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Please read these FAQ's before calling any Realtor. 

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• How is an Exclusive Buyer's Broker compensated?
  
  
• If you are paid a percentage of the purchase price, isn't it in your interest to try to keep the price high?
  
  
• I prefer to work with a Realtor.  Are your agents Realtors?
  
  
• Why don't you list homes for sale? What properties can you show us if you don't list homes?
  
  
• If I choose not to have representation and just go directly to the seller's listing company, won't I save money?
  
  
• Do you work a particular area or part of town?
  
  
• If I'm looking for a certain neighborhood maybe I should go with a local agent who is more "familiar" with that neighborhood?
  
  
• I heard that what you do is not really any different than what sellers' Realtors do. Is that true?
  
  
• Well, I'd rather deal with the Seller's agent directly, since they know the seller's motives, and can help me. Bringing someone else in will only complicate things.
  
  
• What if I've already seen a property with a seller's agent and now I want to use your company as my Exclusive Buyer's Broker to buy that home?
  
  
• Are you in an adversarial relationship with the Seller and the Seller's agent?
  
  
• Can you help me with finding a reputable lender?
  
  
• Since you're working for my benefit, and you're going to tell me everything I need to know about a house, I don't really need a home inspection, do I?
  
  
• What if I don't want to buy the home after the home inspection?
  
  
• What if I am in contract but I do not get a mortgage?
  
  
• What if I have a home to sell first? Can you still help me?
  
  
•  Isn't that more complicated than having just one agent for everything?
  
  
• Aren't many sellers' Realtors claiming to be "buyers' agents" these days?
  
  
• What is dual agency with designated sales agents?
  
  
• What's the difference between an "Exclusive Buyer's Agent" and an "Exclusive Buyer's Broker"?
  
  
• So, you fully represent my interests as a buyer at all times, no matter which home I want to purchase?

ANSWERS TO FREQUENTLY ASKED QUESTIONS

How is an Exclusive Buyer's Broker compensated?

Our compensation is already included in the price of any MLS listed property and is disbursed by the seller's attorney at the closing, just like any real estate broker is paid.  It usually costs no more for our services, or at times slightly more or even less, versus using a seller's agent or a Non-Exclusive buyer's agent.  This depends on the amount offered to a buyer's agent by the company listing the home you want to buy compared to our standard fee.  When the amount offered to a buyer's agent is greater than our standard fee, our client receives a credit which is applied to reducing their closing costs or the purchase price- it's their choice.   

While we are normally compensated through the seller's attorney, our loyalty and fiduciary responsibilities are provided to home buyers 100% of the time and guaranteed by written agreement.   

If you are paid a percentage of the purchase price, isn't it in your interest to try to keep the price high?

No.  We always attempt to negotiate the best possible price for our clients. We are in a fiduciary relationship and place the interests and goals of our buyer clients above our own and anyone else in the transaction at all times.  Saving our clients time and money is an important part of our legal responsibility.  

Negotiating the lowest possible purchase price can help save our clients money in another very important way.  Over the years we have successfully reduced assessed values for numerous clients on over-assessed properties, typically saving each of those home-buying clients thousands of dollars in annual property taxes every year they own their homes.  We analyze assessment data to determine whether the municipality's estimate of market value is fair and equitable.  If it appears excessive, we compile the appropriate supporting documentation, then meet with the local tax assessor when a reduction is necessary.  Reducing assessed values protects and enhances property value and future marketability.  This service is provided to our homebuyer clients as part of our regular due diligence at no additional charge (you can hire a company to do this, but they will charge you one-half of one to two years savings in taxes).  Savings ranging from 15% to over 40% in annual property taxes have been realized through our efforts on over-assessed properties purchased by our clients.

I prefer to work with a Realtor. Are your agents Realtors?

Yes. We are members of the Westchester County Board of Realtors, the New York State Association of Realtors, and the National Association of Realtors. As Realtors we have full access to all listings on the Westchester-Putnam Multiple Listing Service (MLS).  In addition, Buyer's Edge Realty's principal broker is a New York State Certified Residential Real Estate Appraiser with over 32 years of professional appraisal experience throughout Westchester and Putnam Counties. 

Why don't you list homes for sale?  What properties can you show us if you don't list homes? 

Not listing homes for sale is the only way a real estate company can provide home buyers with undivided (complete) loyalty, 100% of the time.  Our policy of not listing homes ensures that sellers are never represented, which eliminates your exposure to the limitations and risks of Dual Agency  (see below).  Buyer Clients receive company loyalty, due diligence, full disclosure, and advocacy 100% of the time on any property.  Clients make the best purchase decisions based on objective advice and professional counsel without sales pressure or conflicts of interest. 

Do you work a particular area or part of town? 

We work for buyers all over Westchester and Putnam Counties, serving a wide variety of clients and price ranges. We do not "push" any in-house property listings because we do not accept any.

I heard that what you do is not really any different than what seller's Realtors do. Is that true?

No. If another agent who takes listings, or whose company takes listings, says they can do what we do, they are either misinformed or may be acting in a fraudulent manner. They cannot, by law, offer Exclusive Buyer's Agency. Ask them what happens if you become interested in one of their own listings, or one of their company's listings? Who do they represent then? (Hint: They already have a legal obligation and commitment to the seller by written contract- their exclusive listing agreement).

Nowadays a seller's agent in New York State can also claim to be your [Non-Exclusive] buyer's agent, a broker's agent, a dual agent, or a designated buyer's or seller's agent under dual agency.  These are all watered-down compromised versions of true agency.  Those options are offered by many Realtors to maximize the financial and business interests of the listing company, and do not protect the interests of consumers.  

Buyer's Edge Realty never compromises or reduces our undivided company loyalty and fiduciary obligations to our clients. We do not ever offer to be seller's agents, dual agents, designated agents, broker's agents, or Non-Exclusive buyer agents.

Well, I'd rather deal with the Seller's agent directly, since they know the seller's motives, and can help me. Bringing someone else in will only complicate things. 

Just keep in mind that the seller's agent has signed a contract- a property listing agreement- with the seller that legally binds them to promote the seller's interests in the marketing and sale of their home. Sellers' agents are in violation of the law and face serious penalties if they do anything to help or benefit you while impacting the seller's ability to sell at the highest price and at the best terms.  This is called 'undisclosed dual agency' and is illegal in all 50 states. 

Legally, sellers' agents cannot tell you what that property is really worth, its listing and sales history, previous asking prices, reason for selling, or even if the seller will accept less than the asking price. However, sellers' agents are required by law to disclose everything they know about you to the seller, including your ability to purchase, buying motivation, contemplated higher offers mentioned to that agent, maximum loan preapproval amount, your assets, income, level of interest, employment, etc. 

ONLY an Exclusive Buyer's Broker and his/her agents guarantees to keep this kind of information confidential from the seller and the sellers' agents at all times while helping you purchase at the best possible price and terms. 

Are you in an adversarial relationship with the Seller and the Seller's agent? 

Not anymore. About a year or so after we opened Buyer's Edge Realty there was some hostility directed towards us from a small number of unenlightened Exclusive Seller Agents.  Nowadays sellers' agents claim they can also be [Non-Exclusive] buyers' agents, so that has all disappeared.

Our company takes what was once a horribly one-sided relationship favoring homesellers only and makes it fair and balanced for homebuyers.  Since we represent homebuyers who have been properly qualified to purchase, sellers' agents appreciate that. 

Aren't many sellers' Realtors claiming to be "buyers' agents" these days?  

Yes.  A traditional seller's agent may offer to be a Non-Exclusive buyer's agent but by law cannot be an Exclusive Buyer's Agent because they work for companies which list homes for sale. What's the difference?  If you are interested in buying any property listed by their own company, they may become a 'dual agent'.  A dual agent is a disloyal agent to both buyer and seller, and is mainly loyal to themself.  If you agree to dual agency you are then "on your own" to negotiate price and terms, and it is up to you to discover what is wrong with that property.  A dual agent may have a difficult time keeping known sensitive financial and personal information about you from their seller.  Dual agency has been strongly discouraged for many years by Realtors, attorneys and industry experts as a legal and ethical gray area due to its inherent conflict of interest.  The larger and more prominent the listing company is increases the likelihood of dual agency.  

Note:  A Non-Exclusive buyer's agent may request that you sign an exclusive right to represent buyer's agency agreement.  This is a contract which locks you into working with only that agent and company in the purchase of any home, including their own company listings, inviting dual agency.  If you choose to buy a home listed through that agent's company, they may become a dual agent, or you may become an 'unrepresented customer' if their seller does not agree to dual agency.  This is potentially the worst "bait and switch" possible because homebuyers are almost never prepared for the complete abandonment that defines dual agency.

Dual agency (click here) furthers the financial interests of the listing company by enabling it to collect a double commission while  controlling both sides of the transaction. Dual agency is actually non-agency because it removes the agent's (the company) duty to homebuyers of undivided loyalty, disclosure and advocacy in exchange for maximizing profitability.  

We all know that one agent can't represent two masters.  At Buyer's Edge Realty we don't ever try to.  We guarantee in writing that we will not become dual agents or compromise or reduce our undivided loyalty and level of representation and commitment to you.   Be wary of  any buyer's agent, exclusive or non-exclusive, who does not use a written buyer agency agreement.  Your agent's obligations to you and your relationship to that agent should be clearly disclosed in writing for your own understanding and protection.

Click HERE to read the New Agency Disclosure Requirements for New York State.

Click HERE to read the New York State Disclosure Form for Buyer and Seller.

 

What is dual agency with designated sales agents?    

Be very wary of this form of dual agency with serious conflicts of interest which is now permitted in New York State. 

The principal broker may designate two sales agents from within the same company- one sales agent to 'represent' the buyer, and the other to 'represent' the seller on an in-house company listing.  The principal broker and the designated sales agents are dual agents and cannot provide undivided loyalty.  However, under the recently revised form of  Dual Agency with  Designated Sales Agents, each designated sales agent may now 'advocate' for their respective 'client'- a remarkable conflict of interest!  The designated sales agent for the buyer may negotiate for the lowest possible price, while the designated sales agent for the seller may negotiate for the highest possible price in the same transaction, with both agents working under the same roof.  Confidentiality cannot be guaranteed as both sales agents are working within the same firm, sharing the same files, computers, and attending company office meetings.  Unbalanced representation may result, with the more experienced designated sales agent having an advantage over a less experienced designated sales agent.  The principal broker cannot provide assistance to either designated sales agent or to their respective 'client' as he/she is the dual agent without loyalty to either buyer or seller.   

Dual agency and dual agency with designated sales agents exist to maximize the financial interests of the real estate company, and do not protect or serve the interests of homebuyers.   

Consider this- If another home is subsequently listed with a different company which may be better suited for you, after you have decided to buy an in-house listing, will "your" designated sales/dual agent tell you about that property?  Not likely- that sales agent is no longer loyal to you or your interests.   The agent's loyalty is now with their company in bringing that in-house transaction to a closing. 
 

What's the difference between an "Exclusive Buyer's Agent" and an "Exclusive Buyer's Broker"? 

The "broker" is a level of license issued by the NYS Department of  State. The Principal Broker is usually the owner or manager of the company and determines the type of agency (eg.:  seller's agent, buyer's agent, dual agent, etc.) the company operates as in any specific transaction. The broker is responsible for the actions of his or her staff, who may be licensed as either associate brokers or as salespersons working through their principal broker's license.  A Non-Exclusive buyer's agent working for a traditional listing company cannot legitimately claim to be an Exclusive Buyer's Agent.

The term "Agent" describes the legal relationship which should be established in writing between the Company and their Client (also known as a 'Principal').  An Exclusive Buyer's Brokerage is a company in which the principal broker and its agents have made the commitment to never list property for sale in order to fully represent buyers only with undivided loyalty at all times.  The agents working for home buyers at an Exclusive Buyer's Brokerage are Exclusive Buyers' Agents.

The Principal Broker is actually 'The Agent' and company hired in an agency relationship representing the interests of their Client in a fiduciary capacity.  Other agents within the company work through the principal broker's license owing the same duties to that particular client.

The fiduciary duties owed to a Client in an agency relationship include undivided loyalty, lawful obedience, accounting and accountability, full disclosure, confidentiality, and reasonable care and due diligence.  Loyalty is the most important fiduciary duty an Agent owes to a Client.  If a Client does not have the undivided loyalty of his/her Agent (company) such as in dual agency, then all of the other fiduciary duties to the Client have been compromised, reduced or eliminated. 

The duties owed to an Unrepresented Customer in a non-agency relationship are to treat the customer honestly and to disclose known physical defects.  However, physical deficiencies as well as functional and locational defects and deficiencies by law cannot be disclosed to an unrepresented buyer customer.  Unrepresented buyers are responsible for identifying or uncovering these and evaluating their impact on their own, as well as verifying any information on the Property's Listing Sheet.  

Buyer's Edge Realty, Westchester County's premier Exclusive Buyer's Broker, discloses negative factors to our Clients when known or discovered.  We recommend that you not purchase a home negatively impacted by serious uncorrectable or incurable physical, functional, or locational defects or deficiencies.  We objectively discuss value and future marketability with regard to any negative influence and their impact as an investment factor in a home purchase.  

True agency means placing the goals and interests of the Client above the agent's and anyone else's in the transaction at all times by law.