When purchasing real estate, you will need to decide whether to use a real estate agent to assist you in your property search. Some buyers choose to do their own research – as there are many resources online which give a lot of information about properties. However, real estate agents have access to the most recent and most current information out there – in particular, the MLS (multiple listing service) system which is not accessible to the public. Moreover, real estate agents have the knowledge, expertise in negotiating and can guide you through the negotiation process so that your interests are best represented. Plus it doesn’t cost you, the buyer, anything.
Though you will have access to a listing agent with information regarding the property, it would be in your best interest to “hire” or select your own real estate broker or agent who will represent your interests. The listing agent, is the real estate agent who listed the seller’s property and represents the seller. When you negotiate with the listing broker, you are relying upon yourself to best represent your interest and anything that you say to the agent will most probably be communicated to the seller even if you ask them not to, since the agent is the seller’s agent. Again, choosing your own real estate agent to represent you, costs you nothing as the listing broker and your broker will work out an arrangement to share the broker commission that the seller pays to have its property sold.
Bidding wars and market statistics vary depending on the particular property. For instance, real estate agent, Teresa Staiano mentioned during a presentation recently that a bidding war for a brownstone in Manhattan ended up selling for $500,000 over the asking price! The market statistics are a simple understanding of supply and demand. When a particular property is “hot,” it can be sold very shortly after it is placed on the market, whereas a property that is not so popular can be on the market for years.
The best way to find a broker is through referrals, and the most popular way is via the internet. 86% of buyers start their searches using the internet, which is a good source of telling you which brokers know more about the particular property you may be interested in.
BONUS: I recently spoke at a workshop with a few panelists on this topic. There was a lot of information shared during the workshop. You’re invited to claim your free instant access to a clip of the presentation. You’ll hear about the biggest mistakes that buyers make and avoiding them when purchasing real estate in New York. 0 Brought to you by Sabra Sasson, Esq., a New York City attorney dedicated to helping you secure your purchase, your legal interests and getting you title and the keys to your new home. Get instant access here. http://www.sassonrealestateattorney.com/mteSRSaudio
