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08-21-2015, 02:04 PM | Topic Starter |
El Gato Gordo Loco
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Has anyone ever bought a house without a Real Estate Agent?
I'm looking to buy a house, but I'd like to not use a real estate agent this time if I can help it. I should be able to finagle a better deal (offer less) without a selling agents commissions cutting into the previous homeowner's bottom line.
Just wanting to know how hard this is, and what I have to look out for. What obstacles there are. Mainly wouldn't know how to draft an offer, and what to do to get out of it if needed. I'm going to hire my own inspectors etc, could always draft something with an attorney but that kind of destroys the point in the first place of doing it on my own. |
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08-21-2015, 02:10 PM | #2 |
Fish are scared of me
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You do realize real estate agents work for the seller ,right. If someone is doing a for sale by owner they're wanting a higher price trying to keep the agents commission. They are trying to do a potential buyer a favor.
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08-21-2015, 02:17 PM | #3 | |
El Gato Gordo Loco
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Quote:
That's how it has worked when I bought my other houses.
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08-21-2015, 02:29 PM | #4 |
MVP
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I did a long time ago...we were just starting out, and knew a couple where he'd lost his local job and was working in kc and was only coming home on weekends.
had a lawyer make up a what I believe was called a wrap around deed of trust. basically, we made a monthly payment to an account for them and then it was transferred to their mortgage account. after about 3 years we were able to move everything over to our name, allowing the original owners to free themselves from the place we took from them and get their names off of it. this has been about 28 years ago, so I might not have this completely right, but it did work for us and the owner. they did have the house listed w/an agent, so we waited until their contract was up with them to make our move. not sure if this helps, but... sec
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08-21-2015, 02:33 PM | #5 | |
Emporer of Mongo
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Quote:
Spoiler!
If youre just trying to motivate the seller and have them go with your offer:
Spoiler!
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08-21-2015, 02:51 PM | #6 |
The Freeze!
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as was said earlier, from the buyers side you having an agent or not will not affect the price you pay. the listing agent already has a contract with the seller and thus knows what his/her %(cut) will be. When buying or selling I always use an agent because im not contract expert and feel that if im shelling out 350K+ on something...then I want to not get screwed or at least have a reliable set of eyes watching my back. Thus I do not sweat the commission because I paid the commission when I just sold my house...and someone else paid it when I bought.
It really depends on what market your in. houses in the KC area at 300 or less are going like hotcakes. listed my house out in Gardner, and it was under contract in just a few hours and I got full asking. Lastly, just make sure you have applicable inspections done and that you know your rights. I have seen sellers not wanting to work without an agent because it can be too much hassle to deal with someone who doesn't know enough about real estate. to many moving parts. make sure to look at the sellers disclosure because if theres a problem or something major on the property then it should be listed on there. I bet the listing agent wont (may not) offer that info of on there own accord. Speaking of which....I need to update my profile because I busted out of Gardner! wooooo!
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08-21-2015, 03:32 PM | #7 | |
Always ask 'Why?"
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Quote:
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08-21-2015, 02:21 PM | #8 | |
Emporer of Mongo
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Quote:
and they split the commission which is paid for by the seller. not necessarily They (the seller) could be trying to keep the 'commission' (or a part of it) for themselves Most people are greedy and try to keep at least some of it for themselves......or maybe split the savings, if theyre smart... But very rarely do they 'give it all away...' Most commissions are 3% to the buyers agent and 3 % to the seller so for example if there was a house that sold for $300,000 the total commission would be $18,000 which would come fropm the SELLER's proceeds. The house wouldn't go up in price to 318k so the REAL questions are: whats the REAL value of the house? Am I getting a better deal without an agent? (SOmetimes agents help the BUYER negotiate a lower price and help with getting financing and inspections etc...) ALso an agent should help you understand all of the process so that you really know youre getting what you think you are etc...
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08-21-2015, 03:48 PM | #9 |
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Your reasoning makes no sense unless you are buying a for sale by owner.
I have been on the other side and had a home for sale by owner and have potential buyers show up to look with realtors. In those cases I stop the realtor at the door and explain clearly that they do not represent me and I will not pay any fees to them. I got screwed out of 3% on a deal like that on one of the first houses I sold. I was naive. I spoke to the buyer, priced it, he agreed and looked. Came back again with a realtor " because he felt guilty because the person had been showing him homes and he wanted them involved on his side". I didn't pay close enough attention, signed a paper and at closing had to pay that B 3%. I was furious because I gave the guy the bare bones, no realtor fees price. I didn't want to kill the deal because I was moving across the state and let it go. Never again. |
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08-21-2015, 04:16 PM | #10 | |
The Freeze!
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Quote:
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08-21-2015, 04:59 PM | #11 | |
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Did I stutter?
I decided to sell a house, it was word of mouth stage. I spoke to someone I knew who was looking. He came to look at the house. He returned a second time, accompanied by a realtor. He wanted the realtor to represent him, and it was my initial understanding he would pay any fees. It didn't end up that way, because I made a mistake and didn't read everything I was signing. I was young and naive. If you don't give shit if you don't believe it. I have sold other homes with a realtor as well as by owner using an attorney. I have had potential buyers show up to look at my homes on more than once occasion with a realtor in tow, without prior arrangements. It happened 2-3 times during a sale a year and a half ago. Quote:
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08-21-2015, 05:17 PM | #12 |
The Freeze!
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Okay Iowa, congrats . Plus I said usually.
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08-21-2015, 03:51 PM | #13 |
Ith Fuhtbawl Time
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Agents are free for buyers. Would you go to court without an attorney to save a few bucks?
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08-21-2015, 04:11 PM | #14 |
MVP
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Bought one without, and am currently selling one without.
Pretty painless. The site I used to list basically takes the place of the agent and offers the services and expertise needed to get things done. Buying was much easier though. The problem with selling is, everyone assumes I'm trying to keep the realtors commission, so they want to haggle. Like, "I want the house for nothing, even though this is by far the best house I've seen in the price range" offers. The house is turn key, and in a low price range with high end finishes all new siding/windows, mechanical etc. Basically the only thing that isn't brand new is the electrical and plumbing in the walls. Listing myself allowed me to keep it priced attractively. Wish people would realize that. |
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08-21-2015, 04:20 PM | #15 | |
The Freeze!
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Quote:
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