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Buying a Home without a Realtor

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By : Sonia Smith    99 or more times read
A realtor performs necessary functions in a typical real estate transaction. However, you can definitely purchase a home without hiring a realtor or a real estate agent so long as you do your homework and be attentive on all the transaction details. As soon as you find your dream home, the key is to make sure that the contract you are going to offer to the seller is correctly drawn up.

Some people working in a real estate business might be against home purchase without a realtor. Although some of their arguments may be true, remember that they stand to gain from your real estate business. If you have the will and determination to do all the work yourself and commit to educating yourself on the process of home buying, it might be rewarding to buy a home without hiring a realtor or an agent.

The following are tips for buyers working without a realtor:

  1. Find a home that fits both your needs and your budget by looking at classified ads in newspapers or driving around neighborhoods and look for For Sale signs. Make it a point to visit several homes.

  2. Inspect a prospective home thoroughly and ask all pertinent details. Check out if the home meets your needs and your price range. Determine if it belongs in an ideal area. If not, it might be better to continue your search of a home until you find the right one for your family.

  3. As soon as you find the home you want, make sure to submit a contract offer to the home seller and let your lawyer review it before submitting to the seller. If you will base your offer on some contingencies, make certain to include these contingencies in your home offer. Some of the very necessary contingencies include an acceptable mortgage financing, acceptable termite inspection and home inspection.

  4. If the home will return a counter offer, decide if you are will accept it or re-counter it. Again, make it a point to review the conditions with your lawyer. In many case, the seller only makes slight changes in a home offer.

  5. As soon as you have agreed on a contract, secure the mortgage financing and allow your attorney to proceed to close the transaction.

Buying a home without a realtor is not an easy task. You have to understand how much effort it will take to look for a home, in making, negotiating and finalizing the contract. Furthermore, an agent usually acts as liaison with the mortgage lender for your financing needs. If you choose to do it on your own, make sure you are prepared to do it yourself.

For more information regarding the whole home buying process before it starts, try talking to some real estate company regarding their training materials. Many companies sell these materials to people who want to become agents. You can either buy or rent these materials and will help you learn more about the home buying process and help you comprehend your legal rights as a buyer, the process of contract making and several applicable laws in the state you belong.
Check out real estate guide in Real Estate in MD.

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