Buyer Agency on the North Fork & East End of Long Island

January 10th, 2009 category: Buyers, Real Estate News, Real Estate Philosophy, Sellers

Teamwork on the North ForkIf you purchased your last home without the assistance of a buyers agent (an agent hired by you to diligently monitor your best interests in a home purchase), here are some things to consider NEXT time around:

1. How long has the home been on the market?

We’re noticing that on occasion, a home that’s been on the market for an extended period of time is allowed to expire, and then re-entered by the listing company as a “new” listing a few days after the expiration. Tracking this is simple, if you have access to the history of the property, either through public records, or your own real estate agent digging for property history. The listing agent is unable to offer this insight; they represent the seller.

2. What is the history of the individual listing agent with respect to pricing?

Some listing real estate agents often have a listed/sold differential in excess of 15-20%- the property is initially overpriced, then dropped in fairly short order. Knowing the methods of the specific listing real estate salesperson on your property of interest provides insight that is of immeasurable value; if the typical effort includes overpricing, and then whacking off huge sums to reach market value, better to know this beforehand, in order to present an offer that coincides with both market value, and seller expectation. A buyers agent should seek out this info for you before an offer is considered. An agent representing the seller will NOT OFFER information detrimental to their seller, and we understand/respect that obligation.

3. What are the anticipated values in a declining market that should guide the offer of a property of interest?

In a market that is a “moving target”, it’s very important to review local trends. With a closing occurring 30- 90 days after a purchase, common sense based on historical data would suggest that things “can’t change THAT much”- not so in todays market. While there is no clear cut answer, a buyers agent can work with you to establish what the trends indicate, so that you don’t face a closing in which your property of interest runs into appraisal issues. While highly inexact in this market, a buyers agent is able to work from a “cautious, in the best interest of the buyer” angle, rather than a “get the seller the best price possible” angle required of the listing company (and any real estate agent that hasn’t committed to serving the buyers interest FIRST and foremost).

4. Who pays the buyers agent?

As with the typical transaction, payment to Options Realty buyer agency agreements  are paid by the seller upon closing (although because the cost of real estate fees is included in the purchase price- it can be argued that commissions are paid by the buyer, as well, just paid out by the seller). The seller, if they are a listing company that utilizes the MLSLI, will stipulate the fee paid (just as has been historically done under all other agencies). While there are a handful of companies that indicate non-payment for buyer agency, it’s our job to “collect” from the listing company- as a buyer, you can either avoid properties in which the listing company indicates payment only for seller representation (not recommended) or we’ll establish UP FRONT for you any issues created by a listing company not well versed on the value of buyer agency. MOST REAL ESTATE COMPANIES on the North Fork of Long Island today COUNSEL SELLERS  TO PAY THE FEE TO A BUYERS AGENT, so the likelihood of any issue is greatly diminished. A good thing for sellers.

 

North fork homebuyers (and likely, New York homebuyers overall) have discovered over time that their interests have been ignored in favor of both real estate agents (listing and selling) representing the seller.

As a result, there is a knowledge level gained by prospective home buyers that often creates the certainty that having someone in their corner is an unnecessary endeavor- they can “represent” themselves- real estate agents are simply a conduit.

In the current real estate market, sellers, buyers and real estate agents are playing with a new deck of cards, and the hand dealt is not always a “winner”- elements outside of the real estate industry control are wreaking havoc.

Viewing buyer agency/seller representation as a simple acknowledgement that in fact, two sides exist in ALL transactions is simply common sense, to the benefit of both parties.

If you’ve sold a home in the past, and wondered WHO your real estate agent “really” worked for, or bought a home and wondered the same thing, you’re likely clear about one thing: IT’S BEEN AS CLEAR AS MUD.

At Options Realty, we seek to provide clarity for ALL parties in a transaction- fiduciary to our primary client (whether it’s a seller or a buyer) with fairness  offered to the second party in a transaction, including encouragement for both parties to have full fiduciary from their participating real estate company. Two represented parties = one transaction of integrity for ALL.

It’s our job to permit you to clearly see where we stand, so that the choices that you make MAKE SENSE to YOU.

Options Realty. Defining Lines, Providing Clarity.

To check out all available properties on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and Orient Point, NY.

Rss box

This entry was posted on Saturday, January 10th, 2009 at 5:59 pm and is filed under Buyers, Real Estate News, Real Estate Philosophy, Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply

Copyright © 2007 North Fork, Long Island, NY Real Estate Blog OptionsRealty.com     Agent Login     Design by Real Estate Tomato     Powered by Tomato Blogs