Major Breakthrough in Real Estate Buyer Broker Transactions
Until now it has not been common for real estate buyers to use a buyer’s agent, but that will now change.
/New Hampshire News Articles/ -- FLATBUSH, NY – The Flatbush Real Estate Board will announce a way to facilitate a real estate buyer to use a buyer’s broker to which previously was difficult, if not impossible at a special meeting sponsored by the Flatbush Real Estate Board at the Flatbush Council Building, 3915 Flatlands Avenue, at 10 a.m. Wednesday, Sep. 29, 2004.
Bernard Friend of the NY Dept. of State will be the guest speaker who will announce this new method of enabling a selling agent to receive a full commission and enable a buyer’s agent to also receive a commission in a real estate transaction.
“This will change the way brokers are doing business in New York by becoming buyer’s brokers,” said Victoria Stennett, Pres. of the Flatbush Real Estate Board. “This new financing will revolutionize the way real estate is purchased in New York,” she added.
The new method of financing was created by David Rubin of AGA Capital.
“The agent will no longer have a conflict with the selling agent. The selling agent’s commission is not threatened any longer. They can work together to move the property a lot faster and create representation for the buyer, which they were not previously able to do,” explained Rubin.
A buyer’s broker has a fiduciary responsibility to the buyer in a real estate transaction. From the search for a property to the closing of the sale the buyer’s broker works for the best interest of the buyer. The seller’s agent, on the other hand, works for the best interest of the seller.
“Now it will be possible to finance the commission paid to the buyer’s broker, which is a major breakthrough in the way real estate sales are completed,” explained Stennett.
The new financing makes it easier for real estate agents to offer services as a buyer’s broker, and makes it possible for buyers to not have to pay those fees out of pocket.
Published industry studies show that those who use a buyer’s broker benefit. A study by Sprint found that 232 relocating Sprint employees using buyer's brokers paid an average of 91 percent of a home's list price versus buyers using traditional agents typically paying about 96 percent.
At the presentation real estate agents will be briefed on how they can use the new financing to their advantage to develop new revenue for their brokerage, and how banks and mortgage companies will now be able to finance the broker’s fee.
Contacts:
Bernard Friend
New York Dept. of State
off: (212) 417-5736
David Rubin
AGA Capital (main office)
2663 Coney Island Avenue
Brooklyn, NY 11223
Off: (718) 332-4100
Cel: 516-322-2680
Victoria Stennett
Flatbush Real Estate Board
(718) 434-5845
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David Bresnahan
ThatPRGuy.com
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USA 03872
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