Buying a home without involving a realtor seems difficult but it does happen, although it is advised otherwise. Realtors bring a lot of expertise on the table which you wouldn’t want to miss out on but if you believe that you can pull off a deal on your own then, why not? Ultimately the choice is yours. Just make sure that you are choosing the option that suits your needs, capabilities and financial capacities. Honest agents can be extremely beneficial as they can handle matters easily with their expertise but some situations do not require one. This is what you need to identify- depending on your circumstances, you need to ask yourself this question if you really need a realtor or you can do without one. Before proceeding with your real estate transaction, you need to understand clearly the advantages and the disadvantages of not using a realtor. But first, get to know the actual job of a realtor.
Real estate agents are professionals who are qualified to look after every aspect of your home buying or selling- for instance finding a home that fits your needs, inspecting the neighborhood and property, reviewing nearby facilities, dealing with paperwork, presenting a counter offer, negotiations and closing the deal. A real estate agent makes sure to protect your interests in the transaction and also help you to maintain your house with their large network of other professionals such as escrow officers, inspection companies, title insurance officers, home warranty companies and more.
In today’s era, it’s not difficult to find a home of your choice as there are various websites that publicly display property listings. Moreover, you can learn more about the neighborhood by spending some time there during the days or the evenings and/or by talking to neighbors. You can probably take care of all the things a realtor does, but you will need a lot of time, and faith in your abilities to do so. Here’s what you will benefit from:
- Saving money – This is an obvious one, skipping the real estate agent means saving thousands of dollars!
- More flexibility – You are free to browse through the property listings in any region, neighborhood or state, and decide for yourself.
- More Control – Most of the realtors are paid after making a deal, so sometimes they might not negotiate further and push either of the parties to sign the contract. Without any intermediary, you will be able to negotiate at your own pace.
- Direct communication with the seller – Messages will not get lost in translation, you will be able to talk freely with the seller about anything that worries you.
While many people choose this way, you must understand the risks involved too. Here are a few drawbacks of going solo:
- Navigating the market – A real estate market is pretty big and complex to understand, hence you might not be able to cover all aspects.
- Organizing paperwork – extensive paperwork is required for buying a house, including legal work and you may feel trapped if you aren’t familiar with it.
- Closing the deal – A realtor can identify repair and maintenance costs that may happen down the line hence negotiate for a better price.
- Insufficient use of your time – Learning the basics of buying a house is going to be pretty time-consuming.
Whether going with a realtor or flying solo, Formblok is your next go-to app for all your property feasibility analysis for you to make an informed decision and to learn more about its potentiality. All this and much more at your fingertips!