If you are willing to buy a home, the first thing you look for is a real estate agent to lead you through the entire purchase process. The reason is there is a typical mindset that without a realtor investing in properties is pricey. But that’s not the truth. It is possible to invest in properties without a realtor. In fact, more than 10% of buyers in the USA choose this route.
Without a realtor, you might need to undergo the process all alone. But buying a home without a realtor can save you money and allow you to shop on your own timeline. But you need to know about each and every step that we follow to complete the process carefully.
The Advantages We Get by Buying a Property Directly Without a Realtor?
- It Saves Us Money:
The seller pays for the buyer’s real estate agent as well as the seller’s agent. A buyer’s agent typically charges around 3% of the listing price. But since we buy the property without a realtor, the seller does not need to pay any fee. Therefore, they might be willing to accept a low offer from us or other buyer for that matter.
- We Can Control the Entire Process:
Remember that a realtor never works dedicatedly for a single client. They juggle several clients at once. So sometimes, a buyer might feel like he/she is not getting enough attention. When we go straight to the seller, we save a lot of time even in the inspection and negotiation processes.
- We Become More Professional with Time:
As a home buyer, we get plenty of online resources to discover homes and the market. We also can understand how much we can negotiate after going through multiple properties. Once we successfully close a deal, we have a clear vision of how to buy a home without a realtor.
Our Tips for Investing Without a Realtor
Here are a few tips to remember while buying a property without a realtor:
Set Your Budget: This is a good thumb rule. You should always know your affordability while investing in a property. You must calculate the amount you need to pay to the lender if you take a mortgage loan while investing.
Get The Loan Pre-Approved: Even before you start looking for properties, get a mortgage pre-approval letter from the lender. This will show you how much you can borrow from the lender and find homes within your budget. Also, review the interest rate and monthly payments to stay adequately informed about your expenditures.
Find The Right Home: The next and the most important thing is to narrow down your home search. There are multiple listings available online. You can access all to understand the market and get details about the homes you like. Once you find a few properties, contact the seller’s agent or the seller to visit the property in person.
Inspect The Property: It’s essential to consider what you can do with the property before closing the deal. You also need to address the existing issues with the property. If you find any problem in the property, you need to ask the seller to fix it or compensate you. Remember, if you skip this step, you might need to spend a considerable amount of money later to resolve the issues.
Work With a Real Estate Lawyer: Most states require homebuyers to hire a real estate attorney. The attorneys do the required paperwork and the transactions. An attorney can ease the process of home buying, and spending on an attorney is worth it.
Make An Offer and Negotiate Well: Now, when you are armed with all the required resources, come up with a fair price and put the offer in writing. Make sure that your attorney looks at your proposal before you place it in front of the seller. You can use your negotiation skills a bit in this step to make your deal more rewarding. But make sure that you are asking for a fair deal.
Close The Deal with Right Paperwork: Once you are done with the negotiation, the final step is to do all the paperwork and close the deal.
In the current scenario, multiple resources allow a buyer to compare many properties based on their locations and rates. We buy homes in Lafayette, LA, frequently as a team of real estate investors. And the tips we mentioned above are tried and tested by our own investor’s network. Just like buying, selling a property without a realtor is a lengthy and exhausting process. But if you are looking for an investor’s network who would connect with you directly, we are here for you! Visit our website and talk to our team today.