Has anyone ever used a "buyer broker" when househunting?

[candy]

How did it work out?

How do they charge? I never could figure that part out because they are supposed to get you the lowest price,unlike the seller's broker who goes for the highest price which raises their commission.

This would be in the L.I. area of New York,if it matters.

[Hepburn]

1. I'm in CA...

...and I have two friends, husband and wife, who are buyers exclusive brokers. I have seen this service on the net and as far as I can see, it seems to work that way. Sorry, I don't know anyone like this in your area.

[candy]

7. Thanks!

[TN al]

2. I used one...

...Great experience. She told me to do things that had to be done that I never would have thought of on my own. She took good care of me. Unless you are a realtor yourself only a fool would not use one IMHO. She was paid from the proceeds by the seller. I don't know for sure how it works because it seems like I got a service that someone else had to pay for. She explained that it will even itself out when I sell the house and I have to pay for the next persons broker.

[candy]

8. Did your buyer broker do all the price negotiating?

Did they go to the open houses etc?

In other words,did they do the "dirty work" to weed out places they knew you wouldn't like?

[TN al]

10. Didn't do any negotiating...

...but advised us in our negotiating strategy. She did all of the other dirty work though.

[candy]

11. Thanks!

[Zomby Woof]

3. nope

But I am familiar with those at stores which sell fragile goods. There, a buyer-broker means "you broke it, you buy it". :o

Carry on...

[no_hypocrisy]

4. One piece of advice: don't use the home inspector your broker

recommends. Use the one your closing attorney gives you. The broker has a conflict of interest in making sure the deal goes through in order to get his/her commission. Thus a broker may have a home inspector who will overlook or diminish problems with the foundation, the walls, the plumbing, etc. and you won't try to back out of the deal or try to get the problems fixed BEFORE you buy the home.

You don't need that. Play it safe and get someone independent of your broker.

[candy]

9. Thanks for your good advice.

[drb]

5. I have used one, and in this state...

...the cost is the same as the other way.

In the old system, the two realtors split the total commission, and "your" broker is a sub-agent for the seller's broker.

In a "buyer's broker" system, the two agents still split the total commission, but the buyer's broker is an agent of the buyer and the seller's broker is an agent for the seller.

In this western state, your chances of getting a fair deal as a buyer increase if you use a buyer's broker.

I'm an investor, not a realtor, by the way.

[candy]

6. That's the part I don't get----

If they split the commission wouldn't it be in the best interest of both brokers to get the highest price?

I guess I'm a natural skeptic and wonder why the buyer broker would negotiate the best/lowest price if the financial benefits would be less for him/her.