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Most states require the seller to answer directly and honestly when asked questions about the property. Sellers are responsible for telling you only about issues they know about. They might also avoid disclosing issues if their state doesn’t legally require them to do so. If you decide you want to buy your home without the help of a REALTOR®, the steps below outline the process you’ll need to prepare to follow. Take your time during the final walkthrough to identify any issues that need fixing prior to close. If there are any major items that need addressing, determine a reasonable completion date beyond move-in.
Real-life story: How an agent can help you compete in this market
Agents have many tools at their disposal when looking for homes, including access to the Multiple Listing Service (MLS), which provides a comprehensive view of all homes available in an area. Although you can find many of those homes using an online search through, for example, Zillow or Trulia, there are still “off-market” listings that only real estate agents can see. After making an offer, you’ll need to deal with two essential tasks – the home inspection and home appraisal. You’ll need an agent present during both of these tasks; usually, the buyer’s agent handles this.
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Down payments / closing costs
Keep in mind that your lender might require that some repairs be made before closing if they are safety or habitability issues. The title company will conduct a title search on the property to ensure that it’s free from any liens or judgments against it. Depending on how this is negotiated in the contract, either you or the seller will pay for title insurance which protects the buyer and lender from any title issues that may surface after closing. Keep in mind that buying without a REALTOR® or real estate agent won’t necessarily save you a lot of time and money.
Connect With A Redfin Agent
Contingencies are conditions that need to be met before the sale goes through. If any issues arise during the home inspection, they’ll go back to the negotiating table to get repairs made or concessions given. Best of all, when it comes to negotiating, they’ll stick to the numbers in your comfort zone and keep a cool head in what can be an emotional rollercoaster for many homebuyers. If you’re self-employed, you’ll also need a CPA letter certifying you’ve been in business for two or more years and a copy of your business license from the state.
Closing costs
If you buy a home without an agent, you’ll have to negotiate and decide how much to offer on your own. This may cause you to unknowingly overpay for your home – or lose out on one you want. When you work with a buyer’s agent, they will negotiate on your behalf with the seller and seller’s agent.
Get pre-approved for a home loan
On top of that, the agent hosting the open house represents the seller. Any questions you have for them about the house will produce answers that have the seller’s best interest at heart, not yours. The mortgage preapproval process involves undergoing a hard credit check and submitting the documentation you gathered for the lender to review. If you’re a good fit for a home loan, the lender will issue a loan commitment, usually in the form of a letter. Ask around for recommendations and check with your bank or credit union to see if they can assist.
Our agents are paid a salary and receive bonuses based on client satisfaction – we want you to be 100 percent satisfied with the home you purchase. As agents, we look at a transaction with a more experienced, rational eye. We can help you understand your options, and serve as a balance against making a rash decision. You need to know how much you’ll be approved for so you know which homes will likely be within budget. Keep in mind that if the area you’re interested in has a competitive market, homes will most likely go over list price. A pre-approval from Better Mortgage will give you an idea of how much home you can buy in as little as 3 minutes.
You’ll want to be careful, though, that you’re not overmatched when you’re dealing with the seller’s agent, who is only representing the seller’s interests. Think of it like negotiating a divorce settlement with just the counsel and expertise of the other party’s lawyer—it might not go well for you. Closing on the home involves plenty of paperwork, and this is where your attorney really earns that fee. Once you’re done, the ink dries, and the seller receives the purchase funds, the home is yours. Yes, but keep in mind that every home purchase is unique, and you’ll have a few added responsibilities when taking the home buying process on solo.
Buying a home without a buyer's agent is possible and in some cases it’s preferable. However, for most homebuyers, it’s advisable to make the purchase with a buyer's real estate by your side. That’s why Better Mortgage and Better Real Estate offer other ways to help homebuyers save on their new homes. A loan with Better Mortgage saves the average new homebuyer $8,200 over the life of the loan1 as you’ll never pay any application fees, origination fees, or underwriting fees.
Your Realtor will help you craft the right offer to win in a competitive bidding war. And keep in mind that as a buyer, you won’t pay your Realtor out of pocket; the seller typically pays all agents involved in the sale. Once you accept the offer, your REALTOR® can guide you through the closing process. This includes scheduling a home inspection and an appraisal to ensure your mortgage approval. But unless you have a real estate background, a REALTOR® can save you a lot of time throughout the process.
Asking your buyer’s agent follow-up questions will give you a better understanding of what to expect from your partnership. Prior to signing the agreement, you may have the chance to request a seven- or a 30-day trial period so you can figure out whether you should go with the agent you have or find someone else. Before you begin working with your agent, there will likely be a contract you’ll have to sign that outlines what you can expect from your business relationship. It’s a good idea to read the contract carefully and negotiate the terms if necessary. Generally, you’ll want to offer lower than the amount of money you’re preapproved for.
Whomever it is, ask for the same person to communicate with you and establish a communication timeline throughout the build process. An agent should be able to explain the process and how they can make it easier for a buyer. “Some builders are very agent friendly, and some are absolutely not. If you go into new construction and register without your agent, it may be difficult to have them come in later,” explains Charron. If you’re considering working with an agent on your new build, don’t delay the decision. The further you get into the home shopping process, the more challenging it becomes to bring in an agent.
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