Do I need a really need a realitor if I'm buying (condo)?

Question

I'm renting right now and looking to purchase a condo, besides being more legitimate in negotions, could I negotiate the price on my own and have a lawyer look over the association agreement and a mortgage company handle the closing? I know the seller pays for the buyer's realitor's fees- but there has to be some savings for me by skipping a realitor. Thanks.

Sorry, realtor*

Answer 1

The problem with not using the right agent is that you can get screwed by the seller and their agent. As a home buyer, you don't pay the buyers agent a commission, the seller does. Nobody should ever buy real estate without the expert advice and guidance of a licensed buyers agent. Be sure not to use the sellers agent as they are only concerned with getting the seller the highest amount for their home. A registered Buyers Agent will work for you without any compromises. You will save nothing by not using a realtor and if the seller or sellers agent tells you not to use an agent and they will discount the purchase price, then you have to ask why they are willing to take 3% off the sales price just to avoid a buyers agent. Check out www.NAR.org for info on buyers agents and why to use them.

Answer 2

find a condo for sale by owner....

find which particular condo model you like..... and then flyer every condo that has the same floor plan.... Have the flyer say, i will buy you home without a realtor involved if you sell it by owner exc.... Have an escrow company police the transaction....they should prefer this because it saves them the hassle of having to show the home to a hundred people and waste time with a realtor exc.. as long as you can come to a reasonable price that is 3-6% below market level... or personally knock on their doors and ask them if they would like to sell... 6% commision on a 200k+ condo is alot of savings! Let me know if you would like a great mortgage! Or if i can help locate the particular floorplan you like.

Answer 3

Use a REALTOR they are free. You get free legal services as well as him/her looking out for your best interest. If your state can allow REALTOR and mortgage person to be the same person than choose him/her. This is where you can save especially on closing costs and origination fees. Good luck and congratulations on the new place.

Condo tips:
You will get a hit to your interest rate because it's a condo. Also make sure you know what the HOA dues are because this is added to your mortgage. You will also want to know the ratio of homeowners and renter's in the Condo Area. The Condo Association will have this information.

Answer 4

There is NO savings for you going it alone. They aren't going to pass on that 3% commission to you, the seller's agent will act as dual agent (if allowed in your state) and still get the 6% while you might get the shaft.

Don't be an idiot--get your own realtor to act as your "buyer's agent" in the deal. It costs you nothing and you have someone watching your back on one of the biggest financial purchases of your life. Don't get all cheap on it or you'll regret it.

Answer 5

You won't save a dime by skipping the realtor. The only financial impact with be on the selling realtor's commission if you have your own agent.

I'd recommend a lawyer as well. He can do the closing as well and the cost should be similar to the title company's fee for closing. (Lender's don't do the closing as they have a stake in the transaction.)

Answer 6

No, you don't save a thinng. The sellers agent gets the whole commission. That's why some agents love working with the buyer AND seller.

Answer 7

It is actually your choice but you can try checking out 4thishouse.com. It avdertises properties such as a condo where you can search by place. You can find For Sale By Owner condos where you can choose from that will suit your needs.