Buying A House Without A REALTOR®: FAQs
Hopefully you feel a little more informed about buying a house without a REALTOR® or real estate agent after reading this far. However, some questions may remain. Let’s take a look at some frequently asked questions about buying a house by yourself.
What is the value of buying a house with a REALTOR®?
In rare cases, buying a house without a REALTOR might save you some money or help get you the house you want. If the seller is a FSBO, they may not want to pay a buyer’s agent commission on the sale. Since you don’t have a REALTOR®, they won’t have to. This might make them more agreeable to a lower sales price. In some cases, a FSBO might not be willing to work with a buyer’s agent no matter what. Doing the transaction on your own might be a necessity to make an offer on that particular house.
Does buying a house without a REALTOR® save you money?
As mentioned above, it can be done with a FSBO. In addition, it sometimes can with a property that is listed for sale with a REALTOR® under the same principle. If you don’t have a buyer’s agent, the seller may reduce the sales price, because they are saving money by not paying an agent to represent you. Keep in mind though, a good REALTOR® will negotiate a sale that usually saves you much more money than their commissions cost you or the seller.
What if I’m working with a REALTOR® or agent, but the seller isn’t?
If you're working with a REALTOR® or agent and the seller isn't represented, your agent will typically handle communication directly with the seller or their representative, facilitating the transaction on your behalf. However, it's important to ensure all agreements and negotiations are clearly documented and understood by both parties.
Do I need a REALTOR® if I’m buying a house from a family member or friend?
No, but it’s usually a good idea. A REALTOR® can make sure everyone knows the mechanics of the transaction and can keep things running smoothly. They can also be a good buffer between you and your family member or friend when it comes to making sure negotiations don't get “personal.”
Who pays the REALTOR® or real estate agent?
In almost all cases, the seller pays both real estate agents that take part in a transaction. They sign a contract with their listing agent defining how much they will pay them as well as how much they will offer to a buyer’s agent that brings them a purchaser for their home.
