Purchasing A House Without A Real Estate Agent
It is very easy to purchase a piece of real estate without using a real estate agent. You can do this by simply making direct contact with the seller. Generally, a purchaser of real estate uses a real estate agent in an effort to help finance the new home. However, it is easy to secure home financing before even beginning to hunt for a new house.
The potential homebuyer can seek a pre-approved letter that they obtain from a mortgage lender. This is usually a standard purchase contract form for real estate that can be obtained through an office supply store.
The first step in purchasing a home without a real estate agent is to reach out to make direct contact with the seller. You can make direct contact and explain how you are interested in buying their property. It is imperative to listen to the seller to understand their situation and exactly why they might be interested in selling their home. It may be that they need the money upfront to tackle their financial problems. It may be that they can no longer make payments on the home and believe that they might be tempting fate with foreclosure.
Only by understanding exactly what the seller needs can you take the next step forward in making an offer that helps meet the needs of the seller. You will need a thoroughly discuss exactly why your offering the price that might be lower than what they expect. Be sure to include exactly who will be paying all the closing costs, and any other concessions at the seller might be concerned with.
Only after there is been a thorough negotiation, and a final price has been met can you write up a contract. Generally speaking, the purchaser of the property has the ability to select the title company they want. This is because as the purchaser you will likely be paying the full amount of the title insurance. You will need to go over every minute detail and description with the closing agent.
Before ever agreeing to make a total commitment in proceeding with the transaction you need to hire a licensed property inspector. They will be able to evaluate and assess both the interior and exterior of the house. Only after receiving the report you will understand all the problems and issues concerning the home, and whether or not it is still financially viable to go ahead with the transaction.
If there are major problems with the house you may need to renegotiate with the seller to determine if an agreement can be reached. The amount of money you save in the transaction might be enough to cover the expenses of repairing or replacing any of the problem areas of the home.
It is not necessary to use the skills of a real estate agent to purchase any residential or commercial piece of property. With a little knowledge, good negotiation skills, and a thorough understanding of how the transaction works, you can save money by not paying the fees to an agent.
