A recent survey by the National Association of Realtors found that most people buy their homes through an agent. However, changes in August 2024 mean that buyers might have to pay the agent's fees themselves. Sometimes, buyers can ask the seller to cover these fees, but that's hard to do in a market where sellers have the advantage.
Thinking about avoiding the middleman to save some cash? It's essential to know what you're getting into if you decide to buy a house without a Realtor. Here are the steps and factors you need to consider.
Steps to Buy a Home on Your Own
- Get Mortgage Preapproval: Before looking at houses, know how much you can borrow. A preapproval letter also shows sellers you're serious about buying.
- Find Your Home: Use online real estate sites to find homes within your budget and meet your criteria.
- Ask for Seller’s Disclosure: See if the home has any issues, like flood damage or pests, by getting this report.
- Make an Offer: Write a proposal to the seller, including your price and terms. Having a real estate lawyer check it is wise, as state laws vary.
- Appraisal and Inspection: Lenders usually need an appraisal. Getting an inspection is also a smart move to uncover any hidden problems.
- Negotiate: Use the appraisal and inspection results to talk about the price and ask for repairs if necessary.
- Close the Deal: Sign the final documents. In some places, you'll need a lawyer with you at this point.
Dig Deeper: How to Get a Good Deal When Buying a Home
Things to Consider
When you skip hiring a Realtor, you're doing their job: finding properties, understanding the market, arranging viewings, and dealing with paperwork. If that seems like too much, you might want to hire a Realtor after all.
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Previous Article: What to Know About the 2024 and 2025 Housing Market for Buyers and Sellers
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