Realtors - Disclosure Laws?

jane__nyFebruary 22, 2011

I want to look at some listings in my area. If I call the RA on the listing am I required to use that agent if I decide to buy?

At this point we are shopping and want to see these listings. I have no intention of signing with an agent I don't know. But I was told I must sign a NYS Disclosure agreement.

I'm afraid to sign anything as I don't want to get locked into buying with an agent I didn't choose.

Seems the only way I can get into seeing the listing? I'm confused.

Jane

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theroselvr

Hi Jane; wish I could answer your question; I'm sure Linda will be by.. how did you do with your sale? Did you sell?

    Bookmark   February 22, 2011 at 11:50AM
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logic

Jane the following links to what I believe is the form you are being asked to sign. It is not a contract, but it is a disclosure form that the agent may be required to have signed by the potential client, as it discloses to the client the agents role and the obligations of that role for each circumstance.

It does not appear to obligate you in any way. However, hopefully a NYS Realtor will weigh in on the topic.

That said, as far as I know, you are under no obligation to work with an agent unless they show you a home you wish to buy and you move forward with the purchase process unless you sign some sort of a buyers agreement that states otherwise.

Here is a link that might be useful: NYS RE Disclosure for Buyers and Sellers

    Bookmark   February 22, 2011 at 11:50AM
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linda117117

Jane a NYS Agency Disclosure won't lock you into that particular real estate agent. It simply lets you know your relationship with that agent. It is NYS Law that ALL agents present this form to you for your acknowledgement on the first meeting with that agent. (substantive meeting)

It is however, unfair for you to call an agent to simply show you a house with no intention of using that agent. If you want to see some homes, pick a buyers agent that you want to work with. That agent can show you whatever homes you want to see.

    Bookmark   February 22, 2011 at 7:32PM
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linda117117

Just a suggestion. I recall you saying you were very happy with the listing agent that you hired to sell your home. Why don't you use her? You have already established a trusting relationship with her, she would be happy to show you homes.

    Bookmark   February 22, 2011 at 7:38PM
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jane__ny

She's away for a month house shopping in Fla. I'm looking at small condo's and apartments for my son. I have more time than he does. Trying to decide on certain areas.

Thanks,
Jane

    Bookmark   February 22, 2011 at 8:28PM
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Home-ProBuyersGuide

It is not a great idea for you to use the listing agent to represent you in the purchase. Your best bet is to follow linda117's advice to hire a buyer's agent to represent you. You will want one at some time anyway.

    Bookmark   February 22, 2011 at 9:21PM
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jane__ny

Again, it is not for me, it is for my son. I am not getting any further involved except to check out buildings for him. I certainly do not want to sign anything. He will choose whoever he wants to work with.

Thanks for the info on my question,

Jane

    Bookmark   February 22, 2011 at 9:52PM
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lyfia

In Texas you would be obligated to use the agent that showed you the property if you were interested in buying it and hadn't already presented the agent with the name of your agent. Actually you wouldn't have to use that agent, but that agent would get the full commission and you'd likely have to pay your own agent.

    Bookmark   February 23, 2011 at 11:37AM
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susana_2006

I'd call the listing agent. That person has every motivation to show the house. If you decide to buy, you could probably negotiate using your own agent, if you want. Or using an attorney. I've never had that great an experience with a buyer's agent, anyway. I've found that both agents want to close the deal. You must be sure that the only person who has the buyer's best interests in mind, is you, the buyer.
Good luck
Susan

    Bookmark   February 23, 2011 at 6:10PM
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sylviatexas1

If you aren't going to buy anything, then no matter what agent you "use", you're wasting that agent's time;
I suggest, in the interest of fairness, that you pay someone a retainer to show you properties.

    Bookmark   February 23, 2011 at 9:01PM
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cmarlin20

If you aren't going to buy anything, then no matter what agent you "use", you're wasting that agent's time;
I suggest, in the interest of fairness, that you pay someone a retainer to show you properties.

This isn't exactly true, if she likes one, her son will pay that agent's commission when buying the place.
I'd contact the LR to view each place, if the agent doesn't present you with a good listed property tell them, he/she is responsible for their own listing.

    Bookmark   February 24, 2011 at 1:05PM
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sylviatexas1

I have no problem with any relationship people agree upon *as long as all parties know what the relationship actually is*.

If I choose to spend my time showing property to somebody whose son (hmmm...do we have the son's name? do we know what he can afford? do we know that he knows what his mother is up to? that he'll "use" the agent his mother likes?), that's entirely my business *as long as I know that I'm dealing with someone who isn't going to buy or sell & who may or may not have a role in choosing a Realtor*.

but it doesn't sound like this shopper has made full disclosure herself.

I will do my best to facilitate a *sale* for my homeowner clients, but I'd feel very foolish asking them to let me show their homes to someone who isn't going to buy.

    Bookmark   February 24, 2011 at 3:17PM
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susana_2006

5 years ago, I had a house for sale in LA. It had been listed a long time and the listing agreement was about to expire. A woman had decided to buy a house in the vicinity. She was driving by my home and noticed that my listing agent was the same as her buyer's agent.
Out of curiosity, she called the agent & said she'd like to see my home. Someone from the office was over immediately to show the home.

She had not realized that my home had an extremely large backyard. She decided that she'd really like to have the large lot instead of the first house she had chosen. She did, in fact, buy my home. (I'm sure the realtor was delighted as my listing as about to expire).

As a seller, I was never asked whether I would let my house be shown. That was a given. The realtor were supposed to phone ahead (not always did that happen) and sign in via the lockbox. I think that a listing agent would be very foolish not to show a house for any reason -- curiosity, whim, slight interest, maybe for a son -- one never knows when the "perfect" house will turn up. Good luck
Susn

    Bookmark   February 24, 2011 at 6:36PM
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jane__ny

Wow, you have all made a simple situation into a complicated scenario.

My son is looking for a small studio or one bed apartment, condo/coop. He does not have a lot of money and is trying to decide between renting or buying. He doesn't care what Town, as long as it is near transportation. He's looking 'rock-bottom' pricing so there is not a big commission involved or none at all (rent). There are a lot of places available all over the County.

He works all week and gets back late. When I have a free hour, I try to get in to see some listings or ads to decide whether its worth his time to see on weekends.
What I'm attempting to do is eliminate the places I know he wouldn't live in. Some are areas neither of us are familiar with. Some of these places are really nasty or need a lot of work.

Some buildings have 10+ units for sale/rent. They have different listing agents. I would prefer to have someone take me over and show me all the units at once in one building.

I don't know what he'll decide, I'm trying to save time by weeding out the places I know he wouldn't like.

He can decide who he wants to work with; I just want to get in.

Jane

    Bookmark   February 24, 2011 at 10:37PM
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live_wire_oak

Your son--not you--should engage the services of a buyer's agent and list his criteria with them. Let them do the legwork instead of you. You can still go and view some properties during the week through your son's agent-- if your son wants the additional help. Really, you're trying to do a real estate agent's job without any of the information readily available to an agent.

    Bookmark   February 25, 2011 at 10:57AM
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susana_2006

Sorry it's sounding so complicated. And I don't know what the problem is. I would think that in this market, any agent would be so delighted to be involved with parties who may turn out to be buyers.

As I understand it, if an agent shows you (or your son) the home, that agent would be the agent to be compensated should there be a sale.

When I was selling, there was a case when a buyer wanted to change realtors (he wanted to go with the listing agent). His agent agreed to release him, but the listing agent insisted that there be a written contract with all parties signing. The deal fell through.

If you want to make sure a particular realtor is compensated for your transaction, then you must have that realtor do the showing.

But if you are doing the legwork & checking things out, I am absolutely sure that most listing agents would be absolutely delighted to help you out.
Good luck
Susan

    Bookmark   February 25, 2011 at 2:04PM
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sylviatexas1

"if an agent shows you (or your son) the home, that agent would be the agent to be compensated should there be a sale."

maybe.

sometimes.

it depends.

OP needs to let the agents know exactly what the situation is before they use time that they could have used for something else.

    Bookmark   February 25, 2011 at 2:19PM
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lyfia

I think the idea of your son choosing a buyer agent is a good one from live_wire_oak and then you can use that agent to go and preview properties for your son and he'll only come when there is something you find that seems fitting for what he wants/needs.

Saves him time, gives you access and the agent is working for somebody and any ambiguities are removed.

    Bookmark   February 25, 2011 at 2:42PM
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linda117117

I think that a listing agent would be very foolish not to show a house for any reason -- curiosity, whim, slight interest,

Quite the opposite. A listing agent who runs out to show a property for any reason, whim, curiosity, slight interest, etc, is a listing agent that is out of the business in no time. Agents would go broke doing this with all the curiosity seekers who can't afford the house, nosey neighbors, decorating idea shoppers etc. It is the reason most seasoned agents are asking qualifying questions from the first phone call on.

Live Wire Oaks suggestion is a good one. Let your son find an agent that he wants to work with. You can then go "preview" and weed out the condos with that agent. When you find three or four that you think he will be interested in, his buyers agent can bring him back to those. At the very least you are working with the agent your son will be buying with, not using a bunch of other agents to "get you in".

    Bookmark   February 25, 2011 at 5:54PM
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dreamgarden

"It is however, unfair for you to call an agent to simply show you a house with no intention of using that agent. If you want to see some homes, pick a buyers agent that you want to work with. That agent can show you whatever homes you want to see."

What is unfair about the OP looking for properties for her son? There is no law that says you have to hire someone to hold your hand in order to look at a property on the market. Why waste two person's time (buyer's agent/ seller's agent) if you can do some of the footwork yourself?

"Your son--not you--should engage the services of a buyer's agent and list his criteria with them. Let them do the legwork instead of you. You can still go and view some properties during the week through your son's agent-- if your son wants the additional help. Really, you're trying to do a real estate agent's job without any of the information readily available to an agent."

She said that her son doesn't have time to look. Why involve a stranger who knows nothing about what her son wants when she has the time to do it herself?

As for information 'readily available to an agent'. What information do they have that one can't find on their own over the internet?

I'm in the process of buying a house. I found it without using a buyer's agent. I looked at listings, drove around, found comps on the internet and got the rest of my information from the county as well as the various departments in the town where I am purchasing. I called for a showing, liked what I saw and had my real estate attorney draw up the contract. They accepted the offer.

The reason I'm doing it this way is because I have had too many bad experiences with the real estate cartel ganging up on both sides (buyer's agent/seller's agent) to get that sale. Previous buyer's agent's didn't give a hoot about what I wanted. No one cared if I bought a property with mold, high radon, contaminated well, etc. It cost me over a $1,000.00 to get out of one deal because the buyer's agent purposely withheld information about the inspection so that I would miss the deadline to back out. Do you think she offered to pony up any of the money I had to pay an attorney to get out of being forced to buy a toxic dump? No! So much for being a 'buyer's agent'.

Even this transaction is having its 'moments'. The seller's agent in this transaction tried to encourage me to use one of the agents from their realty to handle my end of the deal. When I told them I was using a real estate attorney they tried to trick me into signing a dual agency disclosure anyway. I told my attorney that I wouldn't sign it. He had to dig up another doc that stated as much. The owner of the agency was so PO'd he called my attorney and told him he wasn't getting any of the commission. I'm paying him out of pocket anyway so why would he feel the need to rub it in? To me it was just another reminder of why I'm using an attorney instead.

If Jane_ny wants to shop for a house for her son, she'd shouldn't have to involve anyone else unless she wants to.

    Bookmark   February 27, 2011 at 5:58PM
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jane__ny

Thank you dreamgarden, for sharing your experience. I'm sorry to hear what you went through.

I have no problem using an agent when I am ready to narrow down my search. I am looking for small 1 bed co-ops. Not condo's or houses. There are different listing agents within the same building. I haven't had any problem finding agents to show different listings but realize they are pushing their listings.

I have been using Listingbook and Realtor.com to gather info. It has been helpful and I'm doing the leg-work myself. We just need someone to get us in the door, at this point.

There are 3 different Towns of interest, at this point and we looked a some places today. We haven't been pressured to sign with anyone.

There are many co-ops on the market here and many have been sitting for quite a while.

Once we narrow down the area he has decided on, we'll sign with one of the agents we have worked with.

Jane

    Bookmark   February 27, 2011 at 6:59PM
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linda117117

What is unfair about the OP looking for properties for her son? There is no law that says you have to hire someone to hold your hand in order to look at a property on the market. Why waste two person's time (buyer's agent/ seller's agent) if you can do some of the footwork yourself?

What is unfair? "I'd like to see 20 properties, I'm going to call 20 different agents to show me those properties". In the best case scenario, I've wasted the time of 19 agents.

Exactly what foot work is she doing? Shes looking on the internet, then calling whatever agent is listed on that property to show her the unit.

By developing a relationship with "ONE AGENT", a buyers agent in NY, she can see whatever properties she wants to see with that same agent, and in the end, no ones time is wasted, because hopefully, that agent will put a sale together. (this is an entire different story, however, because the agent doesnt even know if the son is qualified to buy, is really looking to buy, has the same tastes and style as his mother, etc".

As far as your experiences with your buyers agent. I dont know where you live, but in NY, the buyer is at the inspection WITH the home inspector and the report goes directly to the buyer. In fact, the home inspector HAS to get permission from the buyer to share the report with the buyers agent. If you pay for the report, the report should go to you FIRST, not your agent. That seems like a very flawed system.

    Bookmark   February 27, 2011 at 7:40PM
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