House sales have gone through the roof in America this year. Want proof? There could be none left in a few months if people keep buying them at the current rate!
Clearly, if you’re planning to buy a new property, now’s the time to do it. Contrary to popular belief, though, you don’t necessarily need a realtor to help. With the right approach, you can purchase a property by yourself and save money as a result.
Want to learn more about the pros, cons, and process of buying a house without a realtor? Keep reading for 4 key insights.
1. You Should Seek Pre-approval First
Applying for a mortgage is an important starting point for anybody who decides to buy a house by themselves. Why?
Because getting preapproved by a mortgage lender reveals what your budget will be.
In other words, you find out how much money you have access to, which means you can search for affordable homes from the outset. It’s also a good sign to prospective sellers, who’ll feel more confident that you’re making a genuine offer.
2. Researching the Market Is Key
Finding a property that aligns with your requirements, desires, and budget can be a challenge. Success requires research! Take to the internet or speak with local investors who buy homes to investigate viable options in your chosen neighborhood.
Think about the type of property you want and the area in which you want to live. Consider the property’s access to public transport networks and local attractions. And assess whether you’d be happy there both now and in the future too.
Having found a selection of possibilities, the next step is to organize in-person viewings.
3. Don’t Forget the Seller’s Disclosure
The last thing you want is to purchase a property that’s full of issues you don’t know about, right? That’s where a seller’s disclosure comes into play. This key document provides a list of underlying faults that the seller’s aware of in the house.
However, it’s still worth getting a professional inspection before signing the dotted line! Paying a contractor to look around is the best way to buy a house without having to worry about its condition.
4. You Might Not Save That Much
Buying a house by yourself mightn’t offer the significant financial gains you’re expecting. After all, it’s usually the seller who’d pay your agent’s fees anyway!
Oftentimes, the only monetary gain comes from telling a seller there’s no realtor involved. This may lead to a slight reduction in the asking price because they know they won’t be paying your realtor’s fees. It’d be up to you to decide if that discount warrants the time and hassle of buying a house yourself.
Buying a House Without a Realtor? Remember These Insights
The vast majority of people buying a house use a realtor for support these days. But that doesn’t mean you have to! With a bit of effort and the right approach, it’s more than possible to do it yourself instead.
Interested in giving it a go? We hope this post has shed some light on the process involved. Keep the insights in mind and you’ll be a step closer to deciding if buying a house without a realtor is worth it.
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