Are you considering buying a home without an agent to save money? It seems all you have to really do is search for a home, make an offer, then you’re done, right? We know that it might appear to be a straightforward process. And if you’ve bought a home before, your agent may have made you feel it was that easy while they did the work behind the scenes to take the stress off of your plate! But whether you’ve purchased property or not, we’re here to let you know there is a lot more to navigate. Make sure you know:
How do you spot potentially serious issues in a property during your search?
A home could have moisture issues, electrical red flags, an old roof in need of replacement, structural problems, or more.
What is a fair price for the home you are buying? Is it over- or under-priced?
The home might be listed for more than its market value, or it could be under-priced to encourage multiple offers.
What can you ask the listing agent?
The listing agent has a fiduciary duty to act on behalf of the seller, so they have limited ability to offer advice or instruction to the buyer, and therefore they are not an effective advocate.
How do you write an official offer? What language and terms do you need to protect yourself?
Contracts are detailed and extensive, and brokers often add specific language to protect their clients.
Where do you turn in your earnest money? And what is the deadline?
If you do this step incorrectly, you can lose out and the home would go back on the market.
How do you order and coordinate an inspection? What exactly do you need to have inspected?
A trusted inspector is important to find any red flags, and there are strict deadlines to complete the report and submit any objections.
What are all of the necessary documents and deadlines to get to the closing table?
Title commitment, appraisal, loan documents, HOA files, seller disclosures, and more…these all need to be reviewed in detail and signed by specific dates.
The bottom line?
Buying a home is a huge investment. While the process may seem simple, there is a lot of behind-the-scenes work that an experienced broker has the knowledge to manage.