Buy house without real estate agent (broker, attorney, houses)
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We plan to buy a house without a real estate agent. This is our first home so we do not know what disadvantage we may face if we go through the negotiation with builder without real estate agent on our side.
We plan to buy a house without a real estate agent. This is our first home so we do not know what disadvantage we may face if we go through the negotiation with builder without real estate agent on our side.
I'm just curious - what does a buyer stand to gain by not having a realestate agent?
Here's how I would say a real estate agent helped me on my first purchase:
1. He learned what I liked, and expanded his search of homes based on these small details he picked up on as he was showing me and my wife homes.
2. He eliminated garbage, even when we wanted to see it.
3. He knew the area very well, and brought us to towns nearby we didn't even think of looking in.
4. He had easy access to comparables data.
if you're looking in essex county or near, I'd be happy to share his name.
Ummm why would you not use a real estate agent? On the buying side it's a no brainer, they are more or less free for you. If you are worried about not being able to get a better deal since the builder will have to pay the broker their commission keep in mind that the commission is only 2% and the broker will easily make that up with insight and negotiating skill.
If you do choose to go it alone, you better make sure that you do all of the things a Realtor would do. Check comps in the area to make sure you are not overpaying( this includes listings currently on the market and recent sales), get a very good home inspector, and a really knowledgeable real estate attorney.
Again I would strongly advise you to go with a Realtor.
All the points you listed, we can do online research and find out those info ourselves. So I don't know what other benefit the real estate agent can provide us beside giving us town information plus house listings - in buyer's position.
You can do some research online but there is no way you can possibly compete with someone who has personally been in every house in the area and lived and breathed this stuff as their livelihood. Stick with what you are good at, use your research skills to find a very competent broker. Once you go in with a broker they are legally responsible to you and they are working for you. Since its not costing you anything wouldn't it be better to have someone else on your side? Again I really don't see the logic in not having representation from the buyers position.
You can do some research online but there is no way you can possibly compete with someone who has personally been in every house in the area and lived and breathed this stuff as their livelihood. Stick with what you are good at, use your research skills to find a very competent broker. Once you go in with a broker they are legally responsible to you and they are working for you. Since its not costing you anything wouldn't it be better to have someone else on your side? Again I really don't see the logic in not having representation from the buyers position.
tdstyles is right. i mean, zillow data is incorrect most of the time. propertyshark helps. you can get the information, but it will take a lot of time. if you think you can do it, go for it. 2% of $500,000 is $10,000. so if you can really eliminate that cost from the equation, it should help. but keep in mind on a mortgage, that adds about $50/month to the payment. my realtor showed me such a variety of houses that I think he easily earned that $10k and probably saved me more of it, in real dollars and in my time.
Real estate agents don't charge extra to write up the contract, on your own, you will need to pay an attorney to do it. Also, I suggest you find someone that is knowledgeable about new construction, as you can overpay on things that should be included. Caveat emptor
tdstyles is right. i mean, zillow data is incorrect most of the time. propertyshark helps. you can get the information, but it will take a lot of time. if you think you can do it, go for it. 2% of $500,000 is $10,000. so if you can really eliminate that cost from the equation, it should help. but keep in mind on a mortgage, that adds about $50/month to the payment. my realtor showed me such a variety of houses that I think he easily earned that $10k and probably saved me more of it, in real dollars and in my time.
unless you're going to buy a FSBO I see no reason not to work with a realtor.
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