Found this house I like on Craigslist. They're not using an agent so I can't get a real estate agent to represent me. How does this work then? It's my first home though I really like it though I need some advice to help me through this journey ...
Agents are still a necessary evil still. There’s just a ton of paperwork and “gotcha’s” that, if not done right, will cost you a lot of $$.. if the seller doesn’t allow agents, walk away. This will end badly for both sides
Fake news people sell and buy - by owner all the time. I bought myself and sold myself. Get and inspector and title company there’s nothing to it.
Don’t forget about the appraisal!
Craigslist house sounds strange but just get an inspector and use your noggin. Realtors are dead beat middle men.
Horrible advice for a first time buyer.
You can always hire a buyers agent out of your own pocket. Seriously, ask around. I can refer you if you need someone.
Get an inspection. Hire a title company. Easy.
It doesn’t cost anything to use a buyers agent: the seller pays them 3% of the sale cost. If you don’t use a buyer’s agent, they won’t share that saving with you: their own agent will see that doesn’t happen. These days most buyers agents will share their commission with you, so you can get 1% (or more) as cash. If the seller isn’t using an agent then (in my experience!) the seller is asking too much, and thought they could do a better job than the agent they talked to who told them it was worth less. Try Redfin, they’re fairly flexible.
I bought my 6th and 7th with no realtor. Totally possible and it has some real upsides. First 1-2 houses is possible but you’re taking a big risk, not knowing what you’re doing. You can talk to a title company to help with paperwork, but a realtor will help make sure you’re paying the right amount, perform the proper inspections and get repairs, etc.
Yes you CAN, the seller probably just doesn’t want to cover the costs (2.5-3% for one agent only, normally it’s the seller who pays). You can stipulate in writing that you’ll use an agent and cover the costs yourself (if allowed by state/local law). Or work into your offer the cost of having used the agent. if the seller is not open to negotiate using an agent, CAREFUL, there may be something wrong or they may be asking for too much over market value and they know it!! If yo want to buy with no agent it’s totally fine, but do your own market research on Zillow, Redfin, etc. and find out how much homes sold for in that area. Hire a real estate lawyer and have them put together an offer with the right contingencies that protect you and the seller. Hire a GOOD home inspection company, don’t save on that. Get the sewer pipes and wiring thoroughly inspected if it’s an older house (they use cameras).
All that sounds logical but I don’t think it’s good advice for a first-time buyer. The experience is stressful enough without worrying whether your inspector or sewer scope guy qualifies as “good”.
I just purchased my first property ever and used no agent. Definitely SUPER stressful. But he is asking if it’s possible, not if it’s advisable. I would definitely say get an agent if you want 30% less stress.
I have never bought a home so I am not sure why you would not want to go through an agent since you would not be paying agent's fees anyway, it is seller who have to. am i right?
I bought another house about 5 months ago. Here is what happened ... The seller initially priced it at 1,680,000 .. and did not have an agent. He got no solid interest for about 5 months .. so then he brought an agent in .. and she priced it at 1,600,000. It sat there another 3 months. I come in, cash in hand. Now the guy has been paying for taxes, fees, etc. for 8 months .. and has already purchased another home, so he needs to make a deal. I get the house for 1,500,000. And I insist on him buying a warranty, etc. If you bite before this seller is worn down, you will over pay... big time.
Bad idea. Especially for your first home. If the house is on Craigslist, there is probably something very wrong with it.
Why
You aren’t buying a used corolla, you’re buying a home.