Do I really need a Realtor to buy a house? The simple answer is, "No." The smart answer is, "Yes." Anyone can buy a house without a real estate agent, but there are advantages to having an agent represent you in a home purchase.
Last year, I sold a property for a wondeful family. They had bought their home directly from the seller without representation. When I did the preliminary CMA to determine value, I was surprised at what they paid for the home considering they bought it on the down side of the market collapse of 2008. In my estimation, they paid $60,000 higher than the market was demanding at the time.
When we listed their home, they received an offer that was quite a bit lower than the list price, and they ultimiately gave concessions that dropped their return approximately $60,000. With their original purchase price coupled with their concession dollars they actually lost $120,000 on their home. Buying with an agent could have prevented them from spending more than they should have.
Why should you use an agent when buying a house?
- An agent can help a buyer purchase in the price range a home should sell in.
- An agent can help educate a buyer to the process of buying real estate.
- An agent is a second set of eyes on a property that might be causing blindness in a buyer.
- An agent can help a buyer find a good home inspector, lender, appraiser, contractor, closing attorney or title company who will look after the buyer's best interest.
- An agent knows the real estate laws.
- An agent can help advise a buyer through the negotiations.
- An agent can look out for a buyer's best interest when the buyer isn't aware of the perils.
- An agent can be a buyer's first line of defense in a bad deal or a deal that has gone bad.
Why should you use a Realtor to buy a house? For a lot of reasons, but most of all, for peace of mind.