Buyer Agent FAQs
Does it cost me more money if I use a Buyer’s Agent?
- All costs for our services are paid by the Seller and are paid at closing.
How can you save me money?
- We are legally obligated to negotiate the lowest possible price for you. The Seller’s agent is trying to get the highest possible price for the Seller. Hence, you will save money if you work with us.
Do I need to sign a Buyer Agency Agreement?
- Yes – you will need to sign a Buyer Agency Agreement as it outlines PPNY's duties to the buyer and discusses how the agency relationship works. This agreement protects the buyer client and the buyer's agent in a clear and consistent manner.
- Upon request, we can email you a copy of this agreement for you to review.
What is the term of the buyer agreement?
- We only work with Buyers that need to purchase within three months. So the term can be for any time frame from one month up to three months.
Do we owe you anything if we don't buy a home?
- All fees are paid by the Seller at closing. So even if you don’t buy a home – you never owe us anything.
If I don’t use an Exclusive Buyer Agent and work directly with the seller's listing agent, won't I save more money and have less confusion?
The answer is no. The following would occur:
- The fee that we would have received, which you are paying for anyway as part of the purchase price, will just go to the seller's listing agent and agency.
- The listing agent will collect double the money, and you will only get "dual agency" or no representation at all.
- The listing agency works directly for the seller's interests with legal obligations to negotiate for the highest possible price at the best possible terms.
- The listing agency must disclose all of your personal and financial criteria, including income, assets, mortgage status, buying motivations, contemplated offers, etc. to the seller.
- A seller's agent is in violation of the law if they do anything to help or benefit the buyer. That means that the seller's agent cannot give you any information that puts their seller client at a disadvantage.
If you work with us:
- We keep all of your information confidential and represent your best interests to get you the lowest possible price at the best terms for you.
Other agents have told me that they are the only agent who can show the houses listed with their agency.
- New York law that states that a buyer always has the right to choose their own real estate broker/agency. New York law also requires a written disclosure form which states who the broker is clearly representing. This form must be signed at first substantive contact with buyer and sellers and, dual agency requires informed consent of all parties in the transaction. If the buyer chooses to be in a buyer agency agreement, any home listed by a real estate agent must be made accessible to a buyer's agent. Therefore, a buyer's agent can have access to show you many more homes than any ordinary seller's agent.
If I am looking in a certain neighborhood maybe I should go with a local agent who is more "familiar" with that neighborhood.
- The answer is traditional agents are trying to sell you something, so they may only tell you what you want to hear to make a quick deal. By law they cannot tell you "what is wrong" with any of their listings and neighborhoods, how to negotiate, if the price is too high, or any other information which may compromise the seller's ability to sell at the highest possible price. We look out for your interests in any neighborhood. Our agents have successfully closed on properties throughout New York City, Brooklyn, Queens and Nassau counties. Additionally, these days most buyers already know the neighborhood or prefer to conduct their own research online so it is irrelevant as to whether you use a local agent to show you properties. Our job is to conduct research in any neighborhood to find you the property that you desire and to represent your best interests in the transaction.
What if I have seen a property with a seller's agent and now I want to use an Exclusive Buyer Agent to buy that home?
- It depends on how you made contact with the Seller’s agent when you saw the house. If you went to an open house, you may not be bound to that agent. However, if you called from a sign or advertisement, you may have to continuing working with that agent to purchase that property. Please feel free to call us to discuss the situation to guide you on how best to proceed.