Please read these FAQ's before calling any Realtor.

FREQUENTLY ASKED QUESTIONS (Click on questions to view answers)

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If I use an Exclusive Buyer's Broker won't it cost me more money?
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 property for sale? What properties can you show us if you don't list homes for sale?
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 seller's 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?
Doesn't that sound more complicated than having just one agent for everything?
Aren't many Realtors calling themselves "buyer's 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

If I use an Exclusive Buyer's Broker it will cost me more money, right?

No. Studies have shown that using an Exclusive Buyer's Broker actually saves buyers money. For example, U.S. Sprint Corporation found that 232 relocating employees who used Exclusive Buyer's Brokers paid an average of 91% of the asking price, versus employees using traditional seller's agents who paid an average of 96% of the asking price.

Our fee is already included in the price of any listed property just like any traditional seller agency commission. Our loyalty is solely to home buyers. We are legally obligated to help you negotiate for the lowest possible price and most favorable terms. Exclusive Buyer's Brokers typically save buyers more money versus using a traditional seller's agent. Seller's agents owe their loyalty to home sellers and are legally obligated to negotiate for the highest possible price at the most favorable terms.

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

We are required by law as fiduciaries to work for our buyer's interests. Our agents always attempt to negotiate a lower price for you. We place the interests and goals of our clients above our own and anyone else in the transaction at all times as a matter of law.

Consider this - for each $1,000 we save a client, our company will sacrifice additional compensation of only $25, which is then shared with our agent. Our agent's compensation is reduced by about $12.50. So, if we save a client $10,000 on the price of a home, which equates to additional gross compensation of $250, our company forfeits $125 in compensation, while our agent's earnings are also reduced by $125. We will not place our licenses, our livlihood, and future referrals in jeopardy by not always acting in our clients' best interests.

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).

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

Not listing property for sale is the only way to ensure, by law, that home buyers receive undivided loyalty from us at all times on any property. This enables our firm to fully concentrate and focus on your housing needs and goals only, never sellers, and completely avoids the risks and limitations of dual agency (see below). Buyers receive undivided company loyalty, professional due diligence, full disclosure, and advocacy on any home 100% of the time without conflicts or limitation of duties.

Sellers' listing companies offering non-exclusive buyer agency cannot offer or guarantee to provide undivided buyer loyalty and fiduciary representation 100% of the time. If they tell you they can, ask them to put it in writing- they can't! We do. A seller's agent acting as a non-exclusive buyer's agent cannot provide undivided loyalty to you if you are interested in buying a home listed by their own company. They may provide only dual agency, or dual agency with designated sales agents (see below), or even no representation at all! All of these present serious limitations and risks to you as a home buyer, yet benefit the real estate company monetarily.

As Realtors, Buyer's Edge Realty has full access to the MLS and can show you any property listed with any Realtor. We can expand the search to include For Sale By Owner properties, which traditional agents do not like to do. In addition, we can include For Sale by Builder homes, and other property from any other source. Traditional listing agents usually prefer to show only their own listings or their company's listings. Why? They receive a larger commission split when selling an 'in-house' listing, and are obligated to promote their own company listings.

If I choose not to have representation and just go directly to the seller's listing company, won't I save money?

Absolutely not. The fee that we would have received, which you are paying anyway as part of the purchase price, will just go to the listing company. They will get a full commission-double the money, and you will only get "dual agency" or no representation at all.

Do you work a particular area or part of town?

No. Unlike traditional seller's Realtors, we do not "farm" any particular area or town for listings. We work all over Westchester County, with a wide variety of clients and price ranges. We do not "push" any in-house property listings because we do not accept any.

If I'm looking for a certain neighborhood maybe I should go with a local agent who is more "familiar" with that neighborhood.

Not necessarily. Again, seller's agents are trying to sell you something, so they may tell you only what you want to hear. 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 reduces the seller's ability to sell at the highest possible price. We have successfully represented many buyers throughout Westchester County, as well as other counties in New York.

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 mistaken. They cannot, by law, offer Exclusive Buyer's Agency. Ask them what happens if you become interested in one of their own listings, or their company's listings? Who do they represent then? (Hint: They already have a legal obligation to the seller by written contract- their exclusive right-to-sell listing agreement).

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.

Keep in mind that the seller's agent has signed a contract - the 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 reducing the seller's ability to sell at the highest price and at the best terms. That means keeping the seller's goals and interests confidential. Legally, seller's agents cannot tell you what that property is really worth, how long its been on the market, previous asking prices, reason for selling, or even if the seller will accept less than the asking price. However, seller's agents are required to disclose everything they know about you to the seller, including your ability to purchase, contemplated higher offer amounts, maximum loan preapproval status, assets, income, level of interest, employment history, etc. Only an exclusive buyer's broker and its agents can guarantee to keep this type of information confidential from the seller and the sellers' agents.

When shopping for a home, do you want an agent to represent your interests, or the seller's? The choice is yours. Buyers are essentially paying the brokerage fee either way since it's already built into the selling price of any listed home.

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?

Well, you would be better off calling us before you see it. If you saw the home at an open house you probably are not bound to that agent. However, if you called from a yard sign or an advertisement, you may have to work with that agent to purchase that particular home. This also depends on whether the agent followed proper procedure, as well. Call us for an assessment of your particular situation before you go any further.

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

Not usually. Before Exclusive Buyer's Agency, all agents involved were Exclusive Seller's Agents and worked for the seller's interests, including your "agent" (who was really only your 'salesperson'). Our company and agents level the playing field. Since we represent only buyers who have been properly qualified to purchase, sellers' agents know that our clients are ready, willing, and able.

Can you help me with finding a reputable lender?

Certainly. Since we only work for buyers, we have established good working relationships with the best lenders on a regular basis. We can also refer you to the most competent inspectors, attorneys, engineers, architects, contractors, and other providers. Of course, our buyers are free to choose whomever they like. We do not receive or accept bonuses or incentives from any provider we refer.

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?

Yes, you do. As a matter of fact, we really do not want to represent any buyer who isn't willing to have a home inspection. In likely the most costly long-term financial commitment of your lifetime, a thorough examination of the property by a licensed professional engineer is very strongly recommended - for a variety of reasons.

What if I don't want to buy the home after the home inspection?

You are under no legal obligation to buy the home- just back out of the deal. The only expense to you was the cost of the home inspection. In Westchester County New York, contracts are drawn up by the seller's attorney only after all inspections have been completed.

What if I am in contract but I do not get a mortgage?

Most contracts have a Mortgage Contingency Clause. As long as you have not waived that contingency, you can back out of the purchase if you do not receive a mortgage commitment and have acted in 'good faith.' Your deposit (earnest money) should be returned to you. Consult your attorney for more information.

What if I have a home to sell first? Can you still help me?

Yes. People seem to think that we cannot help someone who has a house to sell first. While we do not list homes for sale, we can recommend experienced, professional, and ethical agents to you to help you sell your current home. This way, you can have a professional seller's agency helping you sell, and you'll have us to help you purchase. You will also avoid getting into Dual Agency, which has serious drawbacks (see below for more on Dual Agency). If you choose to sell as a For Sale By Owner, we can provide you with comparable sales data in your neighborhood and point you in the right direction. We cannot, however, provide "client-level" services to you as a seller.

Doesn't that sound more complicated than having just one agent for everything?

It might sound that way, but it's not. What if your "one" agent/company selling your home was also "representing" the buyer for your home? And what if that agent/company was also representing the seller of the home that you wanted to buy? Then who's working for whom? And how much money is that agent/company making at your expense? Now that's really complicated! Think of it this way: people are relocated from out of town all the time. They always have one agent from a local company selling their current home, and another agent from a different company helping them buy their new home. It happens this way every day.

Aren't all Realtors calling themselves "buyer's agents" these days?

Traditional sellers' agents may only 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 any of their company listings, they may become a 'dual agent' with the written acknowledgement and consent of both buyer and seller. 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 to decide what is right and wrong with that property. The listing company may even request that you forfeit your client-level status in writing and you can become an unrepresented customer to buy that in-house listing, while the seller remains a fully represented client- the old bait and switch! 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. Smart home buyers avoid dual agency.

Note: A non-exclusive buyer's agent may want you to sign an exclusive right to represent agreement. This contract requires you to work with only that agent and company in the purchase of any home, including their own company listings. Use of an exclusive representation contract does not turn them into exclusive buyer's agents, and it is unlawful and unethical for them to claim to be so. 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. This is great for the agent, but not very good for home buyers.

Dual agency serves the financial interests of the listing company by enabling it to collect a full commission -double the money- and allows control of both sides of the transaction. Dual agency is in actuality non-agency because it breaches an agent's duty of undivided loyalty and disclosure to their client for financial gain and transaction control. Dual agency does not protect the interests of home buyers.

We all know that one agent can't represent two masters. At Buyer's Edge Realty we guarantee in writing that we will never become dual agents or compromise or reduce our undivided loyalty and level of representation to you. Be wary of any exclusive buyer's broker or non-exclusive buyer's agent who does not use a written buyer agency agreement. Your agent's obligations to you and your relationship to that agent should be clearly described in writing.

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 under the same roof. Confidentiality cannot be guaranteed as both sales agents are working within the same firm. 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 a 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 the buyer or the seller.

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 agent tell you about that property? Not likely- that sales agent is no longer loyal to you or your interests. The sales agent's loyalty now lies with his/her company in bringing that in-house listing transaction to a closing.

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

The term "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.

The term "Agent" describes the legal relationship usually 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 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), then all of the other fiduciary duties to the Client are reduced or eliminated, which occurs in a dual agency relationship.

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 themselves responsible for identifying or uncovering these and evaluating their impact on their own.

Buyer's Edge Realty, as Westchester's premier Exclusive Buyer's Broker, discloses negative factors to our Clients when known or discovered. We may recommend that you not purchase a home impacted by certain types of physical, functional, or locational defects, drawbacks, or deficiencies. We objectively discuss value and future marketability with regard to any negative impact and their affect 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.

So, you fully represent my interests as a Buyer, at all times, no matter which home I want to purchase?

Yes. We say "100% Buyer Representation, 100% of the time." We have legal obligations to represent your interests at all times, on any home. This means finding the best home for our Clients and negotiating for the lowest possible price at the most favorable terms. Seller's agents acting as non-exclusive buyer's agents can't promise that, and they cannot deliver that.

Representation is about helping to save time and money while ensuring peace of mind and satisfaction - YOURS!