How to Buy a House Without a Realtor

Published On September 9, 2018 | By Donald Llanas | Real Estate

It is very possible for you to buy a home without paying for the services of a realtor. In fact, about 10-20% of annual home sales take place without a buyer having a real estate agent. If this is your preferred route, then you need to equip yourself with the necessary knowledge to get you through the process.

House hunting

The first step is to find your ideal home. The buyer may conduct their search online on the various real estate sites and MLS listings Seattle in order to identify a couple of potential homes on the market. You may conduct your search by using location in terms of neighborhoods, types of homes, and your budget. Real estate sites allow users to filter searches according to their preferred options.

Find a real estate attorney

Buying a home involves a lot of legalities and paperwork at various points of the process that you may not be able to deal with properly unless you have a real estate attorney or you are a real estate attorney. You should identify an attorney as soon as you start your house hunting process in order to have the legal part set as soon as you are ready to make an offer on a property and close the deal. Some states require buyers to have a real estate attorney whether or not they have a real estate agent.

View potential homes

After identifying a couple of potential homes in the market, you need to see the homes physically. You may organize an individual tour or participate in an open house. Ensure that you do not sign any paperwork without the go-ahead from your attorney.

Mortgage pre-approval

Most people buy homes through mortgages. You need to be pre-approved for a loan by a lender in order to have a loan amount before making any offer on a home. Pre-approval also shows the seller that your finances are validated and you are good for the offer you make.

Make an offer

The next step after finding your ideal home is to make an offer to the seller. When a seller sets an asking price, it often includes the commission of the seller’s agent and the buyer’s agent. In such a case when the buyer does not have a real estate agent, the offer price should be less the non-existent agent’s commission. More often than not, the buyer and the seller will go through a series of negotiations before settling on an offer. The buyer should hence know what factors to negotiate on for price reduction. Additionally, if the sale of the home requires earnest money, your real estate attorney should draw up contingencies that will protect you in case the deal does not go through.

Close the deal

Closing the deal on a home comes with hefty closing costs including home appraisal and home inspection fees. Closing the deal requires drafting and signing a lot of paperwork between the seller and the buyer and this is where the attorney does most of the work.

The toughest part about buying a home without a realtor is finding the property since you will have to look through several listings of Seattle penthouses for sale, mansions, and townhouses before you get your diamond in the rough.

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