How to Buy a Home Without a Realtor

Buying a home without a real estate agent.

A Realtor performs many vital functions in a typical real estate transaction. However, you can certainly buy a house without a Realtor if you do your homework and pay attention to all of the details of the transaction. Once you find the home of your dreams, the key is to make sure that the contract offer you submit to the seller is drawn up correctly.

Things You'll Need

• A good real estate attorney
• Binding contract of purchase
• Acceptable termite inspection and acceptable home inspection
• Acceptable mortgage financing

Instructions

1. Find the home that fits your needs by looking at newspaper classifieds or driving through neighborhoods and looking for "For Sale" signs. Arrange to visit several properties.

2. Thoroughly inspect the home to the best of your abilities, asking whatever questions are relevant. Decide if the property meets your needs and fits within your budget. Decide if the house is in an ideal location. If not, continue looking at selected properties until you find the right one for you and your family.

3. Once you have found the home you want, draw up and submit a contract offer to the sellers. Have your attorney review the contract before you submit it to the sellers. If you are basing your offer on certain contingencies, you must be certain that these are included in your offer. Some of the most common contingencies include acceptable mortgage financing, an acceptable termite inspection and an acceptable home inspection.

4. If the seller returns a counter offer, you must decide whether to accept the counter or re-counter. Again, review the conditions with your attorney. In many instances, the seller will make only modest changes in regard to your offer. A tiny compromise may seal the deal.

5. Once the parties agree on a contract, secure your mortgage financing and have your attorney proceed to close the transaction.

Tips & Warnings

• A Realtor is usually very familiar with neighborhood amenities and schools. A Realtor is a wealth of knowledge when it comes to a particular area. Without the Realtor involved, you must do this type of legwork yourself to ensure that you are buying in an ideal area.

• Get a home inspection and make your purchase contingent upon an acceptable home inspection. There are a number of professional companies that will perform this type of service for you at a reasonable price. While you may know quite a bit about plumbing, heating and air conditioning systems, roofs and electrical service, these professionals can spot potential problems that you may overlook. The more knowledge you can arm yourself with when buying a home, the better.

• Do not submit a contractual offer to purchase without an attorney reviewing the terms. You must be certain to delineate all of your contingencies in the offer. If you have not made your offer contingent upon obtaining acceptable mortgage financing, and you cannot get the financing you want, you could be sued for breach of contract and forfeit the deposit that you put down with the contract.

References

• USLegal: Source for Real Estate Contract Forms by State

Resources

• Read this Article in Spanish