Buying Real Estate Without a Realtor

Published by julia | Filed under Buyer / Seller Tips, Market Trends, Pinellas County Homes, Real Estate

With the trust in the Realtors and the banks falling, there are many more people doing the “for sale by owner” route with their homes.  Many of the people who are looking to buy these homes are also going alone into the real estate world.  Without trained and qualified real estate assistance, there are many people who are entering a world that they know nothing about and are unable to get the assistance that they need to complete the transactions in a way that is beneficial to both parties.  There are some pointers that do make the purchasing of a home without a Realtor easier though.

Procure a loan in advance.  By procuring a mortgage by a bank in advance, one knows how much money they are capable of spending on a home.  This makes it easier to search for a home, since a limit has been set.  Many banks, mortgage brokers, and credit unions are willing to do a pre-approval or a full approval with money being issued upon the finding of the perfect home.

Research the areas and school districts one is looking into moving in to.  This helps to lower the chances that one will move into a school district that is dangerous or has lower success rates than other districts and it also helps to improve the chances of finding a good neighborhood to move into.  Pay attention to the tax rates as well, as many of the good school districts have higher taxes surrounding them to pay for the school improvements and better teachers.  Be careful not to enter into a school district that one cannot afford to live in.

Have the property appraised and inspected before closing on the home.  Even if the house looks good, there is a high chance that there could be a problem under the pretty exterior.  While Realtors are required by their code of ethics to state if there is a problem with the property, “for sale by owner” homes do not guarantee that same level of ethical behavior and are much harder to get money back from than homes sold by Realtor agencies.

Have a lawyer look over the contracts before signing anything.  This is usually not an expensive task, but it can save one thousands if the lawyer finds a flaw in the contracts or if the lawyer finds a problem with the title or deed to the home.