No, you are not required to use a Realtor, representation is a choice not a requirement. I needed eye surgery last week, I went to a doctor, there is no law that says I couldnâ€™t do it myself but I chose not to. I also buy insurance, I could self-insure but choose not to. Do you cut your own hair? That last example might be a toss-up, a lot of people cut their own hair. If you do not do something as simple as cutting your own hair, why would you even think about doing something as complicated as buying a home without representation? Your hair will grow back, train wrecks in real estate not so much, I hope the info in the link below causes you to pause before risking it alone, good luck,
Buyers should work with a Realtor for many similar reasons, a Realtor should be adding value to the transaction through their ability to correctly analyze the market and the true market value of a specific property. They have experience negotiating and a familiarity with the contracts used that far surpasses what 99.9% of all buyers have. They understand financing and can make certain the buyer is properly matched to the best lender. They have vetted resources such as home inspectors, appraisers (if necessary) surveyors, tradesmen, insurance people, real estate attorneys and more. Finally statistics show that Buyers who purchase directly from Sellers or without the help of a buyer broker tend to overpay between 2%-5% for the property their buying and my guess is this is directly attributable to their being too emotionally involved.
The challenge is finding a great Realtor as unfortunately there are simply too many poorly trained, inexperienced or simply lazy Realtors out there. Too many states continue to make it too easy to attain a license and in my opinion our association doesn't push back hard enough to insist on tougher licensing and continuing educational requirements.
For buyers or sellers reading this who are wondering how to find a great Realtor, I've attached a link to a fairly recent blog I posted on Trulia on this subject.
Great question and I've enjoyed reading what other have had to say on the subject.
Realtors provide sellers invaluable service. There are many reasons to work with one. A realtor can give you up-to-date information about the market prices, financing, terms and conditions of competing properties. Will market your property to other real estate agents and to the public. Will know when where and how to best market your property. Can help you objectively evaluate every buyerâ€™s proposal without compromising your marketing position and also help close the sale of your home .
Realtors have many resources to assist you in your home search.
He can provide objective information about each property, help you negotiate, provides guidance during the evaluation of the property, guide you through the closing process and make sure everything flows together smoothly.
If you want to buy find a professional who knows his/her market & understands your needs so as not to waste Your time.
& when your ready to buy don't use an accountant to write your contract.
Also, a Realtor has to abide by the "Realtor Code of Ethics" designed to protect consumers. This Code of Ethics is voluntarily adhered to in addition to all state and federal law. A regular real estate agent without a Realtor designation does not have to abide the same high standards.
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783