Moxie Posted March 27, 2009 Share Posted March 27, 2009 We've been casually thinking about moving for a few months now. We've been told about a house in an area we like that will be on the market in a few months. Does it save money to buy without a realtor? What does a realtor do for you if you have already found the house? Quote Link to comment Share on other sites More sharing options...
homeschool_mom Posted March 27, 2009 Share Posted March 27, 2009 (edited) The sellers pay the commission, so by not using a realtor, you wouldn’t be saving any money. However, if you talk to them up front and neither of you use a realtor, you might save money. Most people who sell their homes without a realtor overprice them, so you might be paying more. Finding the house is the simple part in which most people don’t need a realtor. If you have access to the mls (or find a house on your own), you can find your house. The more complicated part is the closing and all that paperwork. As a buyer, I would always use a realtor, so that my interests were represented. Realtors can also do a detailed market analysis to ensure you are paying a fair price. Edited March 28, 2009 by homeschool_mom Quote Link to comment Share on other sites More sharing options...
StaceyinLA Posted March 27, 2009 Share Posted March 27, 2009 It is just not necessary, certainly not in your situation. And I find the opposite with buying when a realtor is involved. The sellers often mark up the housing prices because the realtor fees have to come out of the sale. You have a lot more negotiating room when the seller doesn't have to cough up that 6% of the sale price in realtor fees! It is easy to find out what the house is worth, and the required appraisal will not allow you to pay more than what it's worth. You can go to the local courthouse and find out about houses in that area and what they have recently sold for (thereby getting a cost-per-square-foot) to see if this one is comparable. You will still need to pick a location to do a closing (title company) and you can have them provide you with a good purchase agreement. If they know you will be doing your closing with them, they should have no problem helping you out. I have worked with the title business on and off for the last 20 years (mostly doing contract work) and my sister has for 30 years. This is something you can EASILY do on your own! And an aside, if someone has a house listed without a realtor, and you bring one into the picture, it is very frustrating for them because they will then be expected to pay partial fees for a service they never even wanted. We were put in this position when we had our house listed by owner some years ago. A realtor wanted to bring someone in and show them the house when they were looking at a house across the street. I told the realtor that we would NOT pay fees. She didn't like it, but we weren't required to do so. Needless to say she didn't encourage them to buy our home, but we sold it within a week of listing it to another couple. It's just not that difficult. Quote Link to comment Share on other sites More sharing options...
Kari C in SC Posted March 27, 2009 Share Posted March 27, 2009 We have done it twice and we helped my in-laws buy one too. When my dh and I did it - we didn't use anything but a title company to look it over. When my in-laws did it they used a title company that was actually a real estate lawyer that does the title work too. We saved the the amount equal to what a realtor's commission would be going this way. When my in-laws bought their house - we had heard some of our neighbors were getting divorced and would be selling their house. They were only more than happy when we approached them with a buyer. It saved them a whole hassle of having to list and then pay the realtor fees. How I wish my Florida house would sell that way now! LOL! Quote Link to comment Share on other sites More sharing options...
kristinatucker Posted March 27, 2009 Share Posted March 27, 2009 we have tried on one house and ended up listing it. We may try again with our current house . The area we are in is near the military post so housing changes over quickly so it probably wont be on the market long if we list it. I think you really have to do your research and be up on all your laws but if you have the time to wait since you wont be on the multi list then I would try it! Quote Link to comment Share on other sites More sharing options...
K-FL Posted March 27, 2009 Share Posted March 27, 2009 As the others said, a Realtor doesn't cost the buyers a dime, the commission comes from the seller's profits. Some agents will do all the paperwork for you for a reduced commission since they haven't had to advertise, but that will be between you & the sellers. You can use a RE attorney to make sure everything's done correctly or just the title co.--you have to have a title search anyway. As for price--most area's MLS is on the web (google "town" MLS & you'll find one) so you can see what the similar homes are listed for. Our county's Tax Assessor has the sales on the web too so you can see what the actual sell prices were. If you're financing, the appraisal will be the binding price anyway since it determines the amount the bank will mortgage. Quote Link to comment Share on other sites More sharing options...
Rebecca in GA Posted March 27, 2009 Share Posted March 27, 2009 Our current home was priced $13,000 below its appraisal because the owners were selling without an agent and didn't have to pay commission. Our lender and closing attorneys walked us through everything we needed to do. It really was very easy. Quote Link to comment Share on other sites More sharing options...
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