In a recent study from November 2023 by the National Association of Realtors, it was found that while most people buy their homes through agents, a small number do it on their own.
This might become more common since new rules in August 2024 mean home buyers might have to pay their agent's fees, which can be expensive.
Steps to Buy a House Without a Realtor:
1. Get Preapproved for a Mortgage
Before looking at homes, it's smart to get preapproved for a loan. This shows sellers you can seriously buy and lets you know how much you can afford.
2. Search for the Right Home
Use online platforms like Zillow, Redfin, and Trulia to find homes for sale. These websites have filters to help narrow down your search.
3. Ask for a Seller's Disclosure
Once you've found a house you like, request a seller's disclosure. This is a mandatory document in most states where the seller must disclose any known issues with the property.
4. Make an Offer
If you decide on a home, make an offer detailing the price, down payment, and other terms. It's smart to have a real estate lawyer review this to ensure it follows local laws.
5. Get a Home Appraisal and Inspection
Lenders usually require a home appraisal to know the house's value. Though not always needed, a home inspection can identify potential issues.
6. Negotiate
Use the appraisal and inspection results to maybe get a lower price or request repairs.
Dig Deeper: Handy Tips for Negotiating a House Price
7. Close the Deal
The final step involves signing the purchase agreement and any other closing documents.
Things to Consider
- Finding Homes: You'll need to find homes for sale on your own.
- Negotiating Deals: You'll handle all negotiations without professional help.
- Legal Work: You're responsible for ensuring all paperwork is in order.
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