Thinking about avoiding the middleman to save some cash? It's essential to know what you're getting into if you decide to buy a house without a Realtor. Here are the steps and factors you need to consider.
Steps to Buy a Home on Your Own
- Get Mortgage Preapproval: Before looking at houses, know how much you can borrow. A preapproval letter also shows sellers you're serious about buying.
- Find Your Home: Use online real estate sites to find homes within your budget and meet your criteria.
- Ask for Seller’s Disclosure: See if the home has any issues, like flood damage or pests, by getting this report.
- Make an Offer: Write a proposal to the seller, including your price and terms. Having a real estate lawyer check it is wise, as state laws vary.
- Appraisal and Inspection: Lenders usually need an appraisal. Getting an inspection is also a smart move to uncover any hidden problems.
- Negotiate: Use the appraisal and inspection results to talk about the price and ask for repairs if necessary.
- Close the Deal: Sign the final documents. In some places, you'll need a lawyer with you at this point.
Dig Deeper: How to Get a Good Deal When Buying a Home
Things to Consider
When you skip hiring a Realtor, you're doing their job: finding properties, understanding the market, arranging viewings, and dealing with paperwork. If that seems like too much, you might want to hire a Realtor after all.
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Previous Article: What to Know About the 2024 and 2025 Housing Market for Buyers and Sellers
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