Without an agent

Hi Everyone!

First I wanted to introduce myself, my name is Christine and just signed on board to this site.

I wanted to know if anyone has bought their house without an agent? DH and I are looking around and wanted to put an offer in on a house. Any tips would be greatly appreciated. thx.

Re: Without an agent

We did, all went fine. We went to an open house on our own and really liked the house, so we made an offer the next day (contigent upon inspection of course). Only advice is to make sure that you have a good attorney! They will advise you on anything you need to know along the way.
Good Luck!

Re: Without an agent

We did both times. You have to know your market, thats the biggest thing. Other than that, all worked out great for us both times.

Re: Without an agent

We are doing it now. We feel like we got a great house. We did have the help of a great attorney and broker.

Re: Without an agent

Hi Christine! Great name

Just wanted to ask if there's any particular reason that you are going it alone without an agent?

It doesn't cost you anything to use a realtor -- the agent is paid out of the seller's proceeds. And you don't need to sign a contract or commit to using an agent for any length of time, if that's a concern. You can start working with one, and if you are not comfortable, switch to someone else. I think there's really no downside, and a lot of upside to having an agent work with you.

You are going to need an agent to get into listed homes, unless you limit yourself to only going to public open houses (which would be very limiting, because not every house on the market has regular open houses, or any at all). So you are going to have to deal with the listing agents directly to get into each home you are interested in. Why would you want to deal with so many different agents who don't know you at all, versus dealing with someone who understands your situation and buying needs? Also, it is a LOT of coordinating to schedule appointments with 20 different agents versus having one agent do all the legwork for you.

Other advantages of using an agent are: (i) we see/preview a lot of the inventory, so we can flesh out the info you see online, which is often deceiving/misleading, (ii) we have "inside info" from talking to and working with other agents, and (iii) we do this all the time, so we can guide you through the entire process (beyond just finding the house, but dealing with inspections, appraisals, coordinating with the bank and the attorneys, etc.). I view my role not so much as a salesperson, but as a counselor. True, an attorney can help you out, but an attorney is usually not as accessible for questions and will sometimes charge you by the hour, depending on the fee arrangement (and I'm an attorney, so I am not knocking them, just stating facts).

Could you buy a house without an agent? Sure, it can be done. But a layperson can also forego a lawyer and choose to represent himself in court. Is it a great idea? Usually not.

Anyway, please let me know if I can help. Even if you decide not to use an agent, I am always happy to answer questions/give advice, as a lot of regular posters on this site know.

Re: Without an agent

Thank you everyone for the positive feedback.

Re: Without an agent

Hi Christine,

We did have an agent. Who made us sign a contract for 6months. We were very unhappy after trying to buy 5 different homes that did not work out due to the negotiation process.

We took time off from looking at houses, and now we feel we want to try it without an agent.

Thank you for your advice.

Re: Without an agent

Sorry you had a bad experience! Signing a contract is NOT the norm, unless the buyer wants the agent to act as their buyer representative. And even then, I will usually encourage a buyer to go out with me a few times to test the waters before signing anything. That way, they know they are comfortable with me and I know I am comfortable with them (and feel like I can help them). The standard length of time for an exclusive buyer representation agreement is usually 3 months, not 6. No agent should ever make you feel like you MUST sign a contract... that is your choice.

As far as trying it on your own - - make sure you have your preapproval (if it's older than 60 days, you may want to get an updated letter), the name of your attorney, and the name of the home inspector you want to use at the ready (ideally, someone who can do a termite inspection, too), so if you make an offer and it's accepted, you are ready to move forward fast. The seller isn't fully committed to the deal until they sign the contract, so you want to get your inspection done asap and move to contract as quickly as possible. If you have an accepted offer, make sure you get the seller's attorney's info.

Also, keep in mind that when you are negotiating, the more reasons you can supply to back up your offer, the more likely it is to be accepted. So if you are coming in low, provide comps, if possible, or some other rationale. It also never hurts to appeal to the seller's emotions, so if you love the house, let them know (you may even want to write a letter to them stating why you love the house and how you can envision yourself living in it down the road).

Don't think price is everything -- the terms of the deal matter. So if you can be flexible about closing date, let them know! If you have a big down payment, emphasize that! Present yourself as a total package, not just a number.

Good luck!