ADK Realty will help you with the entire purchase process.
ADK Realty is happy to provide Buyer Agency Services.
YOU ARE ALWAYS ENTITLED TO HAVE YOUR OWN AGENT
LOOKING OUT FOR YOUR INTEREST!
Dual & Designated & Sellers Agents Have NO Fiduciary to you!
You are on your own- Buyers Beware-Caveat Emptor!!
Having a buyer agent ensures that you have an agent working solely on your behalf.
Sub Agents of the Seller & Dual/Designated Agents 'legally' can't help you with your finances.
As your buyers agent I can help you with banking. I have saved buyers thousands of dollars in closing costs!
Common First-Time
Home Buyer Mistakes
1. They don’t ask enough
questions of their lender and end up missing out on the best deal.
2. They don’t act
quickly enough to make a decision and someone else buys the house.
3. They don’t find the right agent who’s willing to help them through the
home buying process.
4. They don’t do enough to make their offer look appealing to a seller.
5. They don’t think about resale before they buy. The average first-time
buyer only stays in a home for four years.
I will work hard to find you the perfect home at the right price!
As a member of three multiple listing services: Fulton- Montgomery County, Capital Region and Warren County Mls's
& FSBO's that are happy to have me offer their property to qualified buyers, you'll have plenty of choices!
Learn the difference in Designated or Dual agent, Broker agent, Seller agent or Sub Agent of Seller, Buyer agent.
ADK Realty remains a Sellers Agent. I sell over 90% of my listings treating buyers with the utmost care. As selling agent I must disclose all facts known to me that affect the value, desirability of the property and I must deal honestly, fairly and in good faith. I can't legally help you with your finances. But I can direct you to where you can find information. If you feel you aren't getting the information and details you need to make an informed decision it is always your right to sign a contract with and engage in your own Buyers agent. Some buyers agents charge an additional fee on top of what they'll receive thru the multiple listing service. ADK Realty DOES NOT CHARGE EXTRA To represent Buyers. I work for what is offered in mls.
Because I also work as a buyers agent, I consider Buyers heavily when listing property. YES! I look at property listings from both perspectives (& yes, I turn down listings that I feel Buyers will inherit defects sellers won't fix. I do inform all my sellers that I encourage inspections, Wells & Septics must be in good working order, Defects must be disclosed. Working with Buyers as "Customers" My sellers allow me to give you the comparables that the price was based on. I will assist you through examination of your purchase. I write contracts to your Exact specifications. I want all parties to be satisfied.
No Dual or Designated Agency Practiced ~ DON'T Give Up Your Rights!
Significantly, by consenting to dual/designated agency, you are giving up your right to have your agent be loyal to you, since your agent is now also representing your adversary. Once you give up that duty of loyalty, the agent can advance interests adverse to yours.
Dual/designated agency is illegal in most States!
Unfortunately, NY State law also allows a real estate agent licensed for 15 years to NEVER take a class or any education ever again!
Experience may not equate to a good Real Estate Deal!
What is Buyer Representation? You Don't Have to Pay Up Front Fees!
I enjoy working with Buyers and it's a treasure hunt for me to search for the perfect property that will meet your needs at your price with all negotiating to YOUR ADVANTAGE. As a principal in a real estate transaction, you should always know that you have the right to be represented by an agent who is loyal only to you throughout the entire transaction. Your agent's fiduciary duties to you need never be compromised. After reading many legal discussions regarding dual agency & knowing it's illegal in many States (I was actively licensed in Palm Beach Fl where Dual Agency is illegal, agents were buyers agents or sellers agents) ADK Realty does not wish to practice Dual agency. Buyers see below for how to purchase one of ADK Realty listings.
I have over 10 years of successful Real Estate Experience to offer you. I prefer to be a buyer agent on other companies listings to do through research. I give buyers the research on my listings. As your Buyer's Agent, I will help write offers that are for your benefit. I will stay with you through the entire transaction, be on site for appraisals, inspections, research the property to verify the listing information is accurate. Check on the taxes, and possible deductions. ADK Realty will help with the transfer of utilities and other services. ADK Realty will look out for your best interests.
With a Buyer's Agent you will have someone negotiating for you, I will help write a win-win offer of purchase. ADK Realty is still there after the closing. Making sure you are happy and assisting with filing for STAR & other deductions/exemptions you may be entitled too. If you are new to the area I'll direct you to any services needed. ADK Realty will help you with the entire purchase process.
ADK Realty is happy to provide Buyer Agency Services. This ensures that you have an agent working solely on your behalf. As a member of three multiple listing services: Fulton- Montgomery County, the Entire Capital Region and Warren County and having several FSBO's that are happy to have me offer their property (and pay my fee). I will work hard to find you the perfect home at the right price!
Buyers, You deserve representation. I'm happy to bring my office to you and happy to provide listings that may meet your criteria! I am able to provide you with an up to date list of available properties for you to preview via email.
Please call me at 518-725-2357 or check out Warren Co MLS
OR HERE I can get keys and access to anything you find there!
Check here for more information helpful to buyers.
There are lots of financing options available to buyers. ADK Realty can email helpful mortgage tips! Generally the following are common expenses incurred in the purchase of property.
Closing Costs: The following are types of expenses you may incur in buying a piece of property. The contract of sale can change who pays for any one or more item.
Title insurance (if purchased), Title Continuation (final check at time of recording deed), Recording of deed, Fire & Casualty Insurance, Mortgage tax, Bank Financing: closing points, application fees, appraisal fee, credit check, mortgage insurance, pre-paid interest**, attorney's fees.
** Mortgages are paid in arrears and, for banks, on the first day of the month. Therefore, if you close on the 15th day of the month, you will pre-pay at closing, interest on the money borrowed for the remaining 15 or 16 days of the month.
Once a contract for purchase is accepted, there is a time period allowed for: Attorney approval, inspections and mortgage contingency. At closing Buyers Need to provide certified bank check (as per your attorney), checkbook, driver's license or some form of picture ID, homeowner's Insurance Binder/receipt.
ADK Realty will help coordinate much of the above as well as the transfer of utilities, the final walk thru/inspection and help you through a smooth closing and onto enjoying your new property!
ADK Realty is a Licensed Real Estate Broker in the State of NY and may represent you anywhere in New York State.
My Florida Real Estate License is currently 'inactive'
I am happy to refer you to qualified Agents in Florida, should you be searching there!
ADK Realty is a registered HUD Broker, all HUD homes found on the site www. huddeals.com can be bid on thru ADK Realty!
Click here for HUD property search.
Thinking of buying? Here's helpful information regarding representation.
NY State Agency Law changed in 2007 & 2008 to help buyers & sellers be more aware. It still takes a knowledgeable Real Estate Agent to explain the terms.
Buying property is perhaps the Largest purchase you'll make!
A Buyer's Representative (also known as Buyer's Agent), is a licensed Real Estate agent hired by a prospective buyer to represent them in a real estate transaction. A Buyer's Rep works in the buyer's best interest throughout the transaction and owes fiduciary duties to the buyer. It's a simple check mark on the agency form or you can 'contract' with an agent for a length of time while your seeking a home or for just a single property/listing and not be tied to an agent for a length of time, of course if you have a great agent you'll want them with you every step of the way.
Shouldn't you have the advantage of having an Agent working just for you? Wouldn't you like to know what the recent comparable sales are? Wouldn't you like to know what the seller paid? Wouldn't you like someone on your side of the table looking out for your interests? Wouldn't you like to discuss your finances without fear of the seller knowing how much you are willing to pay? Seller's agents work for the seller. I am happy to represent you the buyer. You will be a client not a customer! Should you chose to buy one of my listings you will be told everything relevant to the purchase of the property. I will provide you with my office policy. I have never had a problem working as a sellers agent & working fairly with the buyer. I will explain your legal rights in great detail and explain in advance what you shouldn't tell the 'seller's agent?
Here are excerpts from the State: 'When you employ a real estate broker or sales person as your agent, you are the principal. "the relationship of agent and principal is fiduciary in nature, founded on trust or confidence reposed by one person in the integrity and fidelity of another.' (citation omitted) Included in the fundamental duties of such a fiduciary are good faith and undivided loyalty, and full disclosure. Such duties are imposed upon real estate licensees by license law, rules and regulations, contract law, the principals of the law of agency, and tort law. (citation omitted) The object of these rigorous standards of performance is to secure fidelity from the agent to the principal and to insure the transaction of the business of the agency to the best advantage of the principal. (citations omitted)."
What is a dual agent or designated agent? Agency relationship can be problematic for buyers working with agents showing their own (office) listings. The State allows the listing office to designate an agent for each party or a sole agent may act as a dual agent with full disclosure to all parties. The State cautions agents who are practicing dual agency & cautions the public. Agents of the Brokers office have a relationship with their broker and by definition a dual/designated agent can advance interests adverse to your position!
A designated agent/dual agent must have a signed acknowledgement confirming both parties understand that they are giving up their right to the agent's undivided loyalty. A sole agent who with informed signed consent from seller and buyer acts as a dual agent, by definition they can not provide full range of fiduciary duties to the buyer and the seller. They must cancel their prior fiduciary relationship they held with one of the parties. They have an obligation to their broker.
Significantly, by consenting to dual agency, you are giving up your right to have your agent be loyal to you, since your agent is now also representing your adversary. Once you give up that duty of loyalty, the agent can advance interests adverse to yours. The Fiduciary duty of loyalty that your real estate agent owes to you, prohibits your agent from advancing any interests adverse to yours or conducting your business to benefit the agent or others. You give this up with designated/dual agency.
How much does it cost? How will the Buyer’s Representative be compensated? Unless you choose otherwise, ADK Realty will be compensated from the proceeds of the sale, just like any other real estate agent. This means that you can have the advantages of your own broker at no cost. Realtors work together and Sellers Agree to compensate Buyers agents. Commissions can be negotiable and are written into the purchase offer contract. In all cases, fees are paid as per the written contract. I will help write win-win contracts and not being a Big office but self-employed, ADK Realty has the advantage of setting & negotiating fair fees for my services.
Can a Buyer’s agent show me property listed exclusively with other agencies? Yes, an “exclusive” listing simply means that the listing broker and their agents are the seller’s exclusive representative. As a member of 3 Multiple Listings Services, ADK Realty can give you lots of access to many properties available in your price range. As your representative, I can also show you for-sale-by-owner properties! State Law Prohibits Sellers from refusing access to Buyer agents and their clients.
What other advantages are there to Buyer Representation? A selling agent may let you know about new listings, hoping to make a sale; they have no obligation to you. But a buyer’s agent who is representing you, owes you reasonable due diligence, and care. An Exclusive buyer agency agreement spells it all out for you. ADK Realty is happy to answer any of your questions and will show you lots of property!
Real Estate agents represent either the seller or the buyer. Traditionally, real estate firms represent and work for the best interest of the seller. When you call an agency about an advertised property you will be speaking with a seller’s agent.
How do I find a Buyer Agent? One reason I opened my own office was to be able to offer True buyer agency. Buyer agency is new to most NY Real Estate Licenses. I practiced buyer agency in Florida while actively licensed in Palm Beach in the 1990's. Many local agents refuse to represent buyers and do not offer buyer agency! I find this extremely unfair and totally against what being a Real Estate agent truly means. Our personal gain should not come before clients. Be wary of Dual agency, your 'designated agent' is allowed to put their interest first, they have no fiduciary duty to either party!
What if I want to buy one of ADK Realty listings? Should you want to put in an offer on an ADK Realty listing, ADK Realty’s policy is to share all of the same (& any new) market comparables used to price the property, disclose all the taxes/fees and help investigate any possible changes. ADK Realty will provide buyers with every available opportunity to test, inspect or otherwise scrutinize the property to determine an offer the buyer is comfortable making. Because I operate as a buyer agent I offer buyers a lot of information they don’t normally receive with most seller’s agents. I am stead fast in my desire to treat everyone fairly, honestly and with great care without jeopardizing my relationship with the seller and not practicing dual agency. I will be happy to explain in detail your rights as a buyer and caution you as to what not to tell me the selling agent.
How do I ask for Buyer Agency? It's as simple as signing an 'agency' document to just go view homes! You may also chose to sign a contract which then binds the fiduciary relationship. ADK Realty requests that buyers are ready, willing and able to buy. If you haven’t spoken to a bankers, mortgage brokers etc. As your buyer agent ADK Realty can help you examine your finances to determine how much you are able to afford and discuss what your mortgage could be based on the taxes & assessment of the property you are interested in purchasing. You will need to know what your “fica” score is and have your financial paperwork available. If you don’t understand all the different types of mortgage products and terminology, ADK Realty is happy to provide many resource materials published by the National Assoc. of Realtors that explain just about everything a new buyer needs to know!
I enjoy working with Buyers and it's a treasure hunt for me to search for the perfect property that will meet your needs and negotiating FOR YOUR ADVANTAGE.
Choose your agent carefully! You should know who you have hired and how they will handle each type of relationship.
Buyers Agents: Agents hired by the buyers to work solely on the buyers behalf. They have a fiduciary relationship with the buyer. A buyer's agent is an agent who is engaged by a buyer to represent the buyer's interests. The buyer's agent does this by negotiating the purchase of the home at a price and on the terms acceptable to the buyer. You will have an agent to discuss your financial situation with that is there to help you get the best deal possible. A buyer's agent can help look out for your interest. As your buyer's agent I ALWAYS present all bona-fide offers in person, I do not fax or email offers to the listing agent or just 'call in', unless you direct me otherwise. I want Sellers to hear the offer directly!
A buyer's agent has, without limitation, the following fiduciary duties to the buyer: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A buyers agent does not represent the interest of the seller. The obligations of a buyers agent are also subject to any specific provisions set forth in an agreement between the agent and the buyer. In dealing with the seller, a buyer's agent should (a) exercise reasonable skill and care in performance to the agent's duties; (b) disclose all facts known to the agent materially affecting the buyer's ability and/or willingness to perform a contract to acquire seller's property that are not inconsistent with the agent's fiduciary duties to the Buyer. Seller's are not vicariously liable for buyer agents conduct. Buyer agents can become dual agents in certain transactions.
Selling or Subagents of the Seller: Owe Fiduciary duty to the Seller. The listing agent, broker and ALL the agents in the listing office automatically become sub-agents of the seller. Sellers are vicarious liable for the conduct of all the subagents.
A selling agent can drive you around, show you property, and move the sales process along by providing you with helpful information and services, working for the seller. However, a seller’s agent CAN NOT legally give you advice, and cannot tell you that they think a property is over-priced without jeopardizing their license.
What is more: A selling agent is legally required to disclose to the seller anything he or she learns about you which will weaken your bargaining position. And if all of the agents of the office where the listing is held are Selling agents who is looking out for the buyer? Large offices who list lots of property work for the seller as listing/selling agents. Some office policy is to post notices that offers are coming in and agents will naturally chat about what's going on to encourage more in-house activity, more competition, higher prices, and it keeps the whole commission in house. It's great for the company, agents and the sellers to obtain a higher price but clearly the buyer's are at a disadvantage.
Only a buyer’s agent with whom you have a written brokerage agreement can advise you, and help you plan a negotiating strategy. Only your agent owes you loyalty, accountability, and confidentiality.
Dual Agents: The State cautions against practicing this type of agency. Agency relationship can be problematic for buyers working with agents showing their own (office) listings. The State allows the listing office to designate an agent for each party or a sole agent may act as a dual agent with full disclosure to all parties. It's still caveat emptor or "buyer beware" and as buyer agency, dual agency/designated agency are being practiced, you should choose your agent carefully and be as knowledgeable as possible.
A designated agent/dual agent must have a signed acknowledgement confirming both parties understand that they are giving up their right to the agent's undivided loyalty. A sole agent who with informed signed consent from seller and buyer acts as a dual agent, by definition they can not provide full range of fiduciary duties to the buyer and the seller. They must cancel their prior fiduciary relationship they held with one of the parties.
The Fiduciary duty of loyalty that your real estate agent owes to you, prohibits your agent from advancing any interests adverse to yours or conducting your business to benefit the agent or others. Significantly, by consenting to dual agency, you are giving up your right to have your agent be loyal to you, since your agent is now also representing your adversary. Once you give up that duty of loyalty, the agent can advance interests adverse to yours.
For example, once you agree to dual agency, you may need to be careful about what you say to your agent because, although your agent still cannot breach any confidences, your agent may not use the information you give him or her in a way that advances your interests.
As a principal in a real estate transaction, you should always know that you have the right to be represented by an agent who is loyal only to you throughout the entire transaction. Your agent's fiduciary duties to you need never be compromised. After reading many legal discussions regarding dual agency, ADK Realty does not wish to practice Dual agency. Buyers see below for how to purchase one of ADK Realty listings.
Brokers Agents: As part of your real estate negotiations with a real estate agent, you may authorize your agent to engage other agents whether you are a buyer or a seller. As a general rule, those agents owe fiduciary duties to your agent and to you. Sellers are not vicariously liable for their actions, just the listing office is. Many offices do not offer Broker agency. ADK Realty does offer Broker agency by appointment.
You should ask for and read the office printed policy for buyers & sellers to see what each is offered by the Office of the Agent you chose to represent you. Know what the seller was told to expect as well as what you should expect!. I will be happy to mail you my office policies should you wish to purchase one of my office listings.
Here's what some buyer's have said about ADK Realty:
"Thanks for all your hard work! We really appreciate everything you did to make our dream of becoming homeowners a reality."
"We bought Stainless Appliances with the money we saved"
"We are so happy we found you! Our needs came first, we are really happy in our home!"
"You stuck with us for over a year until the perfect house came on the market, thanks"
"When I called you I had no idea what a 'go-getter' you were, we looked at 5 houses within an hour and found our home in no time at all! Thank you"
"My first investment property was a great success"
"We refer all our friends to Mel for quality service and great results"
This is meant to provide general information to give you the buyer a better idea of the process of buying real estate. Each transaction is unique & requires individual consideration. Please always seek professional assistance.
Definitions and examples of agency were copied from the NY Department of State Counsel's office, and from Real Estate License Law, January 2007.
