[Concert D Major]

So many threads on here are about real estate, and so living in Florida, I figured I may as well ask this here.

How feasible is it for a new first-time homebuyer to be their own real estate agent? Instead of paying the high cost for a broker, can you do it yourself? If you put in the time to read up and study things, watch some videos, read a book, and/or read the laws, can you shop for a house alone? I've lived in apartments for a long time and have no experience in home-buying.

[TB12inTB2020]

Originally Posted by Concert D Major

So many threads on here are about real estate, and so living in Florida, I figured I may as well ask this here.

How feasible is it for a new first-time homebuyer to be their own real estate agent? Instead of paying the high cost for a broker, can you do it yourself? If you put in the time to read up and study things, watch some videos, read a book, and/or read the laws, can you shop for a house alone? I've lived in apartments for a long time and have no experience in home-buying.

Sellers pay the real estate agent, not the buyers. If you are a buyer, get a real estate agent. It's free for you.

[boy3365]

I don’t know about that for me. I feel like it would be going to court without a lawyer.

[beachmouse]

We bought our house FSBO without an agent of our own. Read a book on such things and paid something like $300 for a lawyer to draw up the purchase contract, and it was uneventful in all the right ways. The key thing was that we knew the area we were planning to buy in well and knew what a fair price was and what to look our for out here.

But if you are interested in a house that's listed by a real estate agent, you might as well have an agent of your own since they get paid by the seller and not by you.

[HarryWhom]

I did it once. I found a house I really liked that was for sale by owner. The seller and I split inspection costs. We both had lawyers and everything went smoothly. We both saved money because the commission wasn't baked into the price. Of course the selection is limited compared to MLS.

[beach43ofus]

I've done it myself 4 times, 2 as the seller and 2 as the buyer. When we sold our home in GA 3 yrs ago, we used a discount listing agent which saved us $21,000. Each time, I hired a real estate lawyer to draw up offer letters, sale contracts, and prepare/review all closing docs prior to closing.

The comment that the seller pays all the realtor fees is accurate, and inaccurate, at the same time. On paper, the seller pays, but the seller bakes that cost into their sale price, so it costs both the seller AND the buyer. The seller, on paper, is paying 6%, so you should be able to get a 6% better deal if neither side has a realtor involved. 6% is a lot of money on a purchase that large. I've always thought 6% was way too high, which is why I started doing it myself.

We had A+ experience with our discount broker 3 yrs ago. They cost us $400 up front, then 1/4% upon closing...cheap, but you must be willing to do most of the work, and you need to know how to safeguard yourself & your property.

I don't recommend going it alone if its your first real estate transaction. There's too much to know and too much risk. I'd use somebody on this web site. There are several realtors and after reading their posts for 3+ years now, I dont think you can go wrong w/ any of them.

[Concert D Major]

There's someone on the Tampa Bay forum who swears by the use of real estate lawyers. And this'll sound selfish, but the way I see it, the best person in the best position to look out for my own interests is myself.

So lemme ask this. Exactly what do real estate agents do? What tasks do they actually perform that I couldn't do myself?

[TB12inTB2020]

Originally Posted by Concert D Major

There's someone on the Tampa Bay forum who swears by the use of real estate lawyers. And this'll sound selfish, but the way I see it, the best person in the best position to look out for my own interests is myself.

So lemme ask this. Exactly what do real estate agents do? What tasks do they actually perform that I couldn't do myself?

Are you the buyer or the seller? If you are the buyer, why would you not want to accept FREE representation? Having a representative in no way stops you from doing your own due diligence.

[Concert D Major]

The buyer. But I wouldn't say it was free representation. There's a cost to everything and everyone needs a paycheck.

[kab0906]

Originally Posted by Concert D Major

The buyer. But I wouldn't say it was free representation. There's a cost to everything and everyone needs a paycheck.

Sellers pay the agents. It's free to you as a buyer.