What’s a buyers realtor do for the buyer when the house is being sold without a realtor?
We found a house we want to purchase. The house is listed for sale by the owners. The gf is wanting to use a realtor to help with the purchase of the house. what exactly would they do? we are financed threw a mortgage company and the seller is the home loan offer at one of the banks here in town so we shouldn’t need help with paperwork. What would be the benefits of useing a realtor?
Loan officers are not real estate agents.
The main benefit to you is knowing that everything was done legally. Almost all Fabio’s end up in court, one of you screwed something up.
While there may be a mess up still, the agents broker takes the heat, not you.
I buy a lot of property. I think I know enough to manage on my own…but still I would not even entertain the idea of going it without my trusted broker.
March 2nd, 2010 at 9:26 pm
Really you can do the transaction yourself and save a lot of money. YOU would have to pay the buyers agent, not the seller, because they are "By Owner." But the agent would probably negotiate for you and complete your paperwork.
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March 2nd, 2010 at 9:54 pm
They will take money (commission) from you! That’s exactly what they will do. A real estate lawyer is much more beneficial in your case. You need legal representation. Be sure to read and understand all the fine print of your mortgage contract because many people today are in trouble and foreclosing because they entered into mortgages beyond their comprehension. Do not forget to take into consideration the mortgage insurance, home insurance and real estate tax costs.
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March 2nd, 2010 at 10:12 pm
you don’t need one but get the home inspected for defects and insects before moving on with this. Make sure you get a title policy at closing to protect you from any future claims by any one.
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March 2nd, 2010 at 11:01 pm
Mainly its just having someone on your side who has done this frequently and is looking after your best interests. I agree with your gf on this one as there are lots of tricks and traps to buying property and if the seller is a home loan officer I bet the contract they present you with will be heavily weighted in their favor. Also I don’t know that it would cost you anything to have an agent, the seller pays for this – the only possible downside is that you can’t get as good a deal since the seller is aware they must pay your agent a commission.
So, unless you know alot about this sort of thing I would go ahead and get an agent. If you tell them that you have the property picked out and just need help with the contract thru closing maybe they’ll give you a rebate on their commissions since they have less work to do.
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March 2nd, 2010 at 11:15 pm
none it would only cost you more money…source…myself having already bought two homes
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March 3rd, 2010 at 12:01 am
The benefits of using a realtor include negotiating a purchase price, making sure that you are getting a great deal, looking for things in the home that you would not look for. A realtor can also help with getting a home warranty if you want one.
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March 3rd, 2010 at 12:38 am
Loan officers are not real estate agents.
The main benefit to you is knowing that everything was done legally. Almost all Fabio’s end up in court, one of you screwed something up.
While there may be a mess up still, the agents broker takes the heat, not you.
I buy a lot of property. I think I know enough to manage on my own…but still I would not even entertain the idea of going it without my trusted broker.
References :
March 3rd, 2010 at 12:54 am
The buyer agent is contracted to represent your interests in all aspects of the contract and negotiation. Who will write the contract for you ? Do you trust the loan officer to write all the details properly to cover YOUR backside (especially since the loan officer is the seller) ?
If all the price negotiations, etc. are done, you may be able to negotiate with a buyer agent for a reduced fee, just to have the satisfaction of knowing that your interests are properly represented.
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March 3rd, 2010 at 1:15 am
The agent will do exactly the same thing they would do in any sale.
-Provide you data to help you come up with a fair offer price – helps ensure you don’t offer more than home will appraise for and that you don’t end up paying way more than the guy that bought the house next door two months ago.
-Provide you with the local purchase agreement contracts and any additional documents that need to be signed by law (banks don’t provide these things)
-Help you negotiate with the seller, using their experience to come up with solutions to conflicts that may arise
-Ensure the seller takes care of their legal obligations
-Advise you on important contingencies that need to be in your offer
-Walk you though the steps of what you need to do to get the deal done
Don’t assume you’d have to pay an agent’s commission. Unrepresented sellers are sometimes willing to pay the buyer’s agent’s fee. If not, you may either pay for your own representation this way or through an attorney, but it’s never advisable to do something with so many legal & financial ramifications without professional assistance.
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