Everyone strives to save money on major purchases. So when it comes to buying a house, paying a realtor's commission can seem daunting and expensive. The fee—often based on a percentage of the cost of the home—can add up to thousands of dollars. But for that money, a potential homeowner gets days, weeks or even months of service and guidance from a housing professional. Are you considering buying a house without a realtor or real estate agent? Pros of Going Solo
Being cost conscious is a great way to dive into home ownership. Ten to 15 percent of homeowners take the plunge and buy a house without the aid of a realtor, according to Total Mortgage, a mortgage broker offering services since 1997.
If tackling the house-buying process without the guidance of a realtor tops your agenda, several experts want to give you a pat on the back. Here's what they're saying:
1. Buyers Enjoy Purchase Price Flexibility
The number one reason buyers opt to explore housing options without a realtor is to save money. And for some savvy consumers, this might be a great option.
"The truth is, in 2014, with technology and the numerous available property listings online databases there is no longer the same necessity for a buyer to engage a realtor as there is for a seller," expalined Robert Soniker, real estate attorney and general counsel at MSCO. "With no realtor, the seller should be more flexible on pricing as he/she does not have to pay a 5% commission on the sale to a realtor."
2. There's No Middleman to Deal With
If you want to work with the seller directly, cutting out the middleman is appealing. There's no need to relay messages, wait for callbacks or trust your interests are being accurately shared with the seller.
Soniker also notes, "Sometimes this could work to the parties advantage. The buyer has the opportunity to communicate thoughts/needs/offers directly to the seller."
3. You Have the Upper Hand in Negotiating
For interior designer Melissa F. Lindberg, forgoing a realtor worked to her advantage. She was able to implement her own marketing ideas and stage her home for sale exactly as she saw fit. She offers this bit of insight on working with buyers directly.
"During negotiations you are able to see how emotionally attached the buyer has become to your property and you can leverage that knowledge with their requests (lower price, repairs, etc.). If it is obvious they love it, you may be able to give less," Lindberg explaine
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