i am considering to buy my first home and have gone through so many pages in the web discussing home buying. finished a degree in business (interests and mortgages learned but not real estate). i havent talked to any financial institution yet but planning to get a prequalification. is it a must to hire a realtor? in which process will he/she be very helpful?
2006-12-26 03:15:18 · 10 answers · asked by simpleme 2 in Business & Finance ➔ Renting & Real Estate
YES!!! Hiring a realtor is going to be very beneficial in finding you a variety of properties & protecting your interests (if working with a builder). The realtor gets paid by a percentage of the sale of the home, so if you aren't selling, you have nothing to pay out for the realtor costs.
2006-12-26 03:19:25 · answer #1 · answered by Jo 6 · 0⤊ 0⤋
If you are a buyer and you are looking at homes which are listed, you dont pay a dime for a realtor-- the seller pays those costs. There's no reason NOT to 'hire' one.
If you're looking at FSBO's, you can save money by no having a realtor-- but beware, its very complicated and a realtor looks after your best interests-- they get the seller disclosures (the forms that the seller checks all the boxes of any issues the house has ever had) makes sure the septic is pumped (if applicable) makes sure there is a pest inspection and treatment if neccessary, and coordiantes the sale with the title/escrow company-- making sure you will close on time.
I used to be a realtor, and i Just bought through a FSBO-- and it is SOOO much more work.
BTW-- the person above who told you to just work with the realtor of the seller--_ BAD IDEA. That realtor is working for the seller, not you, and won't look out for your best interest. They are EXPECTING to split the commision with the buyer's agent, not to get it all to themselves. Its rare for a listing agent to get ALL the commision.
2006-12-26 04:45:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
As a buyer, you don't need your own realtor. Most likely, you will be dealing with the realtor of the seller. If you have realtor, then your realtor is paid by the seller (the commission is shared between your realtor and theirs). However, when you have your own realtor, the realtor will be working for you, and not the seller. There are some cases where the seller does not have a realtor either, but this is usually the case where the seller doesn't want to fork up the commissions on the sale.
2006-12-26 03:20:03 · answer #3 · answered by jseah114 6 · 0⤊ 0⤋
"Is a realtor a must?" No. It is possible for you to buy a house without one.
It might be advisable to have a buyer's agent if you are unfamiliar with the process of buying a house. They are self-employed, like a contractor, so quality of agents vary widely.
Buyer's agent never made much sense to me because you want to pay the lowest price possible, which cuts into their commission. And it is not likely that you are a repeat customer, so where is the buyer's agent's motivation to negotiate the lowest price?
R.E. Agents don't check title, survey, or appraisal. Title companies (or in some states, attorneys) examine title. Some will even order a survey. An agent can open the house for the appraiser, but they don't do the appraisal itself.
2006-12-26 05:55:37 · answer #4 · answered by helblindison 2 · 1⤊ 0⤋
A realtor isn't necessary, but I would hire an attorney. It's going to be a royal pain to research titles, surveys, etc., etc. on your own. Plus it'll be much easier to have your attorney deal with the attorney for the owner of the house you want to buy. We just bought a house and found the realtor to be helpful with more than just finding a house. She was also able to suggest home inspectors and septic inspectors -- and after we were in the house, suggested a good plumber.
Good luck!
2006-12-26 03:30:40 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You should have a Buyer Agent representing you for your own protection. We get paid by the seller agent so our service is free. Go to: jackosullivan.net for more info on Buyer Agents.
Don't forget to look into Rural Development for outstanding programs for first time buyers.
Most Agents I know won't represewnt themselves in a transaction. You get caught up in the emotion and the "pretties" and loose sight of the obvious.
Good Luck
2006-12-26 03:59:03 · answer #6 · answered by Anonymous · 0⤊ 0⤋
In negotiating the contract and keeping things moving in the process. You can get contract papers from any Title company but you should do at least one transaction with an agent. I think they make allot (6%) but they do do allot of work before the contract is signed. You do need an agent to look at MLS listed properties, so hire one and look.
2006-12-26 03:27:17 · answer #7 · answered by foodguy 2 · 1⤊ 0⤋
their most useful as a contact, while its not a nessesity, it usually is very very helpful when you want to go inside the house to see it. Yeah and when your looking at 30+ houses it makes it go tons faster. Plus the person can usually give you their point of view on the house- thou their just their to make a dollar.I recommend having one, regardless thou- cause at some point in time you will have to make an offer- and its usually best to have your middle man meet their middle man so theirs no direct confrontation. You need to have an actual mortage in hand before you go looking, that way you know how much you have to work with.
2006-12-26 03:18:51 · answer #8 · answered by cats4ever2k1 5 · 0⤊ 0⤋
no - get preapproved then find a home - realtor's are very helpful in finding your house but not neccessary
2006-12-26 03:18:09 · answer #9 · answered by Anonymous · 0⤊ 0⤋
It is not a must, but it is prefered
2006-12-26 03:17:05 · answer #10 · answered by Biker 6 · 0⤊ 0⤋