This question is so relevant for many reasons. I just finished an article titled "The Economics of Buying a Home." I don't know the background of the author, but she discussed buying another house prior to selling yours and the risks, but didn't mention that if you are selling your own house after you buy, if you price it too high, you may not sell right away. If you don't reduce the price in a certain amount of time to get to the "sweet spot" where you will get a buyer, it could be on the market for MONTHS. Some houses have issues that have to be overcome with a price reduction for them to be seen as attractive: cosmetic, location (backing to busy road), weird layout, etc.
Then this author says "Engaging a realtor is not necessary for the buyer." WOW. She goes on to say that Realtors earn approximately five to six percent from the seller, not the buyer. 
Ok, yes, the seller hires a Realtor to represent them, but in Maryland, Realtors have to explain to buyers that they represent the seller, NOT THE BUYER, and if you want reprsentation, you can hire your OWN BUYERS AGENT. When you do this, probably 90% or more of the time, the seller is paying that commission but you have representation. There are occassions where you may have a cost involved, especially if it's a for sale by owner, but in those cases you really need a Realtor to help you with all the paperwork, disclosures, inspections, etc.
Most of the time, you will not get a discount on the price because you are coming in without your own Realtor to represent you. What happens is the seller's agent is still representing the seller, NOT you and the seller is still paying whatever that commission is. Who is looking out for you? If you are the average person, you are buying a home a couple of times in your LIFE. Rockstar Realtors sell a couple of homes each month. Big difference. We have sold hundreds of homes and settle several homes a month and each transaction is different. That experience is a huge benefit for you because we have the connections to help you when it comes to repairs (some contractors will wait to be paid at settlement!), hooking you up with a good local lender, negotiating for you, and problem solving. Many times you are saving money too. We have clients who are nervous about asking for repair items. If you don't ask, you won't get!
The next gem this author posted was using an attorney is not a requirement, but is definately the smart thing to do. You know what? Sure, hire an attorney! What I found funny is she says spending approximately $400 depending upon where you live, will hep the house closing process go smoothly.... I'm not sure where you can find an attorney to represent you for $400??? I had a client recently use an attorney even though she had her own Realtor (us), but it was an estate sale, we didn't have a personal relationship with her and she wanted to make sure no one was missing anything. She hired him a week before settlement and he looked over the paperwork and a couple addendums, re-wrote one of them, and charged her $1600. That is in addition to the regular settlement costs where you are paying the title company attorney, etc.
Don't get me wrong, PLEASE hire an attorney if it makes you feel comfortable but what is crazy to me is someone who doesn't know much about real estate transactions to write an article about it and having it published, makes them appear to be an expert and they obviously are not. This person doesn't even know how much an attorney is going to cost you.
PLEASE be careful when you're reading articles, taking advice from your cousin's mother-in-law who is a retired agent out in Iowa, your Aunt who just got her real estate license, your Father who has lived in the same house for 40 years and tells you that you're crazy for spending that much money on a house, and your neighbor who tells you he sold his house for $400,000 when he really got $375,000 and gave up 3% in closing costs. Heck, I just took a continuing education class where the teacher was discussing transactions and how to negotiate them but he hardly sells anything anymore. He's very out of touch with the current market. I did disagree with him but some people, you know the "know-it-alls" act like they know everything about everything when in fact, they may be quite ignorant when it comes to certain topics. Expert on "rules" and laws? Yes. Expert on actually selling homes? Not so much.
Find yourself a professional Realtor who knows the business, knows the market, and sells a lot of homes. We are bound by the Code of Ethics and can give you realistic advice and information that will help you as you're planning to buy or sell a house!
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