Lynnsy Logue for The Book of Condos: You and New Construction:Representation 1.Does it cost more to have a real estate broker representing you for the purchase of new construction?
A.No. The builder has this in operating expenses and you don't save money by going it alone.
2. What role does a real estate broker play in new construction?
A. Helps you with financial options: negotiating the contract, selecting the best mortgage options, studying the incentives, suggesting an inspector, reading the small print, reviewing the closing statement.Your broker is your advocate.
Would my broker work for me even though the builder pays the brokerage fees?
Yes. There is a standard form you can sign with your broker and the builder which states that your broker works for you and the builder is paying the fee. It states that the broker is loyal to you and represents you exclusively.
If there is a problem with the loan or the construction, will my broker be able to help...even if I use the builder's lender?
Yes. Your broker is able to jump in...anywhere, anytime to protect or explain your interests and concerns.
Isn't it easier just to work with the builder's sales agent?
Sometimes sales go without a hitch, a broker earns their salt by coping with the problems...and handling the details.It costs you no more to have an advocate. Also working with the builder's sales agent could be considered dual agency where no one really has representation.