am having the final viewings this weekend. I am in a bit of a time pressure to get this done as I will need to be traveling for work related projects soon, and really, I'd like to just settle down into a new place quickly.
As a complete novice, I'm considering whether to obtain a buyers broker. I really don't have much knowledge of the process, but I want to settle things very soon and move on. One of these places will be represented by a very professional, experienced broker who has their A game going. The other place is a coop and the meetings have been calm and friendly, they have a broker as well.
Any ideas? Not just from Brokers but curious to hear from others as well. I've looked through the threads but still confused as info seems conflicting.
thanks
W
[less]
Response by Yola
over 14 years ago
Posts: 22
Member since: Apr 2010
You need your own advocate because you do not know what you are doing. Engage a broker.
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Response by sjtmd
over 14 years ago
Posts: 670
Member since: May 2009
In most cases, there is no discount to purchasing without a broker. That being said, you seem to be in a rush and in no mood to do the legwork (comps, etc.) on your own. Get a good broker....but you will still need a lawyer.
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Response by MAV
over 14 years ago
Posts: 502
Member since: Sep 2007
"I don't know much about real estate or the market, I came into some money"
"I am in a bit of a time pressure to get this done as I will need to be traveling for work related projects soon"
Why would you not use a broker in this case? Looks very clear to me... Especially with a very sharp sellers broker or a board to deal with.
Is this a broker making a mock thread to see if even the anti-broker bashers will bash this example?
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Response by Eric_14
over 14 years ago
Posts: 93
Member since: Sep 2011
You've done a lot of the broker's work already by finding a place, but you haven't done the most important work. You need someone who knows real estate to make sure that you know what you're getting into and gets the contract written correctly for you. And, as already said, it won't cost you anything.
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Response by guest99
over 14 years ago
Posts: 7
Member since: May 2007
no, believe me it's just a regular guy that is worried about screwing things up on the final two places I have my eyes set on. I'm not so pressed to get a discount, but I just don't want to get screwed by the other guys broker since they seem quite experienced and I don't know anything about the process
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Response by FreebirdNYC
over 14 years ago
Posts: 337
Member since: Jun 2007
since you've already done a lot of the legwork, you shouldn't pay full fee. Use a broker who will rebate your fee.
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Response by ab_11218
over 14 years ago
Posts: 2017
Member since: May 2009
in your situation, i would use http://www.theburkhardtgroup.com/. you'll get the representation you need and will get some money for the work that you've already done.
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Response by douglasternyc
over 14 years ago
Posts: 62
Member since: Sep 2009
Agree that you want a broker on your side of the transaction especially if you are inexperienced. Also agree that in this case a rebate makes sense - since a good portion of the work a buyer's broker does is help you find the home. I think there are a lot of brokers who would provide a rebate in this situation(full disclosure - my firm offers rebates to buyers). Good luck!
I don't know him, but I like his business model and he sounds very competent and trustworthy form what I've read about him on this Board.
President
Broker
keith@theburkhardtgroup.com
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Response by Wbottom
over 14 years ago
Posts: 2142
Member since: May 2010
don't be a fool and throw money away needlessly...get a lawyer, and work with him/her as you negotiate...you don't get a discount per se by not using your own broker, but you eliminate one of two useless overpaid entities who will glom onto your transaction, such that you can negotiate more aggressively
and dont believe that you and your lawyer won't represent your interests at least as well as any broker--
worst case call burghhardt--do not call a buyers' broker
I didn't earn this money. I came into it. Can someone please help me buy some bananas? I'll pay you 3%.
-the op's question. Itself is proof enough there are ppl who come into $.
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Response by angray
over 14 years ago
Posts: 103
Member since: Sep 2011
Get a good lawyer. I can't see any broker (esp the discount rebate brokers) telling you if the deal is good or bad.
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Response by huntersburg
over 14 years ago
Posts: 11329
Member since: Nov 2010
I smell one of those Nigerian scams.
(I also smell w67thstreet but that's a different topic).
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Response by guest99
over 14 years ago
Posts: 7
Member since: May 2007
Ok, thanks everyone. I have some people who say go for it, others who say it wont be helpful. Again, conflicting info. I guess the nature of it is that people have different opinions.
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Response by front_porch
over 14 years ago
Posts: 5324
Member since: Mar 2008
guest,
can you talk to any of your friends who have been through buying with a buyer's broker and without? Frankly, they're going to be the most help, because they can tell you far more specific anecdotes than we can (or in my case, since I'm from the industry, than you might believe!)
Best of luck either way.
ali r.
DG Neary Realty
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Response by caonima
over 14 years ago
Posts: 815
Member since: Apr 2010
brokers are gonna harm you much more than anything if they could be of any help
the best way is for yourself to obtained an RE license, which cost under a thousand or little more and couple months. then you could get as much as 3% back when you buy a house, very good return of investment
and later on, you could help out your friends to save money and earn some free pocket money, good money
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Response by jim_hones10
over 14 years ago
Posts: 3413
Member since: Jan 2010
hey, west60fuckface, when is it that you are going to buy that place on cpw for 500 per foot?
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Response by bashmore
over 14 years ago
Posts: 8
Member since: Nov 2007
Guest99,
As you suggest, you will (and already have done) find opinions all over the map.
I carry the bias of being a broker (and that's a true "broker" as opposed to salesperson) myself.
I literally just closed a deal for a friend of mine in very similar circumstances yesterday and would be happy to help out - advice is free.
Also more than happy to supply yesterday's buyer's name as a very recent reference.
Give me a call/email any time.
(212) 724-2477
Basil@BasilAshmore.com
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Response by 300_mercer
over 14 years ago
Posts: 10723
Member since: Feb 2007
It is stupid not a get a broker. If you do not have a broker, seller's broker keeps the full commission and is more or less forbidden by law to represent your interest. You can even find brokers who give you a part of the commission back. Try keith burkhardt.
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Response by bramstar
over 14 years ago
Posts: 1909
Member since: May 2008
More important than the buy-side broker is a good lawyer. Your attorney will be the one to do due diligence on the building and craft your contract.
If you are comfortable in handling negotiations yourself then you may not need a broker. The seller's agent will in that case be the one to help you prepare your board package (for the coop) and he/she will be incentivized to do that job well as it will have direct impact on whether the deal goes through or not.
If you are financing, make sure to have a mortgage contingency.
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Response by falcogold1
over 14 years ago
Posts: 4159
Member since: Sep 2008
I've been thinking about this very topic.
If I find an apartment that I want to buy and the broker fee comes from the sale, what benifit can be derived from not using a broker?
If I just use a lawyer how will this benifit me?
Can I hire a broker to represent me in a sale for a property I have located and get some sort of rebate from the 3% of the commision? Does anyone know a situation where this has happened?
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Response by falcogold1
over 14 years ago
Posts: 4159
Member since: Sep 2008
jim_bone10
very hostile
Might I suggest a trip to one of the many rub&tug businesses.
I think you need to get the venom out....PDQ
Happy Holidays jim_bone
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Response by gbullaro
over 14 years ago
Posts: 1
Member since: Oct 2009
I am a New York real estate attorney and Licensed real estate broker in Manhattan. I have handled thousands of similar situations. You may reach me at 646-472-5758 for a free consultation.
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Response by Bill7284
over 14 years ago
Posts: 631
Member since: Feb 2009
I've said this before on SE that when I used a buyer broker it really did speed things along without question. Any future buy will be done the same way. I will be buying property, not an overcoat. I think of it the same as going to court and making sure I have proper representation. It took me long enough, but I got it.
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Response by 300_mercer
over 14 years ago
Posts: 10723
Member since: Feb 2007
falco, yes you can get a rebate. We got a nice 2% of the purchase price which was enought to pay for basic apartment updates (painting, floors, lighting fixtures etc).
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Response by jim_hones10
over 14 years ago
Posts: 3413
Member since: Jan 2010
falco,mind your own fucking business unless i direct some "venom" at you.
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Response by columbiacounty
over 14 years ago
Posts: 12708
Member since: Jan 2009
that certainly qualifies as venom directed at him.
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Response by kharby2
over 14 years ago
Posts: 279
Member since: Oct 2009
The combination of found money, time pressure, and inexperience can lead to regrets in any purchase...as the lines at Macy's on December 26 suggest.
If you're going to choose between these two apartments, decide on an initial offer number, and negotiate against a trained, experienced person who is legally bound to represent only the best interests of the other side, then at least I hope you will slow down a bit.
Specifically, take time to research the two buildings in question with regards to which is likely to be the better investment for you. Because, as I love to say, real estate is an investment whether you like it or not. And, it's easy to get into but (usually) hard to get out of.
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Response by fishermb
over 14 years ago
Posts: 85
Member since: Aug 2008
My wife and I are about to close on our first purchase, a 1br co-op. We had a great attorney doing his due diligence on minutes, bylaws and the contract. For someoe in the op's situation it may make sense to find a broker to help but we felt completely comfortable doing our own negotiations. Using streeteasy alone I found enough comp info to eventually negotiate 10% off the current ask. What I found is that once the offer was accepted, the seller's broker did everything she could to help us with the co-op package, as she was experienced selling in the building and it's obviously in her best interest to make sure the sale goes through. It's all up to what you feel comfortable with in regards to finding comps, doing an inspection and deciding how you want to negotiate, or whether you want someone to advise you along the way, neither way is wrong.
You need your own advocate because you do not know what you are doing. Engage a broker.
In most cases, there is no discount to purchasing without a broker. That being said, you seem to be in a rush and in no mood to do the legwork (comps, etc.) on your own. Get a good broker....but you will still need a lawyer.
"I don't know much about real estate or the market, I came into some money"
"I am in a bit of a time pressure to get this done as I will need to be traveling for work related projects soon"
Why would you not use a broker in this case? Looks very clear to me... Especially with a very sharp sellers broker or a board to deal with.
Is this a broker making a mock thread to see if even the anti-broker bashers will bash this example?
You've done a lot of the broker's work already by finding a place, but you haven't done the most important work. You need someone who knows real estate to make sure that you know what you're getting into and gets the contract written correctly for you. And, as already said, it won't cost you anything.
no, believe me it's just a regular guy that is worried about screwing things up on the final two places I have my eyes set on. I'm not so pressed to get a discount, but I just don't want to get screwed by the other guys broker since they seem quite experienced and I don't know anything about the process
since you've already done a lot of the legwork, you shouldn't pay full fee. Use a broker who will rebate your fee.
in your situation, i would use http://www.theburkhardtgroup.com/. you'll get the representation you need and will get some money for the work that you've already done.
Agree that you want a broker on your side of the transaction especially if you are inexperienced. Also agree that in this case a rebate makes sense - since a good portion of the work a buyer's broker does is help you find the home. I think there are a lot of brokers who would provide a rebate in this situation(full disclosure - my firm offers rebates to buyers). Good luck!
Doug Perlson
www.realdirect.com
I second that ab_11218-
I don't know him, but I like his business model and he sounds very competent and trustworthy form what I've read about him on this Board.
President
Broker
keith@theburkhardtgroup.com
don't be a fool and throw money away needlessly...get a lawyer, and work with him/her as you negotiate...you don't get a discount per se by not using your own broker, but you eliminate one of two useless overpaid entities who will glom onto your transaction, such that you can negotiate more aggressively
and dont believe that you and your lawyer won't represent your interests at least as well as any broker--
worst case call burghhardt--do not call a buyers' broker
I third ab and brooks2
use http://www.theburkhardtgroup.com/
I didn't earn this money. I came into it. Can someone please help me buy some bananas? I'll pay you 3%.
-the op's question. Itself is proof enough there are ppl who come into $.
Get a good lawyer. I can't see any broker (esp the discount rebate brokers) telling you if the deal is good or bad.
I smell one of those Nigerian scams.
(I also smell w67thstreet but that's a different topic).
Ok, thanks everyone. I have some people who say go for it, others who say it wont be helpful. Again, conflicting info. I guess the nature of it is that people have different opinions.
guest,
can you talk to any of your friends who have been through buying with a buyer's broker and without? Frankly, they're going to be the most help, because they can tell you far more specific anecdotes than we can (or in my case, since I'm from the industry, than you might believe!)
Best of luck either way.
ali r.
DG Neary Realty
brokers are gonna harm you much more than anything if they could be of any help
the best way is for yourself to obtained an RE license, which cost under a thousand or little more and couple months. then you could get as much as 3% back when you buy a house, very good return of investment
and later on, you could help out your friends to save money and earn some free pocket money, good money
hey, west60fuckface, when is it that you are going to buy that place on cpw for 500 per foot?
Guest99,
As you suggest, you will (and already have done) find opinions all over the map.
I carry the bias of being a broker (and that's a true "broker" as opposed to salesperson) myself.
I literally just closed a deal for a friend of mine in very similar circumstances yesterday and would be happy to help out - advice is free.
Also more than happy to supply yesterday's buyer's name as a very recent reference.
Give me a call/email any time.
(212) 724-2477
Basil@BasilAshmore.com
It is stupid not a get a broker. If you do not have a broker, seller's broker keeps the full commission and is more or less forbidden by law to represent your interest. You can even find brokers who give you a part of the commission back. Try keith burkhardt.
More important than the buy-side broker is a good lawyer. Your attorney will be the one to do due diligence on the building and craft your contract.
If you are comfortable in handling negotiations yourself then you may not need a broker. The seller's agent will in that case be the one to help you prepare your board package (for the coop) and he/she will be incentivized to do that job well as it will have direct impact on whether the deal goes through or not.
If you are financing, make sure to have a mortgage contingency.
I've been thinking about this very topic.
If I find an apartment that I want to buy and the broker fee comes from the sale, what benifit can be derived from not using a broker?
If I just use a lawyer how will this benifit me?
Can I hire a broker to represent me in a sale for a property I have located and get some sort of rebate from the 3% of the commision? Does anyone know a situation where this has happened?
jim_bone10
very hostile
Might I suggest a trip to one of the many rub&tug businesses.
I think you need to get the venom out....PDQ
Happy Holidays jim_bone
I am a New York real estate attorney and Licensed real estate broker in Manhattan. I have handled thousands of similar situations. You may reach me at 646-472-5758 for a free consultation.
I've said this before on SE that when I used a buyer broker it really did speed things along without question. Any future buy will be done the same way. I will be buying property, not an overcoat. I think of it the same as going to court and making sure I have proper representation. It took me long enough, but I got it.
falco, yes you can get a rebate. We got a nice 2% of the purchase price which was enought to pay for basic apartment updates (painting, floors, lighting fixtures etc).
falco,mind your own fucking business unless i direct some "venom" at you.
that certainly qualifies as venom directed at him.
The combination of found money, time pressure, and inexperience can lead to regrets in any purchase...as the lines at Macy's on December 26 suggest.
If you're going to choose between these two apartments, decide on an initial offer number, and negotiate against a trained, experienced person who is legally bound to represent only the best interests of the other side, then at least I hope you will slow down a bit.
Specifically, take time to research the two buildings in question with regards to which is likely to be the better investment for you. Because, as I love to say, real estate is an investment whether you like it or not. And, it's easy to get into but (usually) hard to get out of.
My wife and I are about to close on our first purchase, a 1br co-op. We had a great attorney doing his due diligence on minutes, bylaws and the contract. For someoe in the op's situation it may make sense to find a broker to help but we felt completely comfortable doing our own negotiations. Using streeteasy alone I found enough comp info to eventually negotiate 10% off the current ask. What I found is that once the offer was accepted, the seller's broker did everything she could to help us with the co-op package, as she was experienced selling in the building and it's obviously in her best interest to make sure the sale goes through. It's all up to what you feel comfortable with in regards to finding comps, doing an inspection and deciding how you want to negotiate, or whether you want someone to advise you along the way, neither way is wrong.