Important takeouts:
Learning how to buy a home without a real estate agent or real estate agent is possible with hardworking research and planning. Redfin’s home search and purchasing tips can help you make informed decisions as you go through the purchasing process yourself. Before you decide to DIY, make sure to consider the pros and cons, the complexity of the process, and the time you need to focus on buying a home without an agent.
Buying a house is a big decision and something you might want to do yourself. Agents can be valuable assets, but you can buy a home without a real estate agent or real estate agent. You may have full ownership of this process and save some money on fee costs, but be aware of additional research, time and preparations required.
But how do you buy a house without a real estate agent? Whether you’re moving from an apartment in Indianapolis, a rental house in San Diego or a Helena home, there are things you need to know to successfully buy a home without an agent.
Can I buy a house without a real estate agent?
Yes, you can decide to buy your own home without the help of a real estate agent, but that’s not a decision to lighten it. In certain circumstances, buying from family members or buying owners for sale (FSBO) properties for sale in a simple transaction may not make sense. It also works if you have previously purchased a property and feel confident in your own process.
Still, going solo means taking on all the parts of your homeviewing journey yourself. Real estate agents and real estate agents are experts in the housing market and the purchasing process, working to help you find the best place to call your home. Deciding not to seek their help can leave you with complicated questions and decisions you have to make yourself.
Real Estate Agent vs. Real Estate Agent: What’s the difference?
These terms are often used interchangeably, but mean different. All real estate agents are licensed real estate agents, but making real estate agents a real estate agent comes down to membership in the National Association of Realtors (NAR). NAR is associated with a higher level of professionalism and a strict code of ethics. NAR membership is optional, but some brokers may require an agent to participate.
How to buy a house without a real estate agent
Are you sure you’re ready to buy a home without a real estate agent? Follow these 8 steps to help you close your dream home deal from a search on Redfin.com.
1. Do your research
Agents keep market trends up to date. Without one, it’s up to you to research and decide whether it’s a good time to buy a house. Consider whether it’s better for buyers and sellers, and what the long-term meaning of an investment means.
>>Read more: Is it a buyer’s market or a seller’s market?
2. I’ll come up with a budget
Calculate which houses you can afford in the area you want to buy. Be sure to consider the down payment, living expenses, closing costs, and the possibility of unexpected charges after purchase. The more you prepare financially, the easier it is to move the cost of buying and owning a home.
3. Be approved in advance for a mortgage
We recommend that you get pre-approved for your mortgage before starting your home search seriously or at least 90 days before your purchase. Pre-approval helps you understand how much you can pay with monthly mortgage costs and make you look like a serious buyer.
4. Search for a home using Redfin
Redfin Home Search offers countless options in thousands of US neighborhoods by narrowing down your search area, using filters to tailor your search to your exact needs. All Redfin lists contain useful information such as walk scores, school assessments, potential flood risks, and more, which can help you make informed decisions, whether you are using an agent or not.
Once you find your home online, take an open house or a tour in person. Make sure to let your Riat Agent know that you are purchasing without a real estate agent.
5. Hire a real estate lawyer
Real estate attorneys may not be necessary by all states or all lenders, but they are still a great asset when buying a home, especially without an agent. Real estate attorneys are legally permitted to prepare and review documents related to home purchases. It is best to hire them before you go too far in the home buying process. Their experience and ability to understand complex documents ensure that your interests are expressed.
6. Check seller disclosure
Please carefully check the seller’s disclosure before making an offer. The disclosure lists known issues such as flood damage, mold, asbestos, and pest invasion. It also includes other important information such as flood zones, easements, and past repairs and renovations.
Some items must be included in the seller’s disclosure, but not all states have the same condition. Review specific state requirements, do due diligence, and ask the right questions before making a purchase decision.
7. Make an offer and negotiate
When making an offer without a real estate agent, additional research should be done to pay a fair price for your home and make a competitive offer. Check out the real estate comps in this area and pay attention to the type of market you are in.
If the terms are not met to continue the transaction, make sure to include contingencies such as the contingencies of the home inspection to protect yourself and your serious money. Have your real estate attorney review your written offer by contingency before sending them.
8. Get home inspections and ratings
A home inspection is an important part of the home buying process to assess the current condition of your home. Even if you work with an agent to buy a home, it is still a good habit to attend a home inspection as a buyer. Ask questions to see what issues the inspector has found directly. Don’t forget to request a copy of the final report.
The home valuation determines the value of the home. This is an important step to ensure that buyers don’t overpay a home that’s less valuable than your offer. By including valuation contingencies in your offer, you can retreat sales if reports return low.
9. Close the house
Once all inspections and reports are reviewed, the closing date is not too far. Real estate attorneys will help you review closure documents, make sure everything is correct and prepare for closing dates. As soon as all the documents were signed, the house was yours and you bought the house without a real estate agent.
Pros and cons of buying without an agent
Before you get into the way, you need to determine whether buying a home without a real estate agent is the right move for you. Below we will discuss some of the major advantages and disadvantages of going through the home buying process in-house.
Strong Points
Direct Communication: Communicate directly with the seller or seller’s agent and avoid telephone games between central agents. The information and questions you ask are more streamlined. Complete ownership of the process: Choosing the right agent can help, but having one fully gives you complete control over the home buying process. You can decide everything, from where you’re looking for a home to how you negotiate your offer. Potential savings: The 2024 NAR settlement has changed the standard for real estate agents paying people. Both buyers and sellers can negotiate who will pay the real estate agent’s fees. Previously, sellers usually made decisions.
Cons
Limited Market Knowledge: Agents know the paths around the housing market. figuring out how to buy a home without a real estate agent means doing your own research to understand current market trends. Possible mistakes: There are many closed documents, legal terms and financial obligations to understand throughout the home buying process. If you are not familiar with these areas, the chances of mistakes increase. This can cause delays in the closure process. The difficulty of negotiation: With little experience, it can be difficult to know if you are making strong offers at home or doing quite a bit. Creating offers that are too weak to stand up against the competition can lead to loss of opportunities for home. You can even make common home buyers mistakes that you could avoid. No access to multiple listing services (MLS): MLS is a tool for agents that centralize home data from multiple databases. Without one, your home search may not be that efficient or thorough, as it is only for licensed agents.
Should I buy a house without a real estate agent?
If you want full control over the home buying process, and are ready to try, learning how to buy a home without a real estate agent might be the right move for you. It requires extra knowledge, time and careful planning. Agents already have experience and skills that will help you navigate, but you can even save a little money by making more of your own decisions and doing it all yourself. Deciding whether it’s right for you or not is a personal choice, but taking the right steps can make it with confidence.
FAQ on how to buy a home without a real estate agent
Do you need a real estate agent to buy a house?
Real estate agents or real estate agents are useful assets, but you don’t need to have them to buy a home. If you want to do it alone, you need to carefully research the home buying process, the market, and how to buy a home without a real estate agent.
Can the seller’s agent help me?
Seller’s agents may be able to help you with a few things, but they show the seller’s interest and make them the top priority. Note that they are leaning too much towards them, especially during negotiations.
Do agents need to be present for testing or evaluation?
Authorized agents should ideally be present in home inspections and ratings, but if you are purchasing a home without a real estate agent, you can join on your own. Listing agents may be willing to take part in the same way to help close sales, but some may require a fee for this.
Do you still need a real estate lawyer?
In some states, real estate attorneys are required to oversee real estate transactions. However, even if it is not necessary, I highly recommend it. A real estate attorney will help you understand your documents and ensure they are finished correctly, avoiding the possibility of sales delays or completely collapse.
What kind of house can I buy without an agent?
You can usually buy any type of home without an agent or real estate agent. As mentioned above, make sure you do research and due diligence before diving into a big decision.
Am I still considered a serious buyer without a real estate agent?
Some sellers may be reluctant to work with self-expressing buyers. However, getting proper investigations, organizing documents and pre-approval can all help you look like a serious buyer.
