Buying a home without a real estate agent can have many benefits. Buyers may feel more in control, save money on fees, and be able to negotiate directly with the seller. On the other hand, since there is a lot to know and do when buying a home, it becomes a much greater task when completing it on your own.
Here are some ins and outs of buying a home without a Realtor or real estate agent:
No, but 86% of buyers use one, according to a National Association of Realtors report. Buyers primarily choose agents because of their expert knowledge of the local real estate market and experience with potential issues that may arise during purchase.
Of course, there are a few reasons people decide to buy on their own, including:
If you choose to take on the task of buying a home by yourself, here are nine steps to help you get from pre-approval to closing the deal:
Before you start shopping for homes, get pre-approved for a mortgage from a lender to know how much house you can afford. One guideline from Investopedia is that your mortgage should equal 2 to 2.5 times your gross monthly income.
Research the local housing market to understand the average home prices and what is available in your desired area. You’ll want to know about school districts, property taxes, and the value of houses in the area.
You can search for properties online, drive around the neighborhoods you are interested in, or attend open houses. The NAR report says 96% of home buyers used the internet to search for homes.
Contact the seller directly to schedule viewings of the properties you are interested in. Recently, more home builders have introduced virtual walk-through tools that make it easier to “visit” a home at any time convenient for you.
It is important to hire a real estate attorney to ensure that all of the legal paperwork is completed properly. Without a Realtor to help you, you’ll have to get expertise from a real estate attorney who is well-versed in purchases and contracts.
Hire a home inspector to check for any potential issues with the property. You’ll want an inspector to examine everything from the roof to the foundation. Take a look at our home inspection guide for more information.
This may be the toughest thing to do on your own. You must work with the seller or possibly a real estate agent representing them to negotiate the price and other terms of the sale.
If you’re buying a new construction home without a Realtor, you will need to wait until the construction on your home is finished before you can close. This timeline can vary depending on how far along construction was when the contract was signed.
Once you have reached an agreement with the seller, work with your attorney to finalize the sale and transfer ownership of the property.
If you’re purchasing a new construction home from Brookfield Residential, our sales agents will be there at every step of the way to help ease the process.
If buying a home by yourself sounds like a lot to handle, a real estate agent can help make the process easier.
Among the advantages a real estate agent can give you are:
Buying a home without a Realtor is a bold step, but one you can take as long as you know what to do. There are plenty of steps, and you can take control of the process and possibly save money.
If you decide to head down that road, our team will be with you every step of the way. When you’re ready, contact us to learn more about what our communities have to offer.