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Buying A Home WITHOUT A Realtor – The Good, The Bad, And The Ugly

Thinking about buying a home without a realtor? You may want to think again!

We just encountered this exact situation this week – a buyer who insisted on representing themself when purchasing one of our listings. And while it is your right, and option to be represented or not, it is ABSOLUTELY in your best interest to have an experienced professional negotiate one of the biggest financial purchases of your life.

Here are the facts when it comes to working with a Buyer’s Agent:

  • IT’S FREE TO YOU! That’s right – working with a Realtor to purchase a home does not cost you a dime. That alone should be reason enough to put your trust in the professionals
  • By opting to not use an agent, YOU ARE NOT “SAVING” THE SELLER ANY FEES. A lot of times buyers have the misconception that if they forgo having an agent represent them, they can get the home at a better price, since the seller will not have to pay the buyer’s agent commission and that savings will translate into a better price for the buyer. THE TRUTH IS: the seller negotiated the commission to be paid to both agents (listing and buyer) PRIOR to even listing their home as active in the market, and that negotiation is totally separate from the contract to purchase. Regardless of whether the buyer is represented, the seller will pay the total negotiated commission.
  • The Listing Agent does not work for you, they work exclusively for the seller to get them the BEST DEAL.
  • Without an agent YOU’LL HAVE TO DO YOUR OWN NEGOTIATING. For most people, buying a home is the biggest financial purchase of their life. Buying a home is not like haggling a car dealer, the risks in buying a home far exceed price considerations.
  • Without an agent YOU WON’T HAVE A NEIGHBORHOOD SPECIALIST to rely on. A local Realtor will be an invaluable resource with expert knowledge of area neighborhoods to fit your needs.
  • Without an agent YOU MAY NOT RECEIVE ALL OF THE SELLER DISCLOSURES you are entitled to by law. Sellers might not purposely withhold a disclosure, but without an agent, you won’t know what to ask for.
  • Without an agent YOU MAY PAY MORE FOR CLOSING COSTS. By choosing to not have a key negotiator work for you, the sellers may make you pay for everything and you wouldn’t know the difference!
  • Without an agent YOU’LL HAVE TO FIND YOUR OWN LENDER. Using an experienced Realtor takes the guesswork out of choosing a lending partner. Your agent has inside knowledge about which lenders have a reputation for closing on time, and whether you’re getting the best rates and terms. By opting to go it alone, it will be a shot in the dark.
  • Without an agent YOU’LL BE ON YOUR OWN TO DETERMINE THE TYPES OF INSPECTIONS you should perform. Most buyers don’t know how to spot potential problems such as dry rot, termite damage, foundation issues, or even know how to determine if a sewer or plumbing inspection is necessary.

If you are looking for any additional information about what an exclusive buyer’s agent, who spends 100% of their time working for buyers only, can do for you, please give us a call today at 504-509-4771 or fill out the contact form below.

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