Is It Okay to Buy a Home without a Real Estate Agent?
When buying property, most people will not budge until there is a real estate agent involved. But there are at least 10 to 20% of home buying transactions every year that don’t involve agents.
Yes, you can buy a home without any help from agents. It’s just that most people would rather choose to hire them.
Buyers want to acquire a property at the best price. This is why they ask real estate agents to scout for the most favorable rates to them.
But how easy is it to buy the properties you want without any expert help? Will someone who has never dealt with real estate before be able to buy property?
Although this may not be the norm, it’s doable. Read below to find out more about these types of transactions in the industry.
What You Need to Know When Buying a Home Without an Agent
If you are sure you want to proceed to buying a home without an agent, it’s important to be ready. You can still get the home you want as long as you’ve prepared and researched well.
Everyone has some sort of knowledge in real estate. Being involved in real estate can be tricky at times, but learning the ropes is worth it.
1. Finding a Home Price Point Target
When doing things on your own, searching is the key. Many newbies in the market look at entry-level homes as their first target.
You can also look at all sales, “pending” items, and listings in the market you chose. This is now easier to do with the help of technology.
Searching for properties via various websites will help you find homes. You can look for homes with the longest days on the market. Compiling the list into a spreadsheet and analyzing them gives you more information.
2. Make Sure to Have Your Loan Pre-approved
Sellers will have no problem selling you their properties if you have the finances. If they know you have a lender and are able to pay cash, then transactions will flow quite smoothly.
Many buyers who pay in cash make their way to the top of the list. This is because when you have cash offers, there is a higher chance that sellers consider you.
3. Be Well Connected With Home Renovation Workers
This means connecting with people who will help renovate the home that you buy. They can be electricians, drywall installers, painters, plumbers, and so on.
If you want to save money, avoid employing general subcontractors. They charge at least 15% to 25% more. As much as possible don’t over-improve and balance your finances.
Pay Attention to Requirements Needed to Buy the Property
Being prepared beforehand will save you from a lot of trouble. When you do your assignment before buying you can save time. You can also save effort in getting your dream home.
Secure permits when needed especially those that have past remodeling. If it helps make a cost-benefit analysis before you decide on any purchases.
In case you are still a bit conscious about buying from a seller, use the services of a representative. These professionals are different from agents as they can be people you ask to represent you. Always do research before taking any big steps so you can avoid unexpected problems.
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