Buy or rent when using a buyer's agent (Mineola, Nassau: real estate, apartments)
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Hello All,
I am planning to buy a house/condo/co-op/townhouse in Nassau County in mid-2010. I have been doing some research (Mineola, etc.), but am not set on which towns to focus my search on. What happens if you use a buyer's agent to help you find something and then realize that you may be better off renting to allow more time to search and save money? Would you have to compensation the buyer's agent?
Thank you in advance for your help.
We have a buyer's agent right now and I'm really glad that we decided to go with one....she has been a tremendous help. Most will make you sign a contract with them but I'm pretty sure that you wouldn't have to compensate them unless they find you something you are going to buy. Meaning that, unless you actually buy a house you wouldn't be contractually obligated to compensate them. However, I would make sure to thoroughly read the buyer's agent contract that you will sign. You can make any changes that you want to it before signing as long as your agent agrees.
Hello All,
I am planning to buy a house/condo/co-op/townhouse in Nassau County in mid-2010. I have been doing some research (Mineola, etc.), but am not set on which towns to focus my search on. What happens if you use a buyer's agent to help you find something and then realize that you may be better off renting to allow more time to search and save money? Would you have to compensation the buyer's agent?
Thank you in advance for your help.
Most rental apartments on LI represented by RE agents stipulate that that renter pay the fee (customarily 1 month's rent, but now we are seeing 15% of yearly rent too on LI).
So if your buyer's agent happens to represent some rentals and you rent one of them, you would pay the fee to the buyer's agent.
Otherwise you are only responsible to pay a fee to the buyer's agent if you BUY a home, not if you rent.
Hello All,
I am planning to buy a house/condo/co-op/townhouse in Nassau County in mid-2010. I have been doing some research (Mineola, etc.), but am not set on which towns to focus my search on. What happens if you use a buyer's agent to help you find something and then realize that you may be better off renting to allow more time to search and save money? Would you have to compensation the buyer's agent?
Thank you in advance for your help.
you are never better off renting. Think of how much money you would be throwing away every month for rent? Not worth it, IMO. Saving money and renting is like an oxymoron.
you are never better off renting. Think of how much money you would be throwing away every month for rent? Not worth it, IMO. Saving money and renting is like an oxymoron.
Good luck though.
If you bought a house from 2005-2007 before the crash, you would have been better off renting..trust me, I'm living it and I've crunched the numbers. It's not just about mortgage and taxes, it's about having to buy a dishwasher when it breaks, closing costs, insurance, paying real estate commissions when you seel etc. Now, if you pay the right price, you're better off buying, but to say that's always the case isn't necessarily true.
Hello All,
I am planning to buy a house/condo/co-op/townhouse in Nassau County in mid-2010. I have been doing some research (Mineola, etc.), but am not set on which towns to focus my search on. What happens if you use a buyer's agent to help you find something and then realize that you may be better off renting to allow more time to search and save money? Would you have to compensation the buyer's agent?
Thank you in advance for your help.
When you sign on with an agent as a buyer's agent, you can be specific in your contract. You can narrow it down to certain areas or even to one house in particular. As for renting/leasing, the contract states that if you lease a property shown to you by the agent, then you pay $xx to that agent. That amount is filled in at contract signing.
These contracts are designed to protect both parties, and can be broken by either party with written notice given.
Just be sure to read the fine print and use an agent you trust, preferably one who is referred to you. I do believe buyer agency is the way to go. I do not make more money as a buyer agent, but the referrals I receive from satisfied buyers benefit me in the end.
Thank you all for the information. Much appreciated. Have a good weekend.
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