I would like to try to buy a new home without using an agent to save from paying extra on commissions. I have submitted offers in the past using an agent and it looks so easy.
Is this something I can do on my own, or do I need a license?
2007-01-31 14:05:49 · 5 answers · asked by Ro b 3 in Business & Finance ➔ Renting & Real Estate
I agree with a previous poster (and I work in a real estate office) - as a buyer you're not going to have to pay commissions, the seller pays a percentage of the sale price (which is split between the sellers agent and the buyer's agent) - so you're not out anything.
These days, agents are the way to go - a well seasoned agent should know the in's and out's and will help you, they can actually save you more money in the end.
good luck!
2007-01-31 15:00:56 · answer #1 · answered by swampysgirl 2 · 2⤊ 0⤋
You may submit an offer if you so desire. If there is a real estate sign in front of the place you want to submit an offer just take your offer to the broker who's name is on the sign.
Your offer should have a price you want to purchase the house for, how much you will put down on the property, the difference between what you want to pay and the down payment will be what you will be seeking a loan for so write that down. You will need a date that you made the offer up. You will need an approximately date you would like to close the transaction. That is a basic contract.
Now legal beagle real estate agent is gonna tell you that your offer is not really a contract. Tell legal beagle that it is and you want to be there when the offer is submitted. If is looks as if there is gonna be egos involved, just leave the agent, go directly to the house and make your offer to the owner.
You do not need a license.Real estate agents go to school so they can fill out that 6 page contract they want everyone to use and sign.
If any amendments need to be made to the contract you have drawn up just draw it up, sign it and have the seller sign it. make sure you have on the amendment that this amends the contract of what ever date.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-01-31 22:43:18 · answer #2 · answered by Skip 6 · 0⤊ 2⤋
It is perfectly legal to bypass using an agent, but not recommended. Agents are experienced at what forms need to be filled out and what steps need to be taken at what point of the process. Not to mention they will help you avoid overpaying.
Most commissions are paid by the seller. The buyer's agent and listing (seller's) agent will split the sales commission. If you decide not to use an agent, at least find a good escrow company who will help you with what needs to be done to close the deal.
2007-01-31 22:16:03 · answer #3 · answered by Brian G 6 · 1⤊ 0⤋
You don't pay an agent when you're the buyer, only when you're the seller. Don't even TRY to do this alone, seriously. It costs you nothing and there's a ton of legalese that you won't understand unless you're an attorney.
Save yourself the aggrevation and get an agent.
2007-01-31 22:14:53 · answer #4 · answered by operababe_61 3 · 1⤊ 0⤋
you can use the seller agent to do it for you on the house u want by calling the seller agent whose selling the house instead of using a buyer agent. and by doing that the seller agent gets 100% commison and they can do ur offer for free since they will get 100% commison and not have to give some to a buyers agent.
2007-01-31 22:11:27 · answer #5 · answered by beach_babe971 1 · 0⤊ 0⤋