What to include when making an offer Your purchase offer, if accepted as it stands, will become a binding sales contract—also known as a purchase agreement, an earnest money agreement or a deposit receipt. Address and sometimes a legal description of the property Sale price Termsfor example, this is an all-cash transaction, or the deal is subject to you obtaining a mortgage for a given amount. The following are two common contingencies contained in a purchase offer:
While it may not be for everyone, it is possible to buy a home without a real estate agent.
With careful research, preparation and planning, you can potentially save thousands of dollars by going it alone. Buying Without an Agent: Are they true, false, or somewhere in between?
False, obviously, or this would be a very short article. If you work without an agent, you can only buy for-sale-by-owner FSBO homes: You can make an offer on any home that you could if you were represented by an agent.
Also, remember that in some states, a real estate attorney is required even when you have an agent.
Every seller is different. Some might be happy to work with you, and others may not be interested. Learn more about real estate agent commission. You need an agent to be present for inspections and appraisals: You may be able to get the listing agent to agree to be there for these tasks, in the interest of closing the deal.
Again, everyone is different; some listing agents will be happy to go the extra mile to close the deal, while others will insist on at least a partial cut of what would have been paid to your agent. Time to practice those negotiation skills. How to Buy Without an Agent So if you do want to buy without an agent, how do you do it?
Where do you start? Search Start as you would with any home purchase — by searching for the right home. There are plenty of online resources. Find an Attorney Before you get too far down the road, find a good real estate attorney to work with. Get her services lined up ahead of time, so you can move quickly on the right home.
View Homes Once you find a home online, you should see it in person. You can attend an open house, or call the seller or listing agent to ask for a tour. You should be clear with the listing agent that you are buying a home without an agent. If the listing agent asks you to sign any forms, have them reviewed by your attorney first.
Get Pre-Approved Before you make your offer, get pre-approved for a loan. The listing agent may expect to collect the share of the commission that would normally go to your agent. This should be agreed to in writing and reviewed by your attorney.With so much information readily available online, clients sometimes ask, "Why should we hire a real estate agent?" They wonder (and rightfully so) if they couldn't buy or sell a home through the Internet or regular marketing and advertising channels without representation, without a real estate agent.
Submit a completed purchase and sale contract as an offer via fax or in person to the listing agent, if the seller is using one. Only submit the offer directly to the seller if the home is an FSBO.
Yes, you can buy a home without using a real estate agent. There’s no law that says you have to use an agent to purchase real estate. It’s just that the process is complicated and many people. As of June 25, , we’ve made some changes to the way our mortgage approvals work.
You can read more about our Power Buyer Process TM.. Real estate agent safety isn’t a new or uncommon topic in industry conversation, but it’s definitely one that bears repeating.
On a regular basis, real estate agents interact with new clients, oftentimes in unfamiliar environments. A real estate agent is anyone who has earned a real estate license. A real estate broker is an agent who has also passed their broker license exam.
About Craig Blackmon I am an attorney in Seattle, where I have practiced real estate law for over a decade. I own and operate my law firm, Seattle Property Lawyer, where I help people buy and sell homes without an agent (plus handle other legal issues relating to owning a home).I maintain the FSBO Law Center a web site for "for sale by owner" sellers and buyers.