The law doesn’t require us to hire a real estate agent when buying a home. A home is a big-ticket item that making even a single wrong move could spell disaster. Home ownership requires a long-term commitment. Hiring the right agent will help us live comfortably with our chosen lifestyle and avoid the pitfalls that inexperienced home buyers will certainly make. Know the risks of buying a home without a real estate agent.
When you decide to buy a property on your own, you don’t have access to important resources such as connections and key tools that real estate agents have at their disposal. As a result, your choices are limited. You only rely on online listings or classifieds for properties to choose from. You won’t even know if the property you’re interested in is already sold as some listings are not updated regularly.
Searching for the perfect home for your family takes time. When you’re doing this all by yourself, expect to spend the majority of your time focusing on planning your next move. You can definitely save time when you choose to work with an agent because they’ll do most of the heavy lifting for you.
Buying an overpriced home
Buying an overpriced home is surely bound to happen. You don’t know if the house is actually worth its asking price as you have no idea what home appraisals are for. If you decide to buy a property from a seller with an agent, you’re at a huge disadvantage. You have no experienced negotiator on your side. You are always at the mercy of the seller’s agent. He will likely set the price too high in order to earn a bigger commission.
Buying a home with too many unforeseen problems
When you’re out buying a home on your own, you’re most likely to skip some processes that cost money. One of the most important thing that you shouldn’t miss is a home inspection. A home inspection is an essential part of the home buying process. It can protect you from buying a home with inspection problems that would cost you too much money on maintenance costs.
A home purchase is not complete without completing tons of paperwork. This is the part where the agent really earns his money. He can review the contracts or documents and lets you know what you’re getting into. This is very important because buying a house is entering into a legally binding agreement. You have to keep your end of the bargain or suffer the consequences.
You’re totally on your own if you choose to buy a home without an agent’s help. You must be sure that you know what you are doing and can live with the possible consequences.