How To Do Just About Everything
By eHow Personal Finance Editor
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Buying a home without the representation of a real estate agent may save you some money - but be sure you know your way around a real estate transaction, or you could get yourself into trouble.
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Comments
wildonion773 said
on 8/30/2007 Prior to making an offer, get the seller's agent to agree in writing to a set commission of around 3%. Do not let the agent act as a "dual agent". Otherwise the agent is free to collect both the sellers and the buyers agent commissions which is around 6%!! And you can hire a lawyer for less than $1000 to review the contracts and attend the closing. Keep in mind agents are not lawyers although they like to pretend to be when it comes to modifying contracts!!
Anonymous said
on 11/22/2005 We've sold 2 houses and bought 1 without a realtor. It was quite easy and the people who bought each house saved a large amount of realtor's commissions, 5-6% of the total price. Realtors wanted to sell our houses and we just told them to add their commission to the price. Selling your own home is not for everyone, but if you are in a good market you should not have to worry about getting a fair price. Also, it is up to the buyer to get the loan, not the seller. With the internet it is very easy to advertise or use one of the FSBO directories.
Anonymous said
on 12/15/2005 I went to buy a home For Sale by Owner. Thought I was getting a great deal because I found the house prior to Realtor getting a hold of the property.
I went through the process, gave a deposit, signed all contracts that were presented.
Found out the Sellers (Daughter and Husband) were not on title/ not authorized to sell home but did take my deposit, were selling the property for Father who did not know Daughter planned on profiting over $60k from transaction, had me deny all first time home buyer privileges, and I thought the sellers were assisting me by telling me everything set up with Title, Lender etc, that I don't need a Realtor, and all I do is give them my information. At settlement, I found they had my money, I didn't get title, father backed out of transaction, I had moved in and was doing a rent back, found myself without a place to live and no home and $3,000 in the hole.
Most of the individuals did not want to be involved when they found out Fraud had been committed in the transaction. Noone was willing to take accountability for knowing this was all going to happen.
In end, attorney fees, money to buy new home through Realtor, and lesson learned....If it seems to good to be true...IT IS!!
lucabrozie said
on 2/22/2007 Please use a Realtor dont be foolish!! what a headache when I tryed to sell my home on my own people calling all hours sob stories trying to get me to lower my price strangers ringing my doorbell day and night and most of them did not even have a pre approval from the bank.atleast with a realtor you dont have to worry about phone calls, Strangers ringing your bell or people wanting to come in your home and look around just to be nosy with no intentions to buy. Hey its up to you but I think your stupid if you dont use a realtor...
Anonymous said
on 11/22/2005 Your tips were terrific. I would only add this one. Often the best buy is the house that has not yet been listed. A good broker who is active in the market might know of several properties that will be coming up for sale.