Buying without a Realtor
Buying a house is a big investment, so it is natural to look for ways to save money wherever possible. Some buyers and sellers may assume that they can stretch their budget further if they handle the entire purchase themselves. Doing this may seem like a good way save you money, but can also lead to problems and higher costs in the long run. As a buyer, hiring a Realtor typically does not cost you a cent; your Real estate agent will be paid from the commission on the sale of the home. Hiring a professional who is on your side to ensure that all your bases are covered only makes sense.
Can you believe that there was a time when real estate brokerages represented only the seller? It’s true! Buyers had to make one of the most important financial decisions of their lives without a representative truly on their side.
Thankfully, today this is no longer the case. Most buyers choose to be represented by a buyer’s agent who, acts as an advocate, and is responsible for protecting your best interests. As a home buyer, your real estate representative can provide you with essential information to help you make an informed decision.
As a home buyer, here are a just a few things your real estate representative will do to help you find your dream home:
- Leverage their familiarity with the neighbourhood and provide you with information about local real estate values, taxes, utility costs, services and amenities.
- Pinpoint homes that fit your needs and dismiss those that do not, thereby saving you time.
- Identify the potential problem areas in a home and guide you away from “lemons”.
- Arrange property showings and accompany you, or preview the properties on your behalf. Previews have become even easier by using the latest technology your realtor can give you a “live” tour even if you are miles away!
- Research properties to identify any problems or issues to help you make an informed decision prior to making an offer to purchase.
- Advise you how to structure your offer. This is particularly important in a Seller’s market, which we are currently trending towards in Ottawa real estate. If you end up competing in offers, you’ll be glad you’ve hired a real estate representative, thereby giving you the best chance of your offer being accepted.
- Present the offer to the Seller’s Agent and the Seller, and negotiate on your behalf.
- Assist you in securing financing and advise you of your legal options.
- Recommend appraisal, home inspection and contracting services, as appropriate.
When buying a home, you are entering into a legal arrangement, and having no realtor involved at all means that you are only working off of your own experience and knowledge, and that of the seller. In a purchase as large and complex as a home, there are many things that can be missed or glossed over, especially when the people handling the transaction do not have much experience. It can be easy to forget things like arranging a home inspection or a final walk through to ensure a smooth closing. If mistakes are made, it can lead to hefty costs down the road.
When you hire a Buyer’s agent, they will fully represent you throughout the real estate transaction. We hope we’ve convinced you to choose a realtor you like and trust for your next real estate transaction!