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Buying a Home on Your Own
By Rochelle Caviness
Buying a home can be a complicated and often confusing process. To navigate this maze, most people seek out the services of a real estate agent. There is however, nothing to stop you from doing everything yourself.
- The big question is, do you really want to go it alone?
The advantages of using an agent.
An agent can save you lots of time and aggravation.
- They will help determine how much money you can actually afford to spend on a house, and if you are likely to get the mortgage you'll need.
- They are familiar with all the amenities in a given area. More important, they're intimately aquatinted with the housing market.
- They know what forms are needed, both in making an offer and finalizing a sale. In addition, they are familiar with the legal requirements that must be followed in order to have a legal sale.
- They have easy access to all the home listings in an area. Any agent can show any home, whether or not their agency has listed it. When showing a home listed by another agency, your agent will be able to quickly arrange for the showing.
- Your agent will help you negotiate with the seller.
- In most cases, the seller pays the agents commission so your cost of using an agent is usually zero.
The disadvantages of using an agent.
For the most part, the advantages of using an agent far outweigh the disadvantages.
- When choosing an agent, make sure you know who they are working for, you or the seller. If you are dealing with a seller's agents, they will strive to get the seller the best price they can.
- You may find that being shown homes by a third party is intimating or simply annoying.
Should you go it alone?
For a first time home buyer, going it alone can be more work than it is worth.
- Buying a home is a complicated procedure. Unless you have experience in real estate practices or law, it is easy to be taken advantage of or to make a costly mistake.
- You must be comfortable negotiating with the seller over the price.
- The only way that you can totally bypass the agent system is if you buy a 'for-sale-by-owner' home. Any other home will require that you deal with the seller's agent.
How to decide?
Before making a decision to go it alone, talk with others about their home buying experiences. This information will help you determine if you should use an agent, or not.
The information provided on this site is for informational purposes only.
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