Buying New York City Real Estate With An Agent
8 Frequently Asked Questions:
1. How does working with an agent benefit you?
- It saves you time.
- It makes you a more informed buyer.
- It makes you more competitive in a constant changing market.
- It helps you navigate through the complicated process of acquiring a home in New York.
2. Should you have one agent from each real estate company so that you don’t miss any properties?
- The Corcoran Group cooperates (co-brokes) with most of the other agencies, sponsors, and often directly with the owners. One call to your agent can get you the information you need on all the properties in which you are interested.
3. But what about other companies’ exclusives?
· How can I see them through you if they are not your exclusives? An exclusive listing means that the seller of the property is represented exclusively by his or her selling agent. You as a buyer, represented by our Corcoran buyer’s agent, can see that property. Your agent makes the arrangements to view it. Since exclusive listings are co-broked, you will not be missing out.
4. What about Sunday Open Houses?
- A great way to see many properties in one day is by going to Sunday open houses (the downside is that they are often crowded). If you like looking on Sundays, and your agent is unable to go with you, ask him or her to register you for the open houses you wish to attend. When you sign in at each place, be sure to put down your name, your agent’s name and your agent’s phone number. This way you will be represented if you want to make an offer on any of the properties you have seen.
5. How do I know my agent isn’t going to miss any properties?
- Corcoran has one of the largest data bases in New York, which is updated daily and includes properties from many different realty firms. If you would like to be a part of the search process, tell your agent. He or she will be happy to work with you as a team. You can go online to the various websites, look in the newspaper and in the real estate magazines, and compare notes with him or her. Call or email your agent all of the listings you find online so he or she can research them further and make appointments for you.
6. If I am going to do the work, why do I need an agent?
- Your Corcoran agent has a much more extensive and up-to date data base than the public will find on the Internet. He or she usually receives the listings before the public has access to the web. The market moves much faster than the Internet. Your agent will be able to tell you the status of the properties in which you are interested. It may be that those your agent “missed” are actually ones that he or she has already eliminated because they are already in contract or sold. One call to your agent will get you the timely information you need! In addition, we brokers have relationships with other brokers nurtured over many years which an individual purchaser would not have. Most importantly, your agent is your trusted advisor, sharing his/her years of experience and expertise specifically about the market and properties in which you are interested.
7. Buying a home is expensive; do I have to pay an agent fee?
- Sales commissions are paid by the seller; not the buyer. When a property is co-broked, the commission is shared between the selling agent’s company and the buying agent’s company. There is no additional out-of-pocket expense to you.
8. Once I am ready to begin the search, what steps do I take?
Your agent will be there to advise you every step of the way to:
- Find the right mortgage agent to secure a pre-approval.
- Find the right attorney to represent you.
- Organize your financial information with your agent’s assistance
- Decide upon the critical elements that you require in your new property (i.e.: # of bedrooms, condition, services provided, pet friendly, etc.).