6 Reasons Why You Need a Buyer Broker Representative in New York City
Buying a home, condominium, townhouse, or co-op in New York City can be far more challenging than buying a property elsewhere in the United States. The neighborhoods in NYC were established a century ago and have their own unique stamps on the landscape. Hiring a buyer broker representative or buyer’s agent can shorten your search for the right home in NYC. The legal hoops to jump through and the municipal bureaucracy can make buying a home in NYC an exhaustive process without the help of a buyer’s agent.
1. Local Expert
A buyer’s agent has thorough knowledge of the neighborhoods in the five boroughs of Queens, Manhattan, Staten Island, Brooklyn, and the Bronx. The agent will know about availability, comps, and comparable market values. Want to know which neighborhood is best for families? How about the neighborhood closest to the most popular restaurants and social scenes for singles? The buyer’s agent will be able to tell you all of this and more.
2. Buyer’s Advocate
When you hire a buyer’s agent, that person is on your side from day one until closing. They work on your behalf, not the seller’s. It’s important to have an agent on your side to advocate for your best interests. This most likely is one of the biggest financial investments of your lifetime, so you would not want to go it alone.
Real estate negotiation is an art in and of itself. Trying to negotiate the purchase of a home on your own can cost you thousands of dollars in lost profits. If you’re concerned about paying a buyer agent’s commission, not to worry. The buyer does not pay the buyer’s agent commission, so their services are free to you. The seller’s agent pays the buyer agent’s commission.
3. Financing Options
A buyer’s agent is aware of all the financing options available in New York City, so they can help you decide what type of mortgage is best or direct you to the best mortgage experts in the city.
4. Comps
A buyer’s agent should be able to “show you the comps.” Comps is short for comparable sales. It refers to properties similar in size and amenities located in the same neighborhood and seeing how they compare in price with the home you wish to buy. This helps when planning a bid for the house. You wouldn’t want to overbid and lose the home to another buyer.
5. An Eye for Trouble
A buyer broker representative or buyer’s agent has an eye for spotting problems. Your buyer’s agent has seen many problems occur in the purchasing of homes, so they want to save you from buying a home riddled with future repairs.
Many properties in NYC date back to the 1800s. These antique properties are treasures, but they can also harbor costly and even deadly problems such as asbestos, lead paint, broken sills and foundations. Also, electrical systems from the old days sometimes are unable to work with the new technologies of today. Old knob and tube wiring in old homes can create problems when trying to obtain homeowners insurance. You would not be aware of that if you didn’t have a buyer’s agent to warn you. Buyer’s agents save their clients thousands every day. Other problems that can be spotted by the buyer’s agent are: ungrounded outlets, lack of energy efficiency, pests, roof issues, and potential mold issues.
A buyer’s agent should attend the home inspection and take notes. If they don’t, then you need a new one. METROPOLIS APARTMENTS’ agents always attend the home inspection and ask plenty of questions so there aren’t any hidden maintenance surprises for the buyer.
6. Real Estate Contracts
Real estate contracts can be complex and full of surprises if you are unfamiliar with them. A buyer’s agent knows all about real estate contracts and can recognize problems or issues that may burden the buyer. Contingencies such as a purchase offer as well as important deadlines need to be considered before signing a real estate contract. Your buyer’s agent should have extensive knowledge of these.
METROPOLIS APARTMENTS has a team of buyer’s agents well-versed in real estate contract law. We can answer any questions you may have about real estate contracts and the home buying process.
Whichever agency you choose, always ask who the agent represents. They must by law have you sign a disclosure form, confirming that you know who they represent in the real estate process (buyer or seller). You will want a buyer’s agent who represents you exclusively, not both you and the seller. That is called dual agency where the agent represents both parties, which is not in the best interest of the buyer.
This is the largest investment you’ll make in your lifetime, so why try to handle it alone? A buyer’s agent will be your advocate and can filter the emotional aspects out of the process for you. Often buyers get caught up in the dream of buying a specific type of property and then overlook problems in the home’s structure or in the contract. A buyer’s agent can help you in all aspects of the real estate transaction, and best of all their services are free of charge. The seller pays the commission for both the buyer’s agent and listing agent.
METROPOLIS APARTMENTS can help you every step of the way and negotiate the purchase of your next home in New York City. Email us at info@metropolisapts.com to start your home search.
