Home Buying in Brooklyn>Question Details

mariesherwoo…, Home Buyer in Brooklyn, NY

Can I get a house to buy from owner .not have to go through broker?

Asked by mariesherwood10, Brooklyn, NY Thu Apr 3, 2014

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Yes you can.
Now, here in Florida I can buy sea food from the trunk of a car at the gas station.
Is either of these a good idea?

This rarely turns out well.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
1 vote Thank Flag Link Thu Apr 3, 2014
Absolutely....but why? The costs associated with commissions and agent involvement come from the seller's side of the transaction.

Additionally, it's common sense that the owner knows the property better than anyone else BUT they normally don't know real estate and have a very poor appreciation relative to the current market and their home. One of the other downsides of purchasing a FSBO is that buyers of these properties usually over pay for these homes.

The decision is yours....but personally, I would want my rights protected!

Just telling it like it is!

Bill
0 votes Thank Flag Link Sun Apr 27, 2014
Yes, look for for sale by owner homes. Then I would recommend to hire a real estate attorney to draw up the contract and do the closing for you. Be sure to get a home inspection too.
0 votes Thank Flag Link Sun Apr 27, 2014
Buying a house is one of the biggest purchase you will make, why would you want to go it alone? There are many parts of the transaction you will not be familiar, and an experience agent would guide you through the process, possible saving you money. For example during the inspection process, and how to further negotiate when there are issues.
0 votes Thank Flag Link Sat Apr 26, 2014
Marie...I think one of the biggest reasons NOT to buy direct is not even listed here, and it's about pricing. In my experience, most FSBOs are selling FSBO because they couldn't find an agent willing to OVERPRICE their property at the level they, the owner think it's "worth"...so, as stated previously... FSBO's are overpriced. But what hasn't been alluded to...the MARKET drives the price of a property and the market includes a real estate commission. So if the house is worth X, it will probably sell for X and if there are no real estate commissions paid, then the SELLER will usually get that extra $$, so make sure you take that into account when negotiating with a FSBO Seller. They may or may not be willing to work with you, but remember, more often than not, they are only selling it themselves because they have an over-inflated opinion of it's value. Best of luck...
0 votes Thank Flag Link Tue Apr 8, 2014
Marie...I think one of the biggest reasons NOT to buy direct is not even listed here, and it's about pricing. In my experience, most FSBOs are selling FSBO because they couldn't find an agent willing to OVERPRICE their property at the level they, the owner think it's "worth"...so, as stated previously... FSBO's are overpriced. But what hasn't been alluded to...the MARKET drives the price of a property and the market includes a real estate commission. So if the house is worth X, it will probably sell for X and if there are no real estate commissions paid, then the SELLER will usually get that extra $$, so make sure you take that into account when negotiating with a FSBO Seller. They may or may not be willing to work with you, but remember, more often than not, they are only selling it themselves because they have an over-inflated opinion of it's value. Best of luck...
0 votes Thank Flag Link Tue Apr 8, 2014
Good morning mariesherwood10,

In any given real estate marketplace there are always For Sale By Owner (FSBO) properties available for sale. Be careful, though. Purchasing a FSBO requires the kind of skill set real estate professionals have. You'll need to know your market pricing very well as FSBO's are often over-priced. You'll also need to navigate the negotiation process: it's not enough to come to agreement on a price when you make an Offer; there are also the TERMS of the deal to be worked out.

You might consider hiring an exclusive Buyer's Agent to negotiate on your behalf with a FSBO. The Buyer's Agent works for your best interests, not the Seller's, and you'll gain the advantage of that most important skill set to make your experience all that much better.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Tue Apr 8, 2014
The for sale by owner listings are becoming fewer and fewer have you noticed?
How many do you see?
Most houses do get listed with an agent. Because sellers just get overwhelmed with trying to get the best buyer for their property and find it is difficult to get the deal done.
Just as you go to a dentist to pull a tooth, why would you try to buy a house without a good consultant/Broker?
All the best,
Kathryn Lilly, Broker
Realty on the Greene, LLC
KLilly@RealtyontheGreene.com
718-858-7600
0 votes Thank Flag Link Fri Apr 4, 2014
Hello Marie.

You don't need a real estate agent. But as others mentioned, you should. Also, consider getting an Exclusive Buyer Agreement with a real estate agent you would be working with.

It's really simple. The sellers are getting an exclusive seller's agreement, so why should you use an agent that will be working in the seller's best interest. Every time you go to see a property, you sign a disclosure form or an addendum to that disclosure form, stating "I am aware that the real estate agent I am working with is the SELLER'S BROKER'S AGENT".

Confusing? Not really. Every agent works for the sellers, EXCEPT when you have an exclusive BUYER'S agreement with one agent. That agent will work for you and anything he/she finds out will help you to buy the best house for the best money, and the seller still pays for the commission, in most cases.

If my response was helpful, consider clicking BEST ANSWER!

Thank you for your valuable time!

Oleg Volfman, CBR, RSSP
Lic. RE Agent, Office Manager
Quick Deal Realty, Inc
http://www.quickdealrealty.com
Office 516-599-5559
Mobile 917-685-0489
ovolfman@gmail.com
0 votes Thank Flag Link Thu Apr 3, 2014
Not quite accurate...every agent "works" for the Seller, since the Seller pays the commission, including the exclusive buyer's agent. A buyers agent who has not signed an exclusive representation contract still work exclusively for the buyer, there's just no written agreement.
Flag Tue Apr 8, 2014
Yes. Absolutely.

As the other answers note, if the owner has listed the property with an agent, the owner has already agreed to pay the commission. So in many cases you won't be saving any money.

Nevertheless, I know plenty of investors who buy directly from owners. And in those cases, they do save.

Hope that helps.
0 votes Thank Flag Link Thu Apr 3, 2014
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
If you are a Buyer you probably should be aware that in most & pretty much all cases it is the Seller who pays the commission.
0 votes Thank Flag Link Thu Apr 3, 2014
I can recommend some real good Realtors in Brooklyn and the surrounding boroughs. You loose nothing by meeting with some and see how you feel after. Again, WHEN YOU USE A REALTOR TO BUY A HOUSE, YOU DO NOT PAY ANY COMMISSION, THE SELLER PAYS ALL THE REALTOR'S COMMISSIONS!!!
0 votes Thank Flag Link Thu Apr 3, 2014
The answer is totally yes. But it might not be in your best interest to do so. I've done many loans for buyers who have bought directly from a seller and not used a Realtor, and in these scenarios the buyers are almost always paying top dollar for the property. Who determines what the market value of that property is and what the asking price will be? Who helps you negotiate the price and term of the deal? Who is going to help you with all this? The truth is that there's no benefit to you as a buyer to buy directly from a seller. You don't save any money because when you go through a Realtor, the seller is the one that pays commission, if fact it could very well be more expensive for you to not use a Realtor. The biggest reason for you to use a Realtor is that almost every house that's available in the market is in MLS and accessible via a Realtor, and there's just not many for sale by owners out there. So why limit yourself to an incredibly small selection and possibly pay top dollar? Good luck! IF MY RESPONSE WAS HELPFUL, CONSIDER CLICKING BEST ANSWER! • Javier Meneses Senior • Loan Officer • NMLS #23130 • STERLING NATIONAL BANK • 290 Broad Hollow Road, Suite 402E • Melville, NY 11747 • jmeneses@snb.com • (516) 606-9648 Cell • (631) 659-2011 Office • (516) 918-5383 Fax
0 votes Thank Flag Link Thu Apr 3, 2014
Do you understand that the seller pays the Realtor, not you, so it's free to you and your Realtor will haul you all over in their car burning their gas.
0 votes Thank Flag Link Thu Apr 3, 2014
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