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Buying yourself & selling with a broker

Started by Caterpillar
about 18 years ago
Posts: 1
Member since: Feb 2008
Discussion about
Hi - this may sound like a stupid question but since I've not been in this position before, thought I'd ask. I currently own a co-op but would like to sell it and buy in a new development. I'm not looking to use my previous broker (didn't really like her in retrospect) so I would like to find & establish a good relationship with a broker who could sell my current place. However, how wrong would it be to not use that same broker to buy into a new development (assuming 1)I could save some money by negotiating directly with the sponsor and 2)the broker would know that I am looking to buy into a new dev)? Any thoughts? Is this done often and I'm just being too nice? Would it just make more sense to buy into the new dev first and then find a broker to sell my current place?
Response by Goldie
about 18 years ago
Posts: 182
Member since: Apr 2007

You should do whatever you best feel comfortable with. You don't owe anyone anything. This is a business relationship and you choose who you do business with. Your thinking makes perfect sense for your needs. Not only would it be o.k. not to use the same broker to purchase in a new development, you should be wary of any broker who believes they are entitled to act as your buyer's broker just because they're selling your current co-op.

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Response by BillyRes
about 18 years ago
Posts: 166
Member since: Feb 2008

I agree with Goldie. You are not obligated to use the same broker. And not using a broker for your purchase will give you a little bargaining power. I bought a place in a new development and told the sales agent I was a new buyer with little experience and innocently asked the new dev sales agent (wink wink) if I should get my own agent to help me through the process. "Absolutely no! I will be here with you every step of the way. Call me for anything." And I did. Good luck!

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Response by csn
about 18 years ago
Posts: 450
Member since: Dec 2007

BillyRes - I hope you got at least 2% lopped off the price that the buying broker would normally receive. The selling broker does not want to split his/her commission with anyone.

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