questions for all, I am looking to buy an apartment in NYC. So far I have been doing reserch and making bids on my own. Is it better to have a buying broker or not? I thought I have more room to negotiate if I do not have a buying broker.

What do ya think?

Another question, what if I have a broker who is a friend, is there anyway that we can split the 3% commission to further reduce the price?

 

hmmm.. Mod, maybe you can move this thread into Investment.

thanks.

 

Not sure about NYC, but in NJ it's my understanding that if there is at least 1 broker involved, you're going to pay the full 6%. If a buyer's broker get's in on the act, then they split it 3%/3% - otherwise the seller's broker pockets the whole amount. If you're looking at a high priced property, maybe you'll have some leverage to negotiate with the seller.

I'm not sure if a broker can rebate commission to someone without a real estate license. Interesting question.

 

You, as a buyer, pay for the broker. Don't let anyone tell you otherwise. Without a broker you have more room to negotiate because the seller has to pay your broker.

 

broker?


I call them 'dealers'

 

broker = they make you broke!!!

 

negotiating on your own = throwing yourself to the wolves

They exist for a purpose and if that purpose wasnt necessary, they wouldnt exist. I see buyers try and do this every day and I'm usualy left to pick up the pieces of two s trying to pull one over on each other

 

This is so true. Why not let people do what they do and get paid for it. FWIW in my state the seller pays the broker excpt if you have a buyer broker. If you think you are an expert in real estate transactions you don't need to post a question here. If you aren't an expert, why not have someone that is help you for a fee? If things are that tight, perhaps you aren't ready to buy yet. Just one of the things a broker can do is find out about great listings you may never otherwise see.