4 years ago

Save 2% When Buying in NYC: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
NYC Buyer Closing Cost Calculator: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/

Why do you need a real estate buyer's agent in New York City? We'll demystify this topic in the following video. My name is Chris at Hauseit, Hauseit is the largest For Sale By Owner and Buyer Commission Rebate company in New York City. Check us out at https://www.hauseit.com

Well, the first reason for why you need a real estate buyer's agent is because, well, it's great free advice and guidance that doesn't cost you a dime. Again, I mentioned it's free because buyers customarily never pay any broker commission. Broker commission is entirely paid by the seller and the seller and the listing agent in fact negotiates a listing commission upfront before a property is ever listed. If the buyer has an agent, as is expected, well the commission is typically split 50/50 between the buyer's agent and the seller’s agent. If you as a buyer choose not to have an agent, well, the commission goes entirely to the listing agent and you would have waived essentially a free service. Hence, that's why many seasoned buyer's agents will explain that having a buyer's agent is essentially using it or losing it.

Another important reason to keep in mind is a buyer's agent provides invaluable service when it comes to scheduling, searching for showings, coordination submitting an offer on your behalf, negotiating an offer on your behalf and generally guiding you through the process from beginning towards end. A buyer's agent will help you with the board package or the purchase application. Keep in mind that even many condos will have purchase applications a bit shorter than those of a co-op which are significantly longer.

Having a good buyer's agent can help make the process significantly smoother, shorter in time and also much more likely to succeed. Keep in mind that having a buyer's agent can be very important as it'll be very nice to have someone to speak with during perhaps the biggest purchase of your life. It's someone that you can speak with freely even if you are emotional and yet that's some we'll be able to convey and deliver your message the seller or the listing agent in a neutral and unbiased manner.

Another very important reason to have a buyer's agent on your search is the ability to save money on your closing costs and earn a buyer agent commission rebate. Essentially, instead of a more traditional closing gift such as a box of chocolates or a bottle of wine post-closing your buyer's agent will agree beforehand to give you for example, up to 2% of the purchase price back at closing.

This commission comes from a split of the buyer agents commission which is then split from the total commission. So, let's do a quick example, let's say that a total commission is 6% and it's split 50/50 per Real Estate Board of New York rules in New York City, 3% to a sellers agent and 3% to a buyer's agent. Well, your buyer's agent may then give you 2/3 of the buyer agent commission which means that you would earn 2% back at closing. This can be significant and in some cases and some property types such as buying a co-op you may be able to more than cover your closing costs.

Lastly, keep in mind that having a buyer's agent can be very convenient because after all New Yorkers are busy people. Wouldn't it be nice to have someone keep an eye out for you for your ideal listing type to keep an eye out for you for listings that match exactly what you're looking for to send you listings on a periodic basis and perhaps best of all to schedule and coordinate showings and tours for you when you're free? For example, on the weekend on Sunday let's say you're free from 12:00p.m. to 5:00 p.m. Wouldn't it be nice to have a buyer's agent be able to schedule a tour for you to see say 5 to 10 properties in that one afternoon? Well, that's exactly what people do having a buyer's agent is one of the most effective ways to see a large amount of properties in one setting without spending too much time organizing and coordinating it yourself.

Lastly, we want to reiterate that buying a home is such a large and dramatic purchase for so many people that many buyers underestimate how important it is to have a steady hand throughout the transaction. Many buyers will experience buyer’s remorse or feel like they overpaid or otherwise get very emotional throughout the offer through closing process and it's important at this stage to have someone to speak to who can steady your hand with industry experience, professional analysis and comps.

Save 2% When Buying in NYC: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
NYC Buyer Closing Cost Calculator: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/
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Hauseit LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
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