Finding a buyer’s agent in NYC is the easiest part of your home search. You’ll be bombarded with requests from buyer’s brokers the moment you start your search online and begin attending open houses.
However, finding an experienced buyer’s agent who will discreetly offer you a Buyer Closing Credit is a much more difficult prospect.
We’ll go over the most important considerations for choosing a great buyer’s agent in NYC in this article.
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The first test is to ask yourself whether any of the buyer’s brokers you’ve been speaking with has offered you a Buyer Closing Credit as an incentive for choosing them to represent you on the buy side. This is one of the easiest ways to reduce your buyer closing costs and save money on your purchase in NYC.
As of this writing, unrepresented buyers in NYC are almost universally unaware of the fact that Buyer Closing Credits exist. This is because the vast majority of agents in NYC don’t offer any incentives to buyer clients. In addition, many buyer agents, either through ignorance or malevolence, spread misinformation by wrongly telling prospective buyer clients that receiving an incentive from a buyer’s agent is illegal in New York State.
The scale of this misinformation problem became so extreme that New York State’s Attorney General decided to issue an open letter to the real estate community and the general public in April 2015 urging brokers and home owners to take advantage of recent changes in state law allowing commission rebates.