Tips for Buying a House Without a Realtor
Purchasing a home is one of the biggest financial decisions of most people’s lives. To help them through this process, most buyers work with a real estate agent.
Using an agent is a smart idea because they help you through the home-buying process, including finding properties and negotiating the sale price and closing costs. Although realtors charge a commission, typically 5-6% split between the buyer’s and seller’s agents, it is usually up to the seller to pay these fees.
Get Pre-Approved for a Mortgage
Whether you are working with an agent or not, step one of your home search should always be to get pre-approved for a mortgage. This will show the homeowners that you’re serious about purchasing and show that you have the funding to do so.
Understand the Local Market
Once you’ve been pre-approved for a home loan, you’ll have a better idea of what you can afford and where you should search. Sign up for your local MLS, dig into online listing platforms, and drive around areas of interest to get a feel for what’s out there.
Find a Property
After you’ve decided on an area, it’s time to narrow in on a few properties. Lay out your budget, requirements, and top wants. Then, work backward from there.
Make an Offer (With Contingencies)
Once you’ve found the perfect property (or at least one that meets your criteria), you’ll need to figure out how to make an offer on a house without a realtor.
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