Buy through realtor or from owner?

Question

Is it better to buy a house through a realtor or from owner directly? Why?

Answer 1

There are two sides to this coin.

Using a realtor allows you knowledge that you otherwise would not come by on your own easily. They have sold hundreds if not thousands of homes and are trained in everything they need to help you with, ie : inspections, property taxes, utility sets up's, property value's, loans, property borders and just about anything one might want to know.

But they are expensive.

You can save thousands with buying from an owner - and not using a realty service, but... you better study up everything you need to know about closing on a house prior to doing it.

We went directly to the owner - and I wish we would have used a professional that knew what they were doing.

The basement leaks and the roof needs repaired, and we didn't know enough to NOT know that we didn't know what we were doing.

If a first time home buyer... get a reputable realtor to cover your back end.... or study study study

Answer 2

Let me explain it this way. If you work through a Realtor they are legally obligated to do it properly and in most cases they have errors and omission insurance to cover their mistakes. A seller can sell you a house go bankrupt after doing something wrong and you're stuck. Not to mention the myriad of disclosures required that a Realtor will make sure you get such as property condition from seller, lead abatement required from the Feds etc. Sure it might cost more money with the Realtor (try to bargain the price down through the Realtor to cover the additional Realtor cost) but then again buying title insurance costs more money would you buy a property without title insurance just to save money?

Answer 3

Whether you are renting, buying, or selling, most of the time engaging a realtor is a better choice. While you will need to pay commission for the realtor, they will help you to sort out many things, like future dispute, legalities, etc.

Besides, finding a good house is a very tedious task. You will have to spend a lot of time finding a right deal. In the end, the value of time saved by engaging realtor might exceed what the commission paid.

Good realtors also will help you to find better value deals. Ask for recommendation from friends and relatives before getting one.

Answer 4

Buying with out a realtor involved can be cheaper. However, you will be assuming the risk of doing something you are not familiar with. I have bought and sold one house with no realtor and sold one with a realtor. I also purchased one using a realtor. For the home I sold, I found a competant real estate attorney who also provided closing services and paid them a fix fee to manange my selling process for me. It cost me about $1,000 for the attorney when a real estate agent would have been 3 to 5 percent on $115,000 so I saved myself and my purchaser anywhere from $3,000 to $6,000. Remember if the seller of the home you are buying does not have a realtor and you do.. you wil pay your realtor fees. If you seller of the home has a realtor and you don't... you will still pay the full amount of realtor fees whether you have one or not... so get one.

When buying a home, it's buyer beware.. so an experienced realtor could save you tons of headaches and $$$ in the long run. On the last home sell and purchase I did, I'm glad I had a realtor. She was definately worth the money.

Hope this helps!

Answer 5

Generally and it depends on the state you live the seller pays all the realtor fees so it is in their best interest not to use a realtor. If they refuse to use a realtor than you could negotiate the price of the house subtracting up to 6% of the asked sales price. If you decide not to use a realtor I would suggest using a real estate attorney. There are so many factors that go into a sale of the house.

Answer 6

A realtor is like property police; if any problem arises with regard to the title the realtor assumes responsibility that the titles are clear of illicities

Answer 7

either way is good. If at all possible, get a home build from a contractor. the pros and the cons will out-way the difference. When you get real-estate from realtor's there are consequences and when you buy from owner there are glitches. All information may not be factual even if the house is new. such as: insulation, foundation, water lines, gas or electrical lines and cables, the actual age of production may or may not be available and how long the property has been for sale or vacant makes effects the maintenance and depreciation of it. Do research and inspections as necessary as you would an automobile. Remember, what looks good may not be good.

Answer 8

enable me clarify it this sort. in case you artwork with the aid of a Realtor they're legally obligated to do it proper and in maximum situations they have errors and omission coverage to conceal their errors. A business enterprise can sell you a house circulate bankrupt after doing something incorrect and you're caught. to no longer point out the myriad of disclosures required that a Realtor will make certain you get alongside with sources condition from business enterprise, lead abatement required from the Feds etc. helpful it would fee greater money with the Realtor (attempt to good purchase the fee down for the duration of the Realtor to conceal the extra Realtor fee) yet nonetheless procuring identify coverage expenditures greater money could you purchase a sources without identify coverage basically to maintain money?

Answer 9

Depends on the state.

In MA, the seller pays all commissions and fees so it is better to use the agent just to make your phone calls and set up appointents.

In other states, the buyer has to pay a fee to the broker. This has benefits, but for what you pay them (2-3%), I do not think it is worth it. The big thing is to make sure you hire a realtor for the specific purpose of putting a value on the house to make sure youo are paying a fair price. This cost 200-300$ or so for someone to come out.

Answer 10

If you buy through an owner make sure you do these things:
1. flush all toilets and make sure they work well
2. have an inspection done on all gas lines, fireplaces, and outside septic and well if it exists, have a mold check done in the attic and have radon testing done in the basement.
3. turn on all water faucets , if you smell a strange egglike odor, investigate it and all drainage in tubs and sinks (if it's slow , be careful of backup problems).
4. an inspector can check for alot of things and it's worth the investment, also, you won't be kicking yourself like I did, repairing things for 6 months after the fact.

Make sure there is no lien against the house, make sure the house is in good standing financially. It might be good to get an attorney to just look things over and make sure you are signing off on a good deal with no backlash later.

Do a comparison in the market for the value of the home, as real estate growth is behind in some areas.

I have purchased FSBO, and I wish someone woul have told me all of this before hand.

Best of luck to you.