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Have you determined yet what the house is worth? Can you do that without the help of your realtor? Are you comfortable getting through from this point to closing on your own?
I would never buy a house without my own agent. I do many things on my own - I research and research and then work it out. But buying a house is too big of a deal, for me to want to take the risk.
If you cut your agent out now, you will be totally on your own. And so many things can go wrong, even after the offer has been accepted. Good luck, if you choose that route!
The real question you have to ask yourself is are you going to be able to handle all of the paperwork (purchase contracts, Property Inspection Contingency, any mandatory/optional disclosures, termite/moisture inspections, and anything else required by your lender)? Do you have a real estate attorney to handle title work and closing?
While I know that finding a home inspector in the telephone book is an easy thing to do, but how will you find someone that has a solid reputation based upon personal experience? Do you feel comfortable with finding reptuable contractors to handle any repairs that might be needed? Do you have a lender already?
Finally, do you feel comfortable negotiating some of the finer aspects of the deal? How are you at writing clauses and addendums? There are volumes of DIY books on the shelves written to help people purchase homes, how many are as current as the last deal a realtor has just wrote/negotiated/closed. Your agent has a broker who will double check every part of the deal to ensure that everything contained in the deal is in accordance with the law.
Bottom line: a 3% commision seems like a lot of money on the front side of the deal, but when you think about what you might save in the long run it doesn't seem like a lot of money. A good realtor has the legal responsibility to look out for their clients best interest at all times. We are there to act on your behalf to take care of those details that tend to missed. It's how we build a good reputation and subsequently earn a living...
Wow, you guys really stick together. Lamplightballet; it's not that complicated, definately not 4500.00 dollars worth. You have all the resources you need at your fingertips. Work with your lender and your title company. Research and ask questions. The reason the realtor was playing dumb on this house is because she knew there was no commision coming from the seller. Whats dumber is she didn't have you sign a contract up front. FSBO houses in most cases are listed cheaper because you don't have to pay that extra % comission, especially on a 300k house. Again 4500.00= 160 hrs of work (easily). Who found this house?
FSBO houses in most cases are listed cheaper because you don't have to pay that extra % comission,
Or they are listed higher because the seller doesn't have a good grasp of the market or listed the same as other houses because they expect to get 100% of the commission savings in their own pocket.
Of course I'm sure some are priced well, but to say in most cases is probably not accurate.
I guess the appraisal will determine that. You will have a much better chance of falling within the appraisal if you don't add an extra 3-6% to cover that comission cost.
I guess the appraisal will determine that. You will have a much better chance of falling within the appraisal if you don't add an extra 3-6% to cover that comission cost.
Personally I wouldn't rely on an appraisal to tell me how a house is priced. I want to know that before I make an offer.
Personally I wouldn't rely on an appraisal to tell me what to pay either. Only the buyer knows what is priced right, by comparison at that moment. Then the willing offer is made.
Personally I wouldn't rely on an appraisal to tell me how a house is priced. I want to know that before I make an offer.
Is it really that hard to perform a comp yourself. The information is all out there. I looked at every house that sold or was for sale within a small radius and came up with my own opinion. I can evaluate square footage and rooms and finish quality just as well as anybody else.
Quite honestly when I bought, I really didn't care at all about my realtor's opinion of the price. I evaluated the comps myself and decided whether or not the price was right. In 1994 a realtor may have had a lot of value here, today this is quite easy to do yourself.
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buying a fsbo
