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Sarah & Sean, Other/Just Looking in Lucasville, OH

Hi, which is the better way to buy a house? from a real estate agent or from the owner of the house?

Asked by Sarah & Sean, Lucasville, OH Tue Mar 27, 2012

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Sarah and Sean, First of all - you are always buying a home from the owner. The difference is if THEY are represented by a real estate professional - or selling it without that representation. The answer to which is better depends on what you know about real estate, contract law, financing/lending, and the process of home buying. The home buying process may seem straight forward, but there are a number of places where lack of knowledge and expertise can get you into trouble - cost you money - or leave you unprotected. As a BUYER, it generally costs you nothing extra to have your own real estate professional representing you (if the seller has an agent, they are generally paying both commissions - if they DON'T have an agent of their own, many will agree to co-operate with a buyer's agent and pay the commission).
If you are not going to use a real estate professional to help you - make sure that you use standardized forms and contracts, and that you get expert LEGAL advice on the contract and provisions that protect you.
0 votes Thank Flag Link Tue Mar 27, 2012
I feel it is better to deal with the owner. I bought my land from the owner and had no problems. We went through a lawyer and had a contrct made. When you deal with the owner you can have more room for negociations. I got my land on land contrct and for a cheaper price then through a realtor would've been. They need to get paid for selling the house so the price gets jacked up. Lets say the owner wants $12,000 for 5.6 acres of land. When he goes through an agent the agent needs paid but the owner wants exactly their amount so the agent raises the price on the sale to pay for their services. Also when dealing with an owner you can deal on land contract and no loans or money upfront. When I bought my land I paid a little over $2,000 per acre but I seen a piece of land recently in the same area being sold by an agent and it is outrageous. They are asking $3,000 dollars for 0.14 of an acre. Get real! No deals, No reductions, Not worth it. You can do as you like but dont let anyone fool you into thinking one way is better. Me I'd rather stick to owners and do my homework. Have a place appraised yourself to see what its worth then you wont have to worry about being stiffed from the owner.
0 votes Thank Flag Link Wed Jul 18, 2012
Depends if it for sale by owner or thru a real estate agent? That will dictate whether you are dealing directly with the owner.

No buyers Agent.
Is it the right home for you? Are you familiar with the market to know that the pricing is in iine? Have you bought a home or real estate investment in the past? Do you need someone to preview, quide, be a sounding board and negotiator? Do you know home inspectors? Are you set with your financing? Do you have a real estate attorney?

(if you answered no or not sure to any of these you need a real estate professional)
0 votes Thank Flag Link Tue Mar 27, 2012
Hello Sarah and Sean,

The way I see it, there are two major obsticles in buying directly from the owner:
1) The owner is emotionally attached to the property, which prevents him from being reasonable about the price. You might have to pay more than the market price without a good negotiator on your side (your agent).
2) Because highly probable neither of you are professional, full time agents, you won't be able to get appropriate disclosures, prepare legallly correct paperwork, and overall make sure that your interest in the transaction is protected.

There are many things that could go wrong in any transaction, but buying directly from the seller subjects yourselves to much higher exposure to problems and stress than necessary. By the way, realtors are paid by the seller, not the buyer. It is a myth that realtors commissions reduce seller's bottom line, they actually increase it - because properties sold by realtors sell for much more money (according to statistics).

Good luck with your purchase,

Irina Karan
Beachfront Realty, Inc.
305-904-2355
IrinaKaran@gmail.com
0 votes Thank Flag Link Tue Mar 27, 2012
I have certainly been asked that question before and it is a fair one. If you work with a hard working real estate agent that knows how to walk you through the process, that person will be a friend for life. The many obstacles that can get in your way during this process really need to be handled by a Realtor because they either know the right path or know where to go to get the answer. Good luck in your search.
0 votes Thank Flag Link Tue Mar 27, 2012
Sarah & Sean, A good real estate agent always work in the best interest of the parties involved. They know the laws and can guide you in all aspects of the sale. They also have access to all the latest search technology to find you, the buyer the home that fits your wants and needs.
0 votes Thank Flag Link Tue Mar 27, 2012
Hello Sarah & Sean,

In my opinion, you should always purchase a home from a Real Estate Agent. Real Estate agents are trained and know the market so you don't over pay for your home. A Real Estate agent is going to walk you through your purchase step by step from getting approved for your loan to inspections on the home. A good buyers agent can usually save you money and a lot of stress throughout your buying process and most seller's are willing to pay their commission so you don't have to..
0 votes Thank Flag Link Tue Mar 27, 2012
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