Many people think they can go it alone when buying or selling real estate, mostly a home. Is this really a good idea and what advantages do you have if you choose to go it alone or hire a real estate agent?
First and foremost, if you are a buyer there should be no cost to you in buying a home. You will actually get many valuable services at no cost to you. First of all, it is much easier to find any and all home that meet your criteria as well as access to seeing multiple homes pre-lined up for your viewing saving you valuable time from having to see maybe one home at a time and making those arrangements yourself.
Beside the fact that finding the right home for you and your family in a timely manner, your realtor will then do research on comparable to the home you are thinking of purchasing. After the final decision has been made to actually make an offer on a property there is several documents that you will need to sign and understand in order to make the offer to the seller. Some of this paperwork will include, the purchase contract, an agency disclosure, HOA documents, As Is and Short Sale paperwork if it is a short sale home or a lender owned home as well as having to have evidence that you have the cash or the financing to purchase the home. The amount of this paperwork is not necessarily all you will need depending on location of the home or the age and other factors involved as well.
The negotiating is a huge factor in this process as well so keep in mind that this is only one thing that your realtor will be assisting you with. Once the property goes into contract there are many things your realtor will be doing such as inspection arrangements and negotiating the items to be repaired by the seller, making sure all paperwork and loan process is going smoothly and that the title company has the amounts paid by each party correct on the HUD. Your realtor will go with you to the home to check on repairs, making sure the seller has done the requested and agreed upon repairs in the inspection period.
Do you save money not using a realtor? Do not be fooled into thinking that you do. The seller is probably already contracted with an agent themselves and they same fees are to be paid wherever you have your own representation or not. If you use the list agent of the home, you may not be getting the same loyalty and negotiations for you that you would be if you had your own agent. Remember the list agent is also working for the seller and having their best interest in time. Do not be fooled to think that you are getting a lower price by not bringing in your own agent, the home price will not change, the list agent will simply make all the decisions.
You need to be represented in order to protect yourself. As a seller, more people see your home when using an agent, negotiations are handled and so much advise on price, staging, making sure the buyer stays in compliance with the contract. A very high number of for sale by owners fall out of escrows, buyers and sellers are too personally involved to deal head to head with each other and need good experienced representation.Selling a property on your own will likely sell much slower and possibly for a lower price than you could get if you hired a professional. Most buyers end up buying a home that is being handled by a licensed realtor as well as having their own licensed realtor to represent them. Do not go it alone, it may cost you thousands of dollars.
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Source by Nancy Niblett