You also don't need to have a fire department.
When things do go wrong, the value of the fire department and professional represetation become crystal clear. By that time, however, what you have to work with is smoldering ruins.
I know, as an agent for many years. I LOVE TO SEE A BUYER COME IN UNREPRESENTED. This means, in no uncertain terms. my seller gets a FREE RIDE. The buyer will not have a clue what just happened.
That's what is so great about real estate. Buyers and sellers have many options. Many of these optons do not serve them weil.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
"For Sale by Owners" are typically over priced and are not an accurate reflection of the current local real estate market. The sellers know what they paid for the property as well as what they have spent on upgrades and repairs and usually expect to get more of a return on their investment than the market will support.
You would be well advised to have an agent that is familiar with the local market in your corner from a negotiations perspective and to guide you through the purchasing process.
Ask yourself this question....If you don't have professional representation and the seller has no professional representation, who is going to make sure everything that needs to be done to protect your interests gets done?
All buyers regardless of the type of purchase should have their own representation.
Yes you will want SOMEONE on your side. Do you want that person to be a salesperson? Or a Real Estate Attorney? Your decision to make. I wouldn't trade one for the other, if it was me but I've also been buying/selling houses for a fair while.
In reality, the decision and all the risk is yours to make. But you WILL want to have an experienced Real Estate Attorney that can help you with the process, what to look for making legal contracts, etc. A good inspector is going to be pretty key regardless of what you do.
And you can certainly get access to recent sold comps for that house - you'll want to do this ... this tells you "pretty much" what that property is worth. All agents have ready access to that but a LOT of that info is also available right here on Trulia. It probably also is on realtor.com but I"ve not looked at that site in a while. Others probably also have it.
This isn't rocket science and most "real estate professionals" ... are just salespeople ... IMO. A FEW really are good but I don't know any in your area.
Bottom line - just make sure you know what the house is WORTH, what you are willing to pay for it and don't be afraid to negotiate hard. Worst case, you don't buy it and it sits on the market. The econmy is about to go down the tubes anyway according to people like Alan Greenspan so do you really want to buy now?
If you purchase a home directly from the for sale by owner, there would be two participants in a transaction in which neither is likely to be versed. Property disclosure documentation is a requirement that most for sale by owners are unaware. This is of vital importance in your price offer decision. You would greatly benefit from an agent acting on your behalf. I would suspect you would prefer comparative marketing information to help determine the actual value of the home, not the "asking" price. As well, a legal and binding contract to have all agreements in writing is definitely in your best interest. If it is not in writing, IT SIMPLY IS NOT.
I work often with buyers who are interested in purchasing for sale by owner properties. I service the Bardstown, Kentucky area and would be happy to approach the seller for you to negotiate the commission payment for you and schedule a tour of the home and property. I have never had a seller refuse to pay a commission when representing the buyer.
Feel free to contact me and I would be happy to take the first step for you and guide you through the path to home ownership. In order for me to provide you with compartive marketing analysis data, Nelson County tax rates and property valuation accessments, please contact me with the address and the information will be forthcoming.
Don't put the key to your happiness in someone else's pocket, keep it in your own!
Linda Greenwell Cell 502-639-3913
Certified Distressed Property ExpertÂ®
Seniors Real Estate SpecialistÂ®
International Real Estate SpecialistÂ®
10302 Brookridge Village Blvd #103
Louisville, Kentucky 40291
Each office is independently owned and operated.
You could have an attorney help with the transaction/closing, but a good agent would probably go even further to make sure you get the best deal possible.
Feel free to interview several realtors, that does not cost you a penny, pick someone you trust and then negotiate the fees.
We strongly recommend that you use the services of a well-experienced real estate agent -- who will look after your best interests, provide you with market data/insight that only a seasoned professional would know how to acquire and to analyze; help you develop a negotiating strategy; and walk you through the many steps involved after successfully negotiating a contract to purchase the home you desire.
Regarding compensation for such services, this is a matter of discussion and agreement between you and your selected real estate professional. Rates vary -- both between agents and our respective brokerages - and - on the level/type of services that you want/need.
Regarding compensation for your selected real estate professional: Most FSBOs (for sale by owner sellers) are happy, willing and able to pay your agent -- just as is generally the case in a more usual purchase transaction involving properties that are listed for sale by real estate professionals.
You'll want to select an agent who not only is well-experienced and demonstrates in-depth market knowledge and negotiating skills, but with whom you also feel very comfortable, as you will be working very closely with each other for several weeks or more.
Hope this helps. Best wishes to you in your prospective home purchase!
Syndi Chesser, 100% Club, Broker Associate, Builder
Senior Partner - Chesser Meade Group
Accredited Buyer Representative (ABR)
Certified Distressed Property Expert (CDPE)
RE/MAX Associates of Louisville (Kentucky)