Realtor or Not?

Question

We are looking to buy a home and are just wondering, should we get a realtor or just aproach the sellers ourselves? AND once we find one do we handle the paper work ourselves or get a lawyer to do the legall work? Please Help! Thanks In Advance!

Answer 1

Get a realtor. The seller is paying for it anyway.

Answer 2

When you buy a listed property, the sellers have already contracted to pay the listing agent (on average) 6-7%. If you come unrepresented (by a Realtor) you do not save any money and the listing agent gets paid the entire commission. If you have a Realtor, the listing agent shares the commission paid by the seller with your agent but the agents responsibility is to you and only you. Thus, it does not cost you anymore to have someone to protect your interests and is an expert in his/her field. Whether or not you get a Realtor you will need to hire a lawyer to do the closing.

If you buy a for sale by owner house you can save money because there are no realtors involved, but beware, the seller chose to not have a Realtor, thus would just assume keep the savings himself. And since many of the real estate laws are only applicable to licensed agents, there is a slight better chance to get into trouble on a transaction.

Answer 3

We have had so many bad experiences with unqualified agents that actually lost deals for us. We wised up and bought a home by approaching the Seller's Agent. The risk, it's the Seller's Agent, so they will represent the Seller. The gain, the Agent had a special deal with the Sellers, that if they were to become the Buyer's Agent, too, they would lower their fee to the Seller. So, we were a shoe in. The Sellers and the Seller's Agent benefited by selling to us. The Sellers received a reduced commission from their Agent and the Seller's Agent rec'd both commissions as the Seller's & Buyer's Agent. Approach the Seller's Agent and see if they would be interested in dual representation. The other benefit, you won't be competing against other offers, as the Seller's Agent will really push the buyers to take your offer. (caution: some states do not allow agents to represent both sides). Do as much as you can on your own...more than likely you are more qualified to handle your own money and negotiations better than the average agent!!! Most agent's have no formal college, business, sales or negotiating skills education. If you find yourself in a situation without an agent, a Real Estate attorney can provide you with the appropriate purchasing agreements and review them for you. I purchased a property directly from Seller's and used my attorney. The benefit, the Seller's split the Real Estate commission in half, I got 1/2 and they got 1/2 of what the commission would have been to agents. We benefited, not an agent. Now, that's a wise use of my money and my investment. My attorney only charged me a few hundered dollars! Much better deal than paying an unqualified agent thousands of dollars for botching up your deal. Best wishes.

Answer 4

Personally, I would never buy a piece of property without a real estate agent. The only thing a lawyer will do is make sure the paperwork is filled out correctly. A lawyer has no idea about the market value and the history of the property. If you approach a seller without representation you are at a huge disadvantage especially if the seller has an agent. The seller knows about the property and you do not .

Answer 5

Realtors are just sales people. They don't have a magic bag of tricks. Their job is to move a home as quickly as possible for the biggest commission they can get usually about 6%.

If a house is already listed for sale, the owners have a contract with an agent, unless if it is for sale by owner.

If you approach them, they are bound to pay the realtor anyway.

As far as for sale by owner, there are a number of web sites to help you through the process. It's really not that much. Your finance company will help as well. They will handle the survey, appraiser, and closing agent.

Answer 6

I would use a real estate agent. You probably don't cut your own hair, and that will grow back in a few weeks. Why trust the biggest investment you're going to make to amateurs -- yourself!

Seriously, using an agent is a good idea. They know a lot of things you just don't know.

By the way, not all real estate agents are realtors. Realtor is a designation for a member of the real estate association.

Answer 7

Get your own agent for all the reasons others have listed.

When you find a house, get a professional inspector to go thru the house. It will be the best money you ever spent.

It is also a smart idea to have a lawyer go over the paperwork before you sign the closing contracts. It's a big investment. Cover yourself.

Be smart and don't buy more house than you can afford. Your house payment shouldn't be more than 25% of your monthly income. There are lots of other expenses involved in owning rather than renting.

Answer 8

I have a Friend in the lending business, he works with or without the Realtor. You get can the same job done with a mortgage lender without having to pay for all the cost plus giving the Realtor their fee. With the mortgage lender your have an open range of what you can look for, with a Realtor your limited, because they can't go further than what they have to offer.

Answer 9

No, Realtors do no longer. sellers ought to divulge issues the regulation states they do. A sewer backup in all probability no longer considered one of those issues. You had the valuables inspected, definite? No injury grew to become into discovered, definite? Then what's there to demonstrate? concern grew to become into resolved. you do no longer additionally be attentive to if there grew to become into any injury.

Answer 10

Approaching the seller yourself is like going to court representing yourself.

Since it cost you nothing to hire a buyer's agent, I would go find an agent you trust and hire them.

The best way to find an agent is to call your friends and ask them who they used and were they satisfied.

Good Luck

Terry S.

http://www.Welcome2Arizona.com