Paying cash is great, but there's more to the process than managing the loan. There are thousands of dollars at stake - make sure you have someone in your corner who has seen the mistakes and knows how to avoid them.
Signature Home Sales
1. Under most circumstances, the seller is paying your Realtor for representing you, not you, so why would you NOT hire one?
2. It's probably a BETTER idea when paying cash because there are a few things a lender would have as requirements before they would loan the money for the house that you may not think of (and the listing agent may not suggest them to you since they are working in the seller's best interest) when paying cash. Such as: wood destroying insect inspection (commonly called a termite inspection, but other insects are included, like carpenter bees,) and an appraisal of the property. The bank does not want to pay/lend more than the house appraises for. If you don't have an appraisal, you are at risk of paying more than the house is worth.
Conversely, there is absolutely NO good reason NOT to hire your own Realtor. I can't think of ONE. There is no downside for you as a buyer.
Absolutely, but shop for your Realtor in advance and make sure the one you choose is a good match. Your representation is paid for by the seller in most cases. Many buyers searching on their own feel that they will save money by cutting out an extra agent, but in reality all you really do is get the listing agent (who represents the Seller) a double commission.
If you are buying new construction with the builder, a realtor is helpful, but our help is limited as the builders rep does alot of the job. Also, if you've already been to the model and talked to a sale rep, most builders will not honor a realtor.
Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states
Absolutely, you should have a Realtor represent you! It costs you nothing to have a real estate consultant and advisor on your side, especially someone who has a background in New Home sales as I have.
I am currently working with some clients with whom found me on this very website. I am saving them a ton of money through my negotiations on a Ryan Home in Clarksburg. In fact, we are writing the offer tomorrow and I am in the process of listing their house in Germantown.
Let me know if you'd like my expertise on your side of the table as well. I'd be happy to help and am sure my current clients would speak to you to let you know how much I've helped them in this process. So, let me know if you'd like to speak to them.
Cathy Chapman, Broker
Signature Home Sales