Buying a Home in Brentwood Ca - Should I buy my house without a Realtor?

Dear Holly,

I am thinking of buying a house. My cousin said that I should really consider working with a Realtor, but I am kind of hands-on-do-it-yourself type and I think I can find a house myself. I don't even understand how Realtors get paid or who they work for in a transaction. Can you shed some light on this and offer some advice?

Many thanks,

Contemplating a Purchase in Northern Virginia

Dear Contemplating a Purchase in Northern Virginia,

True to your nature, you have asked an excellent question, one  which will ensure that you have all the information that you need to proceed.

It is very true that you can probably find a home on your own. What is not true is that you can be assured you have considered all the important aspects of buying a home, evaluated how your purchase lines up with other homes, done a Comparative Market Analysis to make sure you are not overpaying and quite, frankly, seen all that there is to see.

I find that potential buyers often think they have the same information on line that I do; the truth is, I have access to all the public listings on the MLS AND everything that you can find on-line (which is often severely outdated). Often times, I also know about properties that have not yet been listed.  If you are confident that you can 1) find a new home, 2) accurately analyze the offer price, 3) rule out all the other contenders, 4) negotiate the very best price, 5) Navigate the Home Inspection and possible re-negotiation, 6) Know what your Property Owners Report is saying and how to deal with problems, 7) Deal with the myriad of problems and issues that come up along the way--while still holding on to the job that allows you to make this purchase, then maybe you are right. Most people find that it is much more difficult and time consuming than they expected.

When you decide to hire a Realtor to represent you, you must hire one whom you trust and have confidence in. They will most likely ask you to sign a contract that says they represent you.  The contract says that if you violate the contract, you may owe them money. The Buyer's Contract also says, in many cases, that the commission that the Realtor earns will be paid by the seller--even for the Buyer's Realtor. For most Realtors, these commissions are the only income they earn. From this, they must pay all their own expenses, including taxes. This has led suspicious buyers to question whether a buyer broker will always work in their best interest (here is where the trust comes in) or just for the paycheck.  It is my experience that most Realtors are working for 2 things: 1) the commission, but also 2) your repeat business and referrals. Certainly, you are not going to want to come back to, or refer,  a Realtor who is working only for their own self-interest. 

I hope that this answers your questions. If you are considering the purchase of a Northern Virginia home, I would be love to talk to you about how I can help you with the process.

 

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I believe that buying or selling real estate should be a GREAT EXPERIENCE. If I can help you, your friends or family buy or sell their next home in Northern Virginia, please let me know!

If you need help with a home outside of Northern Virginia, I have an extensive network of referral agents and will make sure you are working with the best!

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