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Moving to a new area is an exciting time for anyone. You have plenty of new places to explore, and you might upgrade from your old home to the house of your dreams. Knowing all your options, including how to buy and sell a house without a realtor, is an excellent way to feel fully prepared for the process.
One reason to use a realtor is that agents can give you access to information, people and listings that you may not have known about otherwise. Unfortunately, this information comes with a huge commission when you seal the deal on a home. Many people may opt to go without a realtor, especially when they know the buyer or seller. Having this knowledge in your toolkit will help you make the right decisions for yourself in the future.
Why You Should Know How to Buy and Sell a House Without a Realtor
Knowing how to buy and sell a house without a realtor opens you up to a world of possibilities. Without having another person to facilitate things for you, you’re bound to encounter more hurdles, but you’ll experience more benefits as well. People who like to plan things out and tackle more responsibility might like the benefits they receive from negotiating their own deals.
1. No Commissions
When you don’t work with an agent, you don’t have to pay their commission. The average commission hovers around 5% or so per deal, which can add up to a lot when you pay the commission while trying to own a home. The money could be better spent elsewhere, like furnishing your new home or fixing some unexpected repairs after you move in.
2. Greater Control
Many people love to have all the control they can in a situation, and that level of control matters so much more when you’re the one selling your home. Because you’ll have more control over listing your house and opening it for showings, you can move at your own pace, but you should recognize that nothing will get done unless you do it yourself. You won’t be relying on an agent to handle it for you.
3. Learning About the Field
As you learn to buy and sell homes, you may find that you have an affinity for the field. It may even encourage you to swap fields and become a real estate agent. While there may not be a way to determine how many people change careers throughout their lifetimes, many people do pivot into other fields or dabble in several areas before finding the job that’s right for them. Finding something you’re passionate about is vital to living a fulfilled life, and dabbling in the industry could result in a significant positive change for you.
What You Need to Know About Buying a Home Without a Realtor
Learning how to buy and sell a house without a realtor might be complicated, but you can figure it out as you go. While it might be more work for you, you’ll be able to move at your own pace and take baby steps if necessary.
1. Apply for a Mortgage Immediately
Getting pre-approved is the best way to determine how much house you can afford. You’ll know where to start looking and can bookend your house searches appropriately. By narrowing down the market, you’ll be on your way to finding something that works for your family. Plus, you won’t have to wait around for mortgage approval.
2. Research on Various Platforms
Using home-buying platforms can help you see where there’s the most inventory and help you get a better idea of what you want out of a house. Apps like OpenDoor can show buyers inventory that’s only on that platform and not listed elsewhere, so you should check everywhere to make sure you’re not missing your dream home. Utilize platforms to make the most of your options, especially since you may not have access to a realtor’s listings.
3. Hire a Lawyer
Lawyers can help you with negotiations. They can contact the seller directly and work to your benefit. They can draft contracts that specify any contingencies and are extremely valuable to have during the home-buying process. Your lawyer can help you review any paperwork you need clarification on.
4. Hire a Home Inspector
A home inspector is part of every home-buying process, regardless of whether you use a realtor. You’ll want all minor and significant issues brought to light, which can be crucial before you settle on an amount to pay for a home. These inspections can determine how fit a house is to live in and if any issues need solving, which you can then negotiate with a seller. A proper assessment helps you have some leverage in the negotiation and can potentially take off some money or help you add contingencies to a contract.
5. Ask Questions
If you’re ever unsure about the home-buying process without a realtor, you can ask questions. Your lawyer and home inspector will be there to help you understand anything you don’t really know, and you can also turn to the internet for help and advice. You aren’t the first person to try to make a deal without a realtor, and you won’t be the last, so make sure to search for any information you feel you need to know.
Learn How to Buy and Sell a House Without a Realtor Like a Pro
When handling buying and selling on your own, you can expect to go through much more paperwork than you would if you had an agent. Still, for the price of autonomy, you may not think it’s a bad trade. You should learn how to buy and sell a house without a realtor if the idea of spending less for the same outcome sounds good to you. Make sure you’re emotionally and financially prepared for the home-buying process, and you might find it that much more rewarding and illuminating. Remember, it’s okay to work with a realtor, especially if you don’t think you can manage everything on your own. It all depends on what you want most out of your experience.