What a Buyer's Broker Is and Why You Need One

When a Real Estate Agent is showing you homes, chances are he represents the SELLER of the home.  He is required by law to disclose this to you when you first meet.  However, even if he does disclose this fact to you, you may, because of all of the time that you spend together, not fully appreciate what this means.

When a Real Estate Agent represents the seller, his only job is to get the best deal possible for the seller.  Put another way, he is required by law to try to get the most money out of you and get the best terms for the seller!  Anything that you tell him he will tell the seller.  This includes how much you are willing to pay, the amount of mortgage that you have qualified for, and your motivation.  In short, he is required by law to not treat your information as confidential.

You spend so much time with "your" agent, driving around looking at homes, discussing your needs and wants, that you may think that he is your advocate or even your friend.  Nothing could be further from the truth.  All of the information that you reveal to him will be used against you when you are ready to make an offer on a home.

Why not level the playing field?  You do not have to accept this situation.  You are permitted by law to hire your own Buyer's Broker to act in your best interests during the home buying process.  Instead of revealing your confidential information to the seller, your Buyer's Broker is required to keep that sensitive information confidential.  Your Buyer's Broker will also negotiate on your behalf to get you the best deal possible.  That is his job.  By engaging the services of a Buyer's Broker you get professional representation by someone who is "on your side" and who owes loyalty only to you.

Many people do not pursue using a Buyer's Broker because they wrongly think that they will have to pay the brokerage fee.  In fact, the Buyer's Broker fee is usually paid by the seller.  Using a Buyer's Broker does not cost you more money.  When you engage the services of a competent Buyer's Broker you will probably pay much less for the home that you purchase.

If you want a seasoned professional on your side, please contact me by e-mail at Tom@KeystoneLongIsland.com or call me at (631) 651-9448.