Buyers Guide | Nomis Realty Inc., Simon Realty International, Ltd. Licensed Real Estate Brokers

Real Estate Buyers Guide

The purchase of real estate is one of the most important transactions a person will ever make. The first step is to pick out one or more specific areas to focus your search on. When looking at neighborhoods, check out the quality of schools, the average home prices, the major employers, and the nearby resources (fire station, library, grocery store, etc). After choosing the best area for your family, then it's time to start taking more proactive steps.

Resources for Buyers

A real estate agent will be your major resource for help and information. Your agent will be your access point for the MLS (Multiple Listing Service), which lists all available properties on the market. While many sites allow you to view the MLS, you will need an agent to actually tour the homes. Beyond simply finding you a home, your agent can often help you find a good source of financing.

Financing is a critical step in the buying process. It's important to be pre-approved for a mortgage before looking seriously at homes. Pre-approval means that you have been fully screened by the lender and approved for a loan; this can be a huge help when the time comes to make an offer. Most sellers will go with candidates that are pre-approved, since there's less risk that the deal will fall through.

Your real estate agent will also be crucial when it comes to negotiating and making your offer. The home buying process is long and involved, but with the right resources--namely, a good agent--it can be exciting and fun.

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Buyer Broker Representation

Nomis Realty Inc. and Simon Realty International, Ltd. offer individuals who wish to find and purchase all types of real estate expert Buyer Broker Representation. This information sheet briefly describes Buyer Broker Representation and why knowledgeable buyers often insist on buyer broker representation.

Most typically, when a buyer is purchasing a home (or other real estate), all brokers involved are representing the seller as either agents or sub-agents. Most fundamentally, this means that their legal responsibility (under agency law) is to negotiate on behalf of the seller and to obtain for the seller the highest possible price. Their obligation to the buyer is to treat the buyer honestly and fairly (no lying, misrepresentation, fraud, etc.), but their loyalty is to the seller. It might be noted that even if a broker spends many hours with a buyer showing him/her homes and does not even know the owners of the homes that he/she is showing (as is the case when a broker is showing a buyer homes that are on an MLS system), the broker’s fiduciary responsibility is still to the seller. This means that the broker’s legal obligation is to negotiate in the best interests of the seller and to always strive to obtain for the seller the Highest Possible Price.

Many buyers, upon careful reflection, decide that they want a real estate broker who represents foremost their interests – not the interests of the seller. They want an experienced broker whose responsibility is to obtain for them the Lowest Possible Price for the Buyer rather than the Highest Possible Price for the Seller. They want a real estate broker whose primary loyalty is to the buyer rather than to the seller. They want a Buyer’s Broker!

A Buyer’s Broker is hired by a Buyer through an employment contract. The Buyer Broker’s responsibility is to not only find suitable real estate properties for the Buyer, but also to always attempt to obtain for the Buyer the “best possible deal”. The Buyer Broker’s and the Buyer can openly discuss negotiating strategies because the Broker is working for the Buyer. The Broker can also openly share a great deal more information with the Buyer that might be helpful in attempting to negotiate the lowest possible price.

David C. Weiss, Executive Vice-President at Nomis Realty Inc. and Simon International, Ltd., is an experienced real estate attorney who is an expert with regard to Buyer Broker Representation. Mr. Weiss would be happy to answer any questions about Buyer Broker Representation, as well as any other legal questions pertaining to the purchase of real estate.

Baldwin Office Mineola Office (516) 223-1000 (516) 248-9000

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