Thinking of buying a house without a Realtor? Hmmm..
Whether it is your inherent nature to save a buck or your fear of real estate agents, you should consider a couple of things before going in solo!
First things first, who is a realtor/property consultant? And what does he/she do?
A real estate agent/consultant is there to work on your behalf. He will hand hold you through the entire process of finding a home, arranging for a loan and purchasing a home.
A consultant possesses a couple of unique traits that makes him an expert at what he does.
So, before going all in, look yourself in the mirror and ask the following questions :
Can I myself conduct massive amounts of research?Can I do an unbiased analysis of things?Can I effectively organize all my findings?
If your answer is “yes” to all the above, then Bravo!, then you just might have a shot.
Well, for all the others, read on.
Here are the 6 steps involved in buying a house (and how will having a consultant matter!) :
1.Deciding to buy a house
With an Agent : The real estate market is a tricky one. A realtor will help you with navigation, short sales, better loans and a host of other issues.
Without an Agent : Everything is on you to do. It can be done(thanks to the Internet!) , but think of the dozens of hours you would have to spend house hunting.
2. Financing your new home
With an Agent : A good real estate consultant(like Viluva :P) will have tie ups with major lenders and banks. They will help you find a good lender who will provide good service and act in your best interests.
Without an Agent : It’s you versus the financial world, as you go about looking for the best interest rates and services.
3. Finding your new home
With an Agent : It is a real estate agent’s role to help you find your new home. They have the contacts, databases and lists of available homes. They know how to get things done. With their experience , they will be well aware of the market trends, financials and pricing.
Without an Agent : The onus is on you now. You would have to create an organised system to make a list of available homes, the facilities they provide, the ideal location and the surroundings. Not to mention the site visits that you would have to do on a regular basis, while taking out time from your daily schedule.
4. Making an offer
With an Agent : Good real estate agents are experienced negotiators and should have a mastery of details : help you complete the deal with a fair price.
Without an Agent : Things could get messy real fast, and you would alone be at the receiving end of things. You would get involved in a bidding war with the opposite side and before you know the deal would be off the table.
5. Due Diligence and Inspection
With an Agent : The initial agreement is just the beginning.Appraisal, inspection and financing are all possible pitfalls in a real estate transaction. An agent can give objective advice that will lead to the closure of a deal in all appropriateness.
Without an Agent : Paperwork!Paperwork!Paperwork! This itself can be overwhelming, not to mention the several other issues that you would have to look into. Phew!
6. Closing
With an Agent : A good consultant will know what to look for in the closing paperwork, any kind of closing costs, insurance and any other costs that come up at the time of closing.
Without an Agent : Do you know anything about the insurance or any other costs at the time of closure. A bit of help will go a long way in helping you close in a better manner.
Bonus :
With real estate being probably the biggest transaction of your life, why not let the professional with years of experience and expertise help you !
After all, you have nothing to loose, as the brokerage will be paid in majority of the cases by the seller itself.
And as always, our team of experts at Viluva are always ready to help you by providing the best insights into the real estate market. We follow the “ZERO BROKERAGE” rule for all our clients. So, why not come visit us and let us make buying your dream home a First-Class experience for you!
